As discussed in our Spotlight on IFRS – March 2024, there were a number of regulatory events that continue to drive toward increasing reporting and transparency of sustainability reporting.
The first to act was the Securities and Exchange Commission (SEC), which released its final Climate Disclosure rule. After the release of its final rule, the SEC faced numerous legal challenges and issued an order in April to stay its new climate rule, allowing time for the upcoming judicial review.
The Canadian Sustainability Standards Board (CSSB) also released proposals on its first two Canadian Sustainability Disclosure Standards (CSDS). The CSSB has aligned with the International Sustainability Standards Board (ISSB) IFRS® Sustainability Disclosure Standards to support global interoperability. It is addressing implementation concerns of Canadian companies by deferring adoption dates and seeking feedback on key areas, including timing and climate resilience requirements.
We have a number of resources to help you with sustainability related financial reporting topics as follows:
- Sustainability reporting resource centre - which features a range of high-level visual overviews, video blogs, articles and analysis to help companies get ready for the ISSB Standards
- IFRS Today webpage - which includes podcasts and articles on emission schemes, net-zero commitments, climate related matters and other changes in the financial reporting landscape that are relevant for all companies
- Financial reporting in uncertain times resource centre - which features a range of articles, blogs, and podcasts to explore the potential accounting and disclosure implications
- Climate change financial reporting resource centre which provides additional resources to help you identify the potential financial statement impacts for your business of climate-related risks and opportunities
There are also several IFRS Accounting Standards requirements effective from January 1, 2024 that companies with a calendar year end will already be required to apply. Further information on these new requirements is outlined in section Requirements effective in 2024. In addition, although not effective in 2024 or 2025, companies should be aware that the IASB published new Accounting Standards IFRS 18 General Presentation and Disclosure and IFRS 19 Subsidiaries without Public Accountability: Disclosures, and also issued new amendments to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments. The latest information on the new standards and amendments are provided in sections, Major projects and new Accounting Standards and Other developments.
Also, refer to our Guides to financial statements – which includes an update to interim financial statements for disclosure requirements effective in 2024.
