The global finance and business sectors are embracing the transformative IFRS Sustainability Disclosure Standards, issued on June 26, 2023. These standards, IFRS S1 and IFRS S2, mandate comprehensive sustainability and climate-related disclosures. IFRS S1 requires companies to disclose short-, medium-, and long-term sustainability risks and opportunities, while IFRS S2 focuses specifically on climate-related disclosures, building on TCFD recommendations. This move towards greater transparency and accountability aims to provide investors with crucial information. The introduction of these standards marks a significant shift with wide-reaching implications in global capital markets, promoting consistent and reliable sustainability reporting across different jurisdictions.
Originally published by Crowe Singapore, 7 April 2023
