ISSB ISSB Standards Implementation 3

Question 1

Under the ISSB framework, what is the recommended approach for entities reporting in jurisdictions without mandatory IFRS S1/S2 requirements?

Accepted Answer

Voluntary early adoption is encouraged and the ISSB provides implementation support materials

Answer

The ISSB actively encourages voluntary adoption and provides extensive implementation support through educational materials, FAQ documents, and TIG conclusions.

Question 2

What is the ISSB's relationship with the International Organization of Securities Commissions (IOSCO)?

Accepted Answer

IOSCO endorsed IFRS S1 and S2 and called on its member regulators to consider requiring use of the standards

Answer

IOSCO endorsed IFRS S1 and S2 in July 2023, signaling to its 130+ member securities regulators that they should consider adopting the standards.

Question 3

How does the ISSB address assurance requirements for sustainability disclosures?

Accepted Answer

IFRS S1 and S2 do not mandate assurance; assurance requirements are left to jurisdictional regulators

Answer

The ISSB standards themselves do not mandate assurance, leaving that requirement to securities regulators and stock exchanges in each jurisdiction.

Question 4

What was a key change between the Exposure Draft and the final IFRS S2 standard regarding Scope 3 emissions?

Accepted Answer

The final standard added a one-year transition relief for Scope 3, which was not in the Exposure Draft

Answer

In response to widespread concern about Scope 3 data availability, the final IFRS S2 added a first-year transition relief not present in the Exposure Draft.

Question 5

What is the ISSB's 'jurisdictional guide' series designed to help with?

Accepted Answer

Helping jurisdictions understand how to incorporate ISSB standards into their local regulatory frameworks

Answer

ISSB jurisdictional guides help regulators and standard-setters understand adoption pathways and how ISSB standards interact with existing local requirements.

ISSB - International Sustainability Standards Board Practice Test

ISSB - International Sustainability Standards Board Practice Test

ISSB ISSB Standards Implementation 3