The International Sustainability Standards Board (ISSB) has just published its first two standards, IFRS S1 – General requirements for disclosure of Sustainability-related Financial Information and IFRS S2 – Climate-related Disclosures.
IFRS S2 requires companies to have plans that disclose physical and transition risks and their potential impact on the move towards a low carbon economy. Companies will need to use scenario analysis to understand how resilient they are in the face of uncertainty and risk. Companies could face challenges in meeting Scope 3 greenhouse emission disclosure requirements for which the ISSB has provided temporary relief.
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