Overview of IFRS S1 and IFRS S2
The IFRS Foundation has published educational material on disclosing anticipated financial effects when applying IFRS SDS.
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In 2023, the International Sustainability Standards Board (ISSB) issued its first two international IFRS Sustainability Disclosure Standards (IFRS SDS), IFRS S1 ‘General Requirements for Disclosure of Sustainability-related Financial Information’ and IFRS S2 ‘Climate-related Disclosures’. As a result of investor and stakeholder feedback, the ISSB also provided transition relief, which includes an option for ‘climate-first’ reporting.
Since the initial issuance of the IFRS SDS and subsequent transition relief guidance, there has been significant demand for educational material to assist preparers and practitioners in interpreting and applying the Standards.
In response to this demand, the IFRS Foundation has published its first IFRS SDS guide, ‘Applying IFRS S1 when reporting only climate-related disclosures in accordance with IFRS S2’, which aims to provide practical guidance on how to report climate-only information when utilising the ‘climate-first’ transition relief option.
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