Latest news with #IFRSFoundation
Yahoo
26-06-2025
- Business
- Yahoo
IFRS Foundation guidance on climate transition disclosures
The IFRS Foundation has published a new guidance document outlining the disclosures related to an entity's climate-related transition. It includes transition plans, under IFRS S2, as part of its efforts to support the implementation of IFRS Sustainability Disclosure Standards (ISSB Standards). The guidance builds on materials developed by the Transition Plan Taskforce (TPT), for which the IFRS Foundation assumed responsibility in 2024. It aims to assist entities applying IFRS S2 Climate-related Disclosures by enabling them to provide high-quality information about their climate-related transition, covering both the mitigation and adaptation of efforts. Developed with insights from stakeholder roundtables held earlier in 2025, the guidance adapts TPT materials for global applicability while maintaining compatibility with the ISSB global baseline. In addition it focuses on disclosures related to climate-related risks and opportunities that impact an entity's prospects. Although IFRS S2 does not mandate a transition plan, it requires entities to disclose material information about the sustainability-related risks and opportunities that could affect their prospects, including the details of their climate-related transition. The guidance defines an entity's climate-related transition as a process involving strategies, targets, actions, or resources to address climate-related risks and opportunities, such as transitioning to a lower-carbon or climate-resilient economy. The document also provides much needed clarity on the disclosures required under IFRS S2 for entities with such strategies. It complements existing jurisdictional materials or recommendations on creating transition plans and their content. The IFRS Foundation encourages jurisdictions adopting or using ISSB Standards to leverage this guidance, in order to ensure high-quality, comparable information about transition plans. The document does not alter or add to the requirements of IFRS S2. The Foundation will monitor disclosures made by entities applying IFRS S2 and assess the need for further enhancements to the application guidance, with any changes subject to consultation per its due process. "IFRS Foundation guidance on climate transition disclosures" was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-06-2025
- Business
- Yahoo
IFRS Foundation introduces e-learning modules for ISSB standards
The IFRS Foundation has unveiled new e-learning modules to aid organisations in comprehending the standards set by the International Sustainability Standards Board (ISSB). The modules address essential subjects, including the IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures. Comprising four self-directed modules, the content features a blend of written and visual materials alongside interactive knowledge assessments. The modules include Introduction to the IFRS Sustainability Disclosure Standards; Introduction to IFRS S1 General Sustainability-related Disclosures; Introduction to IFRS S2 Climate-related Disclosures, and Integrated sustainability disclosures and organisational considerations. These modules concentrate on various elements of sustainability disclosures and organisational considerations. Upon completing each module, users can opt for a short multiple-choice assessment to earn a certificate of completion. Access to the e-learning modules is complimentary for individuals with an account. They act as an introductory resource for organisations preparing for sustainability-related disclosures and other stakeholders keen on ISSB Standards. The foundation said that the launch of these modules is part of its initiative to facilitate the global adoption and implementation of ISSB Standards. This initiative addresses the growing market demand for practical resources in sustainability reporting. ISSB vice-chair Sue Lloyd said: 'The ISSB is committed to supporting companies as they implement our Standards. We understand the need for accessible, practical resources to help preparers understand and apply IFRS S1 and IFRS S2. 'This e-learning course, along with our library of educational materials, will help equip individuals with the knowledge they need to understand our Standards and implement them effectively with the aim of providing decision-useful globally comparable sustainability-related information for investors.' "IFRS Foundation introduces e-learning modules for ISSB standards" was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
The Star
12-06-2025
- Business
- The Star
Hong Kong confirmed as one of first jurisdictions targeting adoption of ISSB Standards
HONG KONG, June 12 (Xinhua) -- The Hong Kong Special Administrative Region (HKSAR) government on Thursday welcomed the publication of jurisdictional profiles by the International Financial Reporting Standards Foundation (IFRS Foundation), which confirmed Hong Kong as one of the first jurisdictions to have set a target of fully adopting the International Financial Reporting Standards -- Sustainability Disclosure Standards (ISSB Standards). The IFRS Foundation's move affirmed Hong Kong's efforts and determination in supporting and promoting a common international language in sustainability disclosures, said Christopher Hui, secretary for financial services and the treasury of the HKSAR government. It also demonstrated Hong Kong's strengths in the field of sustainable finance, helping to consolidate Hong Kong's position as an international sustainable finance hub, he said. "As a leading international financial center, Hong Kong will continue to be at the forefront in aligning with international standards and promoting market best practices," said Hui. The Hong Kong Institute of Certified Public Accountants published last December the Hong Kong Sustainability Disclosure Standards that are fully aligned with the ISSB Standards to be effective from August 1. In the same month last year, the Financial Services and the Treasury Bureau of the HKSAR government launched the Roadmap on Sustainability Disclosure in Hong Kong, which provided a well-defined pathway for large publicly accountable entities to fully adopt the ISSB Standards no later than 2028.
Yahoo
11-04-2025
- Business
- Yahoo
IFRS Foundation and TNFD MOU on nature-related disclosures
The IFRS Foundation and the Taskforce on Nature-related Financial Disclosures (TNFD) have formalised a collaboration through a memorandum of understanding (MOU). Under the agreement, the parties aim to integrate TNFD recommendations into the International Sustainability Standards Board's (ISSB) ongoing work, aiming to provide capital markets with nature-related financial disclosures. The ISSB has collaborated with the TNFD as a knowledge partner since the taskforce was established in late 2021. Its contributions, including the SASB sector classification system, earlier biodiversity guidance developed by the CDSB, and the IFRS S1 standard on general sustainability disclosure requirements, played a key role in shaping the TNFD's recommendations released in September 2023. IFRS Foundation trustees chair Erkki Liikanen said: 'We are delighted to be formalising our partnership with TNFD to ensure that the ISSB gives due consideration to the work TNFD have put into creating recommendations for nature-related financial disclosures. 'Transparency and accountability are a key means of enabling more stable, resilient and efficient capital markets, and this collaboration will advance the ISSB's ongoing work to reduce the complexity of the sustainability disclosure landscape, while building on established expertise and practice.' TNFD co-chair David Craig said: 'Like the TCFD before us, the TNFD was initiated ahead of specific reporting standards to develop market-based recommendations for decision-useful and practical corporate reporting practices on nature-related aspects beyond GHG emissions. 'Having engaged thousands of market participants in the development of our recommendations over the past four years from across 50 jurisdictions and with first-generation TNFD reports now published from among the 500 TNFD Adopters, we welcome this deepened collaboration with the ISSB to inform their evolving sustainability reporting standards. 'One of the objectives of the TNFD is to help achieve Target 15 of the Kunming-Montreal Global Biodiversity Framework and we believe that better disclosures about nature issues, which will result from our collaboration with the ISSB, will support the achievement of that goal.' In 2024, the TNFD began supporting the ISSB's Biodiversity, Ecosystems and Ecosystem Services (BEES) research project. By February 2025, TNFD presented an overview of its work to ISSB members, paving the way for further collaboration based on shared understanding. Under the MoU, both organisations will exchange research, knowledge, and technical expertise to inform the ISSB's BEES initiative and nature-related aspects of SASB standards. They will also explore joint market engagement and capacity-building initiatives with other key partners. The ISSB focuses on addressing investors' information needs regarding companies' sustainability-related risks and opportunities, specifically targeting primary users as defined in ISSB Standards. Any nature-related disclosures resulting from ISSB's research will undergo the IFRS Foundation's due process, including public consultation. Alongside its collaboration with the ISSB, the TNFD continues its global market engagement and capacity-building efforts on nature-related issues. This includes developing and pilot testing additional guidance for preparers and advancing data-related issues to improve market access to high-quality nature-related data. "IFRS Foundation and TNFD MOU on nature-related disclosures " was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
04-03-2025
- Business
- Yahoo
IFRS Foundation appoints Rowena Chu as new trustee
The IFRS Foundation, a not-for-profit organisation, has appointed Rowena Chu as a new trustee, effective immediately, for a term concluding on 31 December 2027. The foundation expects Chu's experience in financial services across Asia and North America to strengthen its strategic, governance, and oversight capabilities. Chu, the co-founder and chairman of Orion3 Group, has decades of leadership experience in investment banking. Her background includes senior roles at Deutsche Bank, ICG Asia, Merrill Lynch, JPMorgan Chase, and PwC in New York. The foundation will leverage Chu's expertise to support its mission to develop globally accepted accounting and sustainability disclosure standards. Her appointment follows the departure of Teresa Ko at the end of 2024, maintaining the trustee count at 22 and meeting the Asia-Oceania representation requirement. The IFRS Foundation Monitoring Board approved her appointment, establishing a formal link between the trustees and public authorities. The Trustees chair Erkki Liikanen said: 'I am pleased to welcome Rowena to the IFRS Foundation Trustees. Her deep investor expertise and governance experience will make her a complement to the group and an asset to the Foundation.' Chu said: 'It is an honour to serve as a trustee. I look forward to contributing towards the Foundation's mission and advancing its important work to bring better information to the capital markets.' The trustees play a role in overseeing the IFRS Foundation, including its standard-setting boards, the IASB and the ISSB. The IASB, recently published the third edition of the IFRS for SMEs Accounting Standard, marking the completion of its second comprehensive review. "IFRS Foundation appoints Rowena Chu as new trustee " was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
