Latest news with #IFRSSustainabilityDisclosureStandards
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
Business Recorder
08-05-2025
- Business
- Business Recorder
CFO Conference 2025: Akif Saeed Chairman, Securities & Exchange Commission of Pakistan (SECP)
TEXT: I would like to commend the Institute of Chartered Accountants of Pakistan for organizing the CFO Conference 2025. It is heartening to note that ICAP has consistently demonstrated a forward-looking approach, particularly by embracing technology and adapting to changes in the accounting profession. This year's CFO conference theme 'Quantum Leap: Agility Competitive Edge', is very relevant in Pakistan's context and aligned with SECP mission to develop a modern and efficient regulatory framework that is both adaptive and enabling. In this digital age, the CFOs play a critical role by leveraging technology to not only improve transparency in financial reporting but also promote sustainable business practices. In this regard, the efforts of ICAP towards continuous professional development of finance professionals plays a critical role in equipping them with necessary expertise to explore forward-looking solutions. At SECP, our focus remains on promoting a corporate culture that is rooted in ethical conduct, strong governance and embracing innovation. In this regard, SECP is striving to modernize the regulatory process through embracing technology. This has enabled us to not only enhance ease of doing business in the country; it has also helped reduce turnaround times for regulatory approvals and lower costs of doing business. Moreover, the adoption of IFRS Sustainability Disclosure Standards (S1 and S2) would further align our local disclosure framework with global best practices and promote a culture of integrating sustainable business practices into business strategies. In this regard, I would like to commend the ICAP for its timely support and look forward to collaborating with them in enhancing the audit quality in Pakistan, especially with regard to assurance on sustainability reporting. I would like to applaud ICAP for being a supportive partner in SECP's endeavours and being at the forefront of promoting professional excellence in the corporate and financial sector. Copyright Business Recorder, 2025
Forbes
30-04-2025
- Business
- Forbes
IFRS Seeks Input On Reducing Scope 3 Sustainability Reporting Requirements
On April 28, the International Sustainability Standards Board released an exposure draft proposing a reduction in climate related reporting requirements. The move comes as sustainability reporting requirements, viewed as inevitable in 2021, are being rolled back globally. The ISSB proposal calls for a reduction in Scope 3 reporting requirements, a move that will further frustrate climate activists. The draft is open for comment until June 27, with the changes expected to be adopted by the end of 2025. Sustainability reporting, climate related risk reporting, and broader environmental, social, and governance reporting, requires companies to disclose information relating to climate change and environmental concerns in a specialized financial report. The climate related disclosures, including greenhouse gas emissions, are the direct result of the Paris Agreement and the goal to reduce GHG emissions to net-zero by 2050. The push for sustainability reporting saw drastic gains over the past few years. The United Nations formed industry specific initiatives to drive the reduction of GHG emissions. Financial investors forced businesses to voluntarily disclose information to allow for informed decision making on non-financial factors. This connection created a need for an international standard for sustainability reports. In 2021, during COP 26, the International Financial Reporting Standards (IFRS) Foundation trustees announced the formation of the International Sustainability Standards Board (ISSB) 'to develop—in the public interest—a comprehensive global baseline of high-quality sustainability disclosure standards to meet investors' information needs. In 2023, the the ISSB released the IFRS Sustainability Disclosure Standards. The IFRS Sustainability Disclosure Standards are divided into two reporting tiers, IFRS S1 and IFRS S2, with both going into effect January 1, 2024. The IRSR Sustainability Disclosure Standards mandated reporting from three different sources, known as scopes. Generally, Scope 1 refers to direct GHG emissions from sources that are owned or controlled by the company, Scope 2 refers to GHG emissions from the generation of purchased electricity consumed by the company, and Scope 3 refers to indirect GHG emission along the value chain. Scope 3 has been the most problematic for companies. The gathering of the information not only required forcing suppliers to disclose GHG emissions, but also the calculation of the emissions of consumers. Companies have advocated that this is overly burdensome and too costly. While the move from the ISSB is surprising, it is following international trends. While the European Union initially included Scope 3 in the European Sustainability Reporting Standards formed under the Corporate Sustainability Reporting Directive, proposals are currently under consideration to reduce the ESRS requirements, including the impact of Scope 3. In the U.S., the Securities and Exchange Commission initially included Scope 3 in their Climate-Related Risk Rule, however excluded it in the final rule. The rule never went into effect due to legal challenges. Following the 2024 election of President Trump, the SEC has started the process to revoke the rule. In the press release, Sue Lloyd, ISSB Vice-Chair, said: "It is the role of a responsible standard-setter to listen to market feedback from the earliest implementation stages, and to support preparers in the application of our Standards. As a market-focused standard-setter, we have taken steps to respond in a timely manner by proposing targeted amendments helping preparers where possible, without causing too much disruption and ensuring that our Standards continue to enable the provision of decision-useful information to investors. 'Proposing these amendments to a relatively new Standard is not a decision that was taken lightly—we have carefully considered the need for such amendments and have sought to balance the needs of investors while considering cost-effectiveness for preparers. Our due process is fundamentally important to us. We always consult our stakeholders when proposing changes to our Standards and are balancing the need to respond to stakeholders' needs on a timely basis with giving all interested parties the opportunity to participate in providing feedback by setting a 60-day comment period.' The proposal includes 'relief from measuring and disclosing Scope 3 Category 15 GHG emissions associated with derivatives and some financial activities; relief from the use of the Global Industry Classification Standard (GICS), in some circumstances, in disclosing disaggregated financed emissions information; clarification on the jurisdictional relief to use a measurement method other than the Greenhouse Gas Protocol for measuring GHG emissions; and permission to use jurisdiction-required Global Warming Potential (GWP) values that are not from the latest Intergovernmental Panel on Climate Change (IPCC).' The comment period is open until June 27. Those wishing to comment may do so either through a comment letter or the online survey. If the ISSB significantly rolls back Scope 3 reporting, sustainability reporting around the world will look drastically different.
Yahoo
25-02-2025
- Business
- Yahoo
Singapore's ISCA and SGX RegCo launch workshops
The Institute of Singapore Chartered Accountants (ISCA) and the Singapore Exchange Regulation (SGX RegCo) have announced a collaborative initiative to launch training workshops aimed at enhancing sustainability reporting among Singapore-listed companies. These workshops will provide an understanding of the International Sustainability Disclosure Standards (ISSB) and support companies in meeting mandatory climate-related disclosure requirements. This comes following the Singapore government's early 2024 announcement of mandatory climate-related disclosures. The workshops will assist companies in transitioning from other internationally recognised standards to the ISSB standards. The training will focus on the differences between the Global Reporting Initiative (GRI) and ISSB standards, with practical exercises to equip companies with the necessary skills. ISCA president Teo Ser Luck said: 'Our partnership with SGX RegCo highlights the importance of continuous learning in maintaining strong accountability and transparency in Singapore's capital markets. 'This training programme reflects our commitment to equipping businesses with the knowledge they need to adapt to changing regulatory demands.' Eight sessions are scheduled from April to September 2025, with the first session taking place on 17 April 2025. Topics covered will include Singapore's climate reporting and assurance roadmap, the differences between GRI and ISSB standards, and how to perform climate-related disclosures as per IFRS S2 requirements through practical exercises and case studies. This initiative builds on previous efforts by ISCA, including the October 2024 launch of a sustainability report based on GRI and IFRS Sustainability Disclosure Standards. SGX RegCo CEO Tan Boon Gin said: 'SGX RegCo is committed to supporting listed companies in adopting the IFRS Sustainability Disclosure Standards. Customers are becoming more discerning about the sustainability credentials of the products and services they consume. 'This in turn will increasingly drive companies to align themselves with the latest standards. Training such as these workshops with ISCA will help companies to meet customer expectations by building up their reporting capabilities.' SGX RegCo is set to partially sponsor the workshop fees for up to 400 attendees. Additionally, ISCA has allocated up to S$6m ($4.5m) for the Polytechnic Pathway Programme, which supports local polytechnic graduates in obtaining the Singapore Chartered Accountant Qualification. "Singapore's ISCA and SGX RegCo launch workshops" 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.
Associated Press
12-02-2025
- Business
- Associated Press
Cascale and Worldly Release Policy Deep Dive on IFRS Sustainability Disclosure Standards
AMSTERDAM and HONG KONG and OAKLAND, Calif., February 12, 2025 /3BL/ - Cascale, a global nonprofit alliance representing over 300 organizations across the consumer goods industry, and Worldly, the leading sustainability data insights platform, released their latest policy deep dive, 'Building a Global Baseline: The Role of IFRS Sustainability Disclosure Standards.' This comprehensive paper examines the evolving global framework for sustainability disclosures. It focuses on International Financial Reporting Standards (IFRS) and offers practical guidance for brands, retailers, manufacturers, and suppliers seeking to navigate the complexities of investor-focused sustainability reporting. The adoption of International Sustainability Standards Board (ISSB) standards is critical as it fosters global alignment in sustainability reporting, reducing the need for companies to contend with a patchwork of national regulations. Adoption is gaining momentum in key regions, with 474 companies in Asia-Oceania and 296 in Europe already referencing ISSB standards. By March 2024, 1,151 companies had integrated ISSB disclosures, marking the beginning of a global shift toward standardized reporting that enhances market comparability and meets investors' growing demand for consistent, reliable data. 'Standardization in sustainability reporting is critical for the textiles and wider consumer goods industry,' said Elisabeth von Reitzenstein, director, policy and public affairs at Cascale. 'Our new deep dive demystifies IFRS S1 and S2 and demonstrates how these standards are setting a global benchmark for transparency and accountability. Developed in collaboration with Worldly, this report is designed to empower Cascale members and Higg Index users to align their reporting practices with emerging regulatory requirements and investor expectations.' 'Businesses that adopt International Financial Reporting Standards gain a clear financial picture, helping them uncover hidden risks in their supply chains and strengthen resilience in today's dynamic markets. By aligning sustainability reporting with these standards, companies will enhance transparency and cross-company comparability for their stakeholders, enable smarter decision-making, and align with global emerging regulations,' said JR Siegel, vice president, sustainability at Worldly. By offering actionable insights and highlighting the strategic advantages of global alignment in sustainability reporting, this deep dive underscores its critical importance for the entire consumer goods sector. In an era where sustainability reporting is evolving from a voluntary best practice to a mandatory business imperative, this resource empowers industry stakeholders to innovate, differentiate, and lead the transition toward a more transparent, ethical, and sustainable global economy. This deep dive is part of a broader collaboration between Cascale and Worldly to empower Cascale members, Worldly customers, and value chain partners as they navigate fast-changing regulatory landscapes. Through these policy deep dives, Cascale and Worldly deliver expert insights on key sustainability and reporting legislation while their tailored solutions—especially Cascale's Higg Index (exclusively available on Worldly)—enable companies to track, analyze, and report critical data. As voluntary guidelines shift toward mandatory reporting, this partnership helps organizations not only achieve compliance but also unlock opportunities for innovation and leadership in driving industry-wide transformation. Download the Full Report Today To support companies in navigating the complexities of investor-focused sustainability reporting, Cascale and Worldly have made the full policy deep dive available for download. ABOUT CASCALE Cascale is the global nonprofit alliance empowering collaboration to drive equitable and restorative business practices in the consumer goods industry. Formerly known as the Sustainable Apparel Coalition, Cascale owns and develops the Higg Index, which is exclusively available on Worldly, the most comprehensive sustainability data and insights platform. Cascale unites over 300 retailers, brands, manufacturers, governments, academics, and NGO/nonprofit affiliates around the globe through one singular vision: To catalyze impact at scale and give back more than we take to the planet and its people. LinkedIn | X | Instagram | Facebook | YouTube ABOUT WORLDLY Worldly is the leading sustainability data insights platform, trusted by 40,000+ major brands, retailers, and manufacturers in fashion, outdoor, home goods, toys, and more. Worldly uniquely collects high-resolution primary data specific to companies' value chains, operations, and products, providing insight into true impacts across carbon, water, chemistry, and labor. Featuring the most comprehensive source of ESG data for global manufacturers and the largest library of materials and product impacts, Worldly empowers businesses to scale responsibility into their global operations, faster and more accurately. Hosting, connecting with, and supporting the leading industry solutions and methodologies, including ZDHC, Bluesign, and the Higg Index — developed and owned by the global nonprofit alliance Cascale — Worldly delivers the insights businesses need to reduce their impact, comply with emerging regulatory and financial disclosure requirements, and meet the expectations of a new generation of customers.
