Latest news with #SustainabilityDisclosureStandards
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.
South China Morning Post
28-01-2025
- Business
- South China Morning Post
Hong Kong accounting body calls for more expertise in sustainability practices
More than half of Hang Seng Index's constituent firms have voluntarily published their reports on sustainability performance last year, according to Hong Kong's accounting regulatory body, which called on companies to hone their expertise in the field. Some 21 per cent of them obtained a 'reasonable' grade from sustainability assurance auditors, while 53 per cent received a 'limited' rating, the Accounting and Financial Reporting Council said in a report on Monday. The rest of them scored 'mixed or other' rating, it added. Reasonable assurance requires auditors to obtain sufficient evidence to reduce the risk of misstatement to an acceptably low level. In comparison, limited assurance suggests auditors find no clear evidence against the claims by the reporting entity. The study on market readiness for sustainability reporting and assurance was conducted from May 6 to 23 last year, when the Hang Seng Index had 82 members. The council also separately surveyed listed firms and auditors on their practices and plans. 'These entities cited that the assurance can enhance investor confidence, their sustainability ratings and brand reputation,' the council said. A lack of in-house sustainability reporting expertise was the most pressing issue cited by listed entities, the study concluded. The council expects to start a public consultation on a regulatory framework on sustainability assurance later this year. The government vowed in March to be among the first jurisdictions to align the local requirements with the International Financial Reporting Standards – Sustainability Disclosure Standards.
