KNOWLEDGE UP NEWS UPDATE 11/07/2023
Big news in the ESG sector! As of next year, the International Sustainability Standards Board (ISSB) of the IFRS Foundation is set to assume the responsibility for tracking companies' climate-related disclosures, a task previously overseen by the Task Force on Climate-related Financial Disclosures (TCFD).
But this isn't just a changing of the guard - it's a pivotal step towards the standardization and consolidation of sustainability reporting practices. Coming hot on the heels of the ISSB's recent release of their global sustainability and climate reporting standards, this move highlights the urgency of environmental issues we're facing and the crucial role of consistent, reliable reporting in addressing them.
So, what does this mean for companies? Essentially, it's the dawn of a new era. An era where transparency is key, comparability is achievable, and accountability is heightened. With IFRS stepping into the shoes of the TCFD, we're likely to see a global standardization of climate-related financial disclosures. This move promises to streamline the reporting process for businesses and provide more easily comparable data for stakeholders.
Keep an eye on our updates as we persist in tracking this crucial shift and remain dedicated to offering guidance and assistance to clients across various sizes and industries.