ICAS ICAS logo

Quicklinks

  1. About Us

    Find out about who we are and what we do here at ICAS.

  2. Find a CA

    Search our directory of individual CAs and Member organisations by name, location and professional criteria.

  3. CA Magazine

    View the latest issues of the dedicated magazine for ICAS Chartered Accountants.

  4. Contact Us

    Get in touch with ICAS by phone, email or post, with dedicated contacts for Members, Students and firms.

Login
  • Annual renewal
  • About us
  • Contact us
  • Find a CA
  1. About us
    1. Governance
  2. Members
    1. Become a member
    2. Newly qualified
    3. Manage my membership
    4. Benefits of membership
    5. Careers support
    6. Mentoring
    7. CA Wellbeing
    8. More for Members
    9. Area networks
    10. International communities
    11. Get involved
    12. Top Young CAs
    13. Career breaks
    14. ICAS podcast
    15. Newly admitted members 2022
    16. Newly admitted members 2023
  3. CA Students
    1. Student information
    2. Student resources
    3. Learning requirements
    4. Learning updates
    5. Learning blog
    6. Totum Pro | Student discount card
    7. CA Student wellbeing
  4. Become a CA
    1. How to become a CA
    2. Routes to becoming a CA
    3. CA Stories
    4. Find a training agreement
    5. Why become a CA
    6. Qualification information
    7. University exemptions
  5. Employers
    1. Become an Authorised Training Office
    2. Resources for Authorised Training Offices
    3. Professional entry
    4. Apprenticeships
  6. Find a CA
  7. ICAS events
    1. CA Summit
  8. CA magazine
  9. Insight series 2022
    1. Finance + Trust
    2. Finance + Technology
    3. Finance + EDI
    4. Finance + Mental Fitness
    5. Finance + Leadership
    6. Finance + Sustainability
  10. Professional resources
    1. Anti-money laundering
    2. Audit and assurance
    3. Brexit
    4. Charities
    5. Coronavirus
    6. Corporate and financial reporting
    7. Business and governance
    8. Ethics
    9. Insolvency
    10. ICAS Research
    11. Pensions
    12. Practice
    13. Public sector
    14. Sustainability
    15. Tax
  11. CPD - professional development
    1. CPD courses and qualifications
    2. CPD news and updates
    3. CPD support and advice
  12. Regulation
    1. Complaints and sanctions
    2. Regulatory authorisations
    3. Guidance and help sheets
    4. Regulatory monitoring
  13. CA jobs
    1. CA jobs partner: Rutherford Cross
    2. Resources for your job search
    3. Advertise with CA jobs
    4. Hays | A Trusted ICAS CA Jobs Partner
    5. Azets | What's your ambition?
  14. Work at ICAS
    1. Business centres
    2. Meet our team
    3. Benefits
    4. Vacancies
    5. Imagine your career at ICAS
  15. Contact us
    1. Technical and regulation queries
    2. ICAS logo request

ISSB launches consultation on its first two proposed standards

  • LinkedIn (opens new window)
  • Twitter (opens new window)
By Anne Adrain, Head of Sustainability and Reporting

5 April 2022

Main points:

  • The ISSB has launched a consultation on its first two proposed sustainability disclosure standards.
  • One sets out general sustainability-related disclosure requirements and the other specifies climate-related disclosure requirements.
  • The deadline for comments is 29 July 2022.

This article focuses on the ISSB’s consultation on its first two proposed standards.

On 31 March 2022, the International Sustainability Standards Board (ISSB), launched a consultation on its first two proposed standards. One sets out general sustainability-related disclosure requirements and the other specifies climate-related disclosure requirements.

The proposals contained in the exposure drafts build upon the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) and incorporate industry-based disclosure requirements derived from the Sustainability Accounting Standards Board (SASB) Standards. The exposure drafts (EDs) consolidate content from the TCFD, the Climate Disclosure Standards Board (CDSB), the Value Reporting Foundation (VRF), which houses Integrated Reporting and SASB, and the World Economic Forum’s International Business Council’s (IBC) stakeholder capitalism metrics.

The proposals, when finalised, are intended to form a comprehensive global baseline of sustainability disclosures designed to meet the information needs of investors in assessing enterprise value. The ISSB is working closely with other international organisations and jurisdictions to support the inclusion of the global baseline into jurisdictional requirements.

The ISSB is seeking feedback on the proposals over a 120-day consultation period, closing on 29 July 2022. It will review feedback on the proposals in the second half of 2022 and aims to issue the new Standards by the end of the year, subject to the feedback received on the EDs.

The proposals have been developed in response to requests from G20 leaders, the International Organization of Securities Commissions (IOSCO) and other stakeholders for enhanced information from companies on sustainability-related risks and opportunities. The proposals set out requirements for the disclosure of material information about a company’s significant sustainability-related risks and opportunities that is necessary for investors to assess a company’s enterprise value.

Later this year, the ISSB will consult on its standard-setting priorities. This consultation will include seeking feedback on the sustainability-related information needs of investors when assessing enterprise value and on further development of industry-based requirements, building on the SASB Standards, which address a broad range of sustainability matters.

The ISSB has also set out its plan for how its work will build on the SASB Standards and industry-based standard-setting processes.

The ISSB will embed the industry-based approach used by the SASB into its standard-setting process. The SASB Standards are the source of the industry-based requirements in the Climate ED. On finalisation, these would become a required component of the ISSB’s Climate Standard.

Summary of the two exposure drafts (EDs)

The General Requirements ED proposes that entities provide material information on all significant sustainability-related risks and opportunities necessary to assess enterprise value. In the absence of specific IFRS Sustainability Disclosure requirements, this ED requires companies to consider SASB Standards to identify sustainability-related risks and opportunities and to develop appropriate disclosures. This enables IFRS Sustainability Disclosure Standards to make use of the range of sustainability-related risks and opportunities covered by the SASB Standards from inception with the status of implementation guidance.

Addressing international applicability of the suite of SASB Standards is a priority for the ISSB and forms part of the ISSB’s initial work plan. In line with this commitment the Climate ED includes proposals which are aimed at improving the international applicability of the SASB’s industry-based climate-related requirements.

SASB’s ongoing work on international applicability (beyond climate) will be transitioned to the ISSB, with the aim of the ISSB producing proposed changes to the SASB Standards as soon as practicable. The ISSB intends to improve the international applicability of the SASB Standards prior to the finalised version of the General Requirements ED coming into effect.

SASB Standards will serve as the starting point for the ISSB’s industry-based requirements.

On consolidation of the VRF:

  • the SASB Standards will become materials of the IFRS Foundation with the status of implementation guidance (consistent with the status proposed in the General Requirements ED); and
  • the ISSB will assume responsibility for the evolution and enhancement of SASB’s 77 industry-based Standards.

Current ongoing SASB projects are to be transitioned to the ISSB and continued. The SASB is expected to publish proposed changes arising out of several of its ongoing projects prior to the ISSB assuming responsibility for the SASB Standards. These proposed changes, as well as the climate and human capital research projects and other current SASB projects, will be transitioned to the ISSB. The IFRS Foundation intends to progress these projects as currently resourced, while the consultation on the ISSB’s agenda planned for 2022 will inform their detailed delivery plan. The ISSB actively encourages preparers and investors to continue to provide full support for and to use the SASB Standards in this transition phase.

ICAS will be responding to these exposure drafts. Any member with comments on the EDs should send these to James Barbour, Director, Policy Leadership at jbarbour@icas.com.

The conditions necessary for the reporting of high-quality sustainability information

By Anne Adrain, Head of Sustainability and Reporting

28 February 2022

IFRS Foundation and GRI announce collaboration agreement

By Anne Adrain, Head of Sustainability and Reporting

24 March 2022

ICAS logo

Footer links

  • Contact us
  • Terms and conditions
  • Modern slavery statement
  • Privacy notice
  • CA magazine

Connect with ICAS

  • Facebook (opens new window) Facebook Icon
  • Twitter (opens new window) Twitter Icon
  • LinkedIn (opens new window) LinkedIn Icon
  • Instagram (opens new window) Instagram Icon

ICAS is a member of the following bodies

  • Consultative Committee of Accountancy Bodies (opens new window) Consultative Committee of Accountancy Bodies logo
  • Chartered Accountants Worldwide (opens new window) Chartered Accountants Worldwide logo
  • Global Accounting Alliance (opens new window) Global Accounting Alliance
  • International Federation of Accountants (opens new window) IFAC
  • Access Accountancy (opens new window) Access Acountancy

Charities

  • ICAS Foundation (opens new window) ICAS Foundation
  • SCABA (opens new window) scaba

Accreditations

  • ISO 9001 - RGB (opens new window)
© ICAS 2022

The mark and designation “CA” is a registered trade mark of The Institute of Chartered Accountants of Scotland (ICAS), and is available for use in the UK and EU only to members of ICAS. If you are not a member of ICAS, you should not use the “CA” mark and designation in the UK or EU in relation to accountancy, tax or insolvency services. The mark and designation “Chartered Accountant” is a registered trade mark of ICAS, the Institute of Chartered Accountants of England and Wales and Chartered Accountants Ireland. If you are not a member of one of these organisations, you should not use the “Chartered Accountant” mark and designation in the UK or EU in relation to these services. Further restrictions on the use of these marks also apply where you are a member.

ICAS logo

Our cookie policy

ICAS.com uses cookies which are essential for our website to work. We would also like to use analytical cookies to help us improve our website and your user experience. Any data collected is anonymised. Please have a look at the further information in our cookie policy and confirm if you are happy for us to use analytical cookies: