ISSB Trivia 4

Question 1

Which COP (Conference of the Parties) saw the formal announcement of the ISSB's creation?

Accepted Answer

COP26 in Glasgow

Answer

The ISSB was formally announced at COP26 in Glasgow, Scotland in November 2021.

Question 2

How does the ISSB's materiality concept differ from the EU CSRD's approach?

Accepted Answer

ISSB uses single (financial) materiality; EU CSRD uses double materiality

Answer

The ISSB applies single (financial/investor-focused) materiality, while EU CSRD applies double materiality, which also captures impacts on people and the environment.

Question 3

What role does the 'IFRS Sustainability Alliance' (formerly SASB Alliance) play for ISSB standards?

Accepted Answer

It provides preparers and users a forum to support standard implementation

Answer

The IFRS Sustainability Alliance provides a forum for companies and investors to support consistent implementation of ISSB standards.

Question 4

What is the interoperability arrangement between ISSB standards and EU sustainability standards (ESRS)?

Accepted Answer

ISSB and EFRAG developed interoperability guidance to minimize duplication

Answer

The ISSB and EFRAG developed interoperability guidance to help entities comply with both ISSB and ESRS requirements with minimal duplication.

Question 5

Which jurisdiction was the first to mandate adoption of IFRS S1 and S2?

Accepted Answer

United Kingdom

Answer

The UK was among the first jurisdictions to formally commit to adopting IFRS S1 and S2 through its UK Sustainability Disclosure Standards.

ISSB - International Sustainability Standards Board Practice Test

ISSB - International Sustainability Standards Board Practice Test

ISSB Trivia 4