INSIGHT by IFRS
The IFRS Foundation has launched the IFRS Sustainability knowledge hub to support use of the ISSB Standards from next year. The hub went live at COP28’s Climate Action Day and is a key component of the IFRS Foundation’s capacity building programme.
The hub hosts content developed by the IFRS Foundation and more than 100 resources developed by third-party organisations. Materials will be added over time in response to market needs and emerging practices.
While the hub has been designed to help companies preparing their ISSB disclosures, it will also be a useful repository for auditors, investors, regulators and other stakeholders seeking to advance their understanding of the ISSB Standards.
Resources on the hub include an introduction to the ISSB Standards, a guide for transitioning from TCFD recommendations to ISSB Standards and a set of Frequently Asked Questions (FAQs).
The launch of the hub coincides with an update to the IFRS Foundation’s Fundamentals of Sustainability Accounting (FSA) Credential Level 1, which will be issued shortly. It has been updated to reflect the work of the ISSB. Level 1 of the two-part paid-for credential culminates in a two-hour exam that tests understanding of the principles and practices of sustainability disclosure, helping to advance a common language of sustainability disclosures.
The IFRS Foundation is focused on supporting the implementation of the ISSB Standards through capacity building initiatives and is working with a number of partners to advance this work.
The UN Sustainable Stock Exchange Initiative—which has 134 stock exchanges as members—has developed a training programme that guides companies through a four-step process of preparing, aligning, implementing and communicating sustainability-related information. It sets out practical steps to build the skills needed to identify and disclose climate and sustainability-related risks and opportunities.
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ACCA (the Association of Chartered Certified Accountants) has announced it is developing a range of resources, including freely available guides and learning resources and CPD initiatives, to build capacity among its 247,000 members. The ISSB Standards will be added to ACCA’s syllabus for the ACCA Qualification from next year to build knowledge within the next generation of accountants. A series of video explainers prepared by ACCA about IFRS S1 and IFRS S2 is already available from the IFRS Sustainability knowledge hub.
The Pan African Federation of Accountants (PAFA), the United Nations Development Programme (UNDP) and the International Federation of Accountants (IFAC) have also emphasised their ongoing commitment to deliver educational initiatives that support use of the ISSB Standards. For example, IFAC’s International Panel on Accountancy Education has initiated its Sustainability Reporting Project to consider, among other topics, the implication of the ISSB Standards on IFAC’s International Education Standards.
Elsewhere on Climate Action Day, the ISSB participated in the launch of the Global Capacity Building Coalition for Climate Finance established by GFANZ as a coalition of organisations that will provide climate-related capacity building to support emerging markets and developing economies. As part of its work the coalition will support the uptake of emerging global best practices and standards, such as the ISSB Standards.
| All opinions expressed are those of the author and/or quoted sources. investESG.eu is an independent and neutral platform dedicated to generating debate around ESG investing topics.
