Latest news with #IFRSFoundation
The Star
2 days ago
- 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.
