Date posted: 05/08/2022

Submission on the International Financial Reporting Standards’ (IFRS) Sustainability Disclosure Standards

Our joint submission with CPA Australia, the Peak Australian Bodies submission, and the Global Accounting Alliance submission to the International Sustainability Standards Board’s (ISSB) consultation.

The International Sustainability Standards Board (ISSB) called for submissions on the following ‘Sustainability Disclosure Standards’:

  • IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information (referred to as [DRAFT] IFRS S1)
  • IFRS S2 Climate-related Disclosures (referred to as [DRAFT] IFRS S2)

We provided a joint submission with CPA Australia with both overarching comments and responses to the specific questions asked by the ISSB.

We fully support a global approach to the development of sustainability disclosure standards and are supportive of the ISSB as the global body to issue these standards. The overarching goal should be a globally consistent, comparable, reliable corporate reporting system, from which assurance can be obtained on reported information, to provide all stakeholders with a clear and accurate picture of an organisation’s ability to create sustainable value over time.

We make particular comments about:

  • The comprehensive global baseline and collaboration;
  • Clear terminology, criteria and guidance;
  • Scalable and practical implementation of best practice;
  • Industry specific metrics;
  • Assurance;
  • Effective date; and,
  • Education.

These particular comments and our responses to the specific questions raised by the ISSB can be found below.

We also supported the coordination of and contributed to: