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The International Organization of Securities Commissions (IOSCO) published on July 25, 2023 that it endorses the first two IFRS Sustainability Disclosure Standards IFRS S1 General requirements for the disclosure of sustainability-related financial information and IFRS S2 Climate-related disclosures. We reported on the adoption of the standards issued by the International Sustainability Standards Board (ISSB) in Express Accounting News 22/2023. The two standards are said to be suitable as a global framework for capital markets to develop the use of sustainability-related financial information in capital raising and trading, and to support globally integrated financial markets in accurately assessing relevant sustainability risks and opportunities.

IOSCO now invites its 130 member jurisdictions to consider how they can adopt, apply or otherwise benefit from the ISSB Standards within their respective jurisdictions. Member jurisdictions regulate more than 95% of the world's financial markets.

In this context, IOSCO also welcomes "The jurisdictional journey to implementing IFRS S1 and IFRS S2 - Adoption Guide Overview" published by the IFRS Foundation on July 25, 2023. It provides an overview of a forthcoming Adoption Guide that will identify pathways for implementing the ISSB standards.

The ISSB standards are effective for reporting periods beginning on or after January 1, 2024, subject to endorsement. Earlier application is permitted. This does not affect companies' ability to apply the standards voluntarily (in addition).

The IOSCO press release can be viewed here.

The Adoption Guide Overview is available on the IFRS Foundation website.

KPMG Express Accounting News

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