The International Sustainability Standards Board (ISSB) under the IFRS Foundation officially set January 1, 2024, as the effective date for its two foundational sustainability disclosure standards, IFRS S1 and IFRS S2. These standards address general sustainability-related financial information and climate-related disclosures, respectively, aiming to meet investor demand for comprehensive, consistent, and comparable CSR information globally. The standards represent a significant step in consolidating previously fragmented sustainability disclosure frameworks into a single global baseline. The effective date announcement followed extensive consultations and demonstrated the IFRS Foundation’s responsiveness to market and regulatory demands. Chair of the ISSB, Emmanuel Faber, highlighted that this consistency is critical for transparent and decision-useful CSR reporting and expressed commitment to ongoing development of standards addressing biodiversity, human capital, human rights, and interconnected financial reporting. Preparations for adoption include development of guidance, training, and capacity-building programs to assist companies worldwide.
Full details on the standards and their effective date can be read here: IFRS Sustainability and Climate Reporting Standards to Take Effect in 2024.
