The IFRS Foundation has published a guide, Applying IFRS S1 when reporting only climate-related disclosures in accordance with IFRS S2, to help companies understand how to provide only climate-related disclosures when applying International Sustainability Standards Board (ISSB) Standards. The guide focuses on the ‘climate-first’ transition relief included in the ISSB Standards and clarifies that, when companies provide only climate-related information in accordance with the ISSB Standards, they are still required to apply related requirements in IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information. The IFRS Foundation linked the transition reliefs to feedback received during development of IFRS S1 and IFRS S2 Climate-related Disclosures, where investors sought urgent climate-related information and some stakeholders raised concerns about data availability and readiness to report on other sustainability-related risks and opportunities.
International Financial Reporting Standards Foundation 2025-01-30
IFRS Foundation publishes guide on applying IFRS S1 for climate-only reporting under IFRS S2
The IFRS Foundation released a guide on applying IFRS S1 for climate-related disclosures under IFRS S2, emphasizing 'climate-first' transition relief in ISSB Standards. It clarifies that companies must adhere to IFRS S1 when reporting only climate-related information. This responds to investor demand for urgent climate data and stakeholder concerns about data availability for broader sustainability reporting.