Compliance Briefing — June 26, 2023

Executive briefing: The International Sustainability Standards Board (ISSB) released IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures on June 26, 2023. Jurisdictions and regulators can now incorporate the standards into mandatory reporting frameworks from 2024.

Immediate compliance priorities

• Gap assessment. Compare existing sustainability reporting (e.g., TCFD, SASB) against IFRS S1/S2 disclosure requirements to identify data and control gaps.
• Data governance. Establish processes for collecting climate metrics (Scope 1, 2, 3 emissions) and sustainability risks/opportunities across the enterprise value chain.
• Readiness planning. Align finance, sustainability, and audit teams on implementation timelines in jurisdictions signalling adoption.

Control alignment

• Disclosure controls. Embed sustainability metrics into internal control frameworks akin to financial reporting.
• Scenario analysis and resilience. Enhance methodologies for climate scenario analysis and transition plans referenced by IFRS S2.
• Assurance preparation. Coordinate with assurance providers on evidence requirements for future limited or reasonable assurance engagements.

Enablement moves

• Monitor adoption roadmaps from securities regulators and stock exchanges considering ISSB integration.
• Leverage industry-specific SASB guidance, now consolidated under IFRS, to tailor metrics and disclosures.
• Develop integrated reporting dashboards linking financial and sustainability KPIs for board oversight.

Sources

• IFRS Foundation announcement of IFRS S1 and S2 issuance
• IFRS S1 General Requirements standard
• IFRS S2 Climate-related Disclosures standard

Zeph Tech assists issuers with ISSB alignment programmes, bridging data pipelines, assurance readiness, and investor reporting expectations.

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