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New ISSB Reporting Standards: How Will Your Business Be Impacted?

New ISSB Reporting Standards: How Will Your Business Be Impacted?

Published 07-06-23

Submitted by Workiva

New ISSB Standards: How will your business be impacted? Workiva Breaking Story.

On June 26, the International Sustainability Standards Board (ISSB) issued its inaugural sustainability standards: IFRS S1 and IFRS S2. These are standards that, in the words of ISSB Chair Emmanuel Faber, “have been designed to help companies tell their sustainability story in a robust, comparable and verifiable manner.” Faber also emphasizes that, “we have consulted closely with the market to ensure the Standards are proportionate and will result in disclosures that are relevant for investment decision-making.”

These are standards that have broad support from international policymakers, market regulators, investors, companies. Upon publication of the standards, Erkki Liikanen, Chair of the IFRS Foundation Trustees, stressed that the global baseline approach is, “supported by the G20 and others,” including the International Organization of Securities Commissions (IOSCO), the Financial Stability Board, and the G7.

But what do these standards mean for your business? And how should you prepare?

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