Issued this June, IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures crowned a long journey towards a universal set of reporting standards. New standards have become a quintessence of best reporting practices bringing conventionally non-financial disclosures to the realm of finance and vice versa.
Given strong and prompt support both from regulators and investors, IFRS S1/S2 will likely follow in footsteps of IFRS Accounting Standards and become an integral part of national legislation followed by world-wide application. Indeed, leaders of G7 and G20, along with IOSCO that controls 95% of global securities market, Principles for Responsible Investment (PRI) and largest stock exchanges, including London, Singapore, Hong Kong, are encouraging governments to adopt IFRS S1/S2.
In the next 2-3 years, IFRS S1/S2 are expected to become mandatory for large public companies, listed companies and financial institutions. Understanding and assessing business strategy resilience to climate impacts is yet to become a common practice amongst Central Asian companies. However, when making a “to be or not to be” decision on investments, climate and sustainability-related disclosures are increasingly becoming a must.
Experts of EY Climate Change and Sustainability Services have made a series of webinars aimed at understanding the requirements of newly issued IFRS S1/S2 Standards and help businesses draft a roadmap to meet the requirements and hence, investors’ expectations.
The recording of the first webinar is available in Russian language at the following link.
The upcoming webinar in the series will take place on September 6.
For further questions about the webinar series and sustainability reporting standards, please contact us:
E-mail: Anara.Samambayeva@kz.ey.com