Featured Product

    IFRS Sets Out Strategic Direction for Sustainability Standards Board

    March 08, 2021

    The IFRS Foundation Trustees have set out their views on the strategic direction for the new board for setting sustainability reporting standards. Feedback to the 2020 consultation on sustainability reporting confirmed an urgent need for global sustainability reporting standards and support for the Foundation to play a role in the development of these reporting standards. IFRS announced that the Trustees remain on track to make a final determination about a new board in advance of the November 2021 United Nations COP26 conference, including the detailed analysis of feedback on the requirements for success outlined in the sustainability reporting consultation and other conditions to be satisfied prior to that consideration.

    Based on feedback received to the 2020 Consultation and encouraged by the IOSCO statement dated February 2021, the Trustees have reached the following views about the strategic direction of a new board:

    • The new board would focus on information that is material to the decisions of investors, lenders, and other creditors.
    • Due to the urgent need for better information about climate-related matters, the new board would initially focus its efforts on climate-related reporting, while working toward meeting the information needs of investors on other environmental, social, and governance (ESG) matters.
    • The new board will build on the well-established work of the FSB Task Force on Climate related Financial Disclosures (TCFD) and work by the alliance of leading standard-setters in sustainability reporting focused on enterprise value. The Trustees will consider the prototype proposed by the alliance for an approach to climate-related disclosures as a potential basis for the new board to develop climate-related reporting standards. To prepare for this work, IFRS Foundation will initiate a process of structured engagement with the relevant organizations.
    • By working with standard-setters from key jurisdictions, standards issued by the new board would provide a globally consistent and comparable sustainability reporting baseline, while providing flexibility for coordination on reporting requirements that capture wider sustainability impact.

    The Trustees intend to publish a feedback statement that summarizes the responses received to their sustainability reporting consultation and how that feedback informed the above decisions. Together with the feedback statement, the Trustees will publish for public comment the proposed changes to the Foundation’s Constitution necessary to formalize establishment of a new board, including its composition. The Trustees will continue to engage with IFRS Foundation Monitoring Board and be informed of their views to proposed changes. Any changes to the Constitution are subject to a public consultation with a 90-day comment period. 

     

    Keywords: International, Banking, Insurance, Securities, Reporting, Climate Change Risk, ESG, COP26, Sustainability Standards Board, TCFD, IOSCO, IFRS

    Featured Experts
    Related Articles
    News

    EC Regulation Sets Out Standards for Reporting and Disclosure of MREL

    EC published the Implementing Regulation 2021/763 that lays down implementing technical standards for supervisory reporting and public disclosure of the minimum requirement for own funds and eligible liabilities (MREL).

    May 12, 2021 WebPage Regulatory News
    News

    EBA Report Notes Loan Origination Should Remain in Supervisory Focus

    EBA published a report that examines the convergence of prudential supervisory practices in 2020 and offers conclusions of the EBA college monitoring activity.

    May 12, 2021 WebPage Regulatory News
    News

    APRA Decides to Standardize Submission Date for Quarterly Reporting

    APRA announced the standardization of quarterly reporting due dates for authorized deposit-taking institutions.

    May 11, 2021 WebPage Regulatory News
    News

    ECB Working Group Publishes Recommendations on EURIBOR Fallbacks

    The private sector working group of ECB on euro risk-free rates published the recommendations to address events that would trigger fallbacks in the Euro Interbank Offered Rate (EURIBOR)-related contracts, along with the €STR-based EURIBOR fallback rates (rates that could be used if a fallback is triggered).

    May 11, 2021 WebPage Regulatory News
    News

    Bundesbank Publishes Supporting Documentation for Reporting by Banks

    Bundesbank published a list of "EntryPoints" that are accepted in its reporting system; the list provides taxonomy version and name of the module against each EntryPoint.

    May 11, 2021 WebPage Regulatory News
    News

    EBA Publishes Phase 1 of Reporting Framework 3.1

    EBA published the phase 1 of its reporting framework 3.1, with the technical package covering the new reporting requirements for investment firms (under the implementing technical standards on investment firms reporting).

    May 10, 2021 WebPage Regulatory News
    News

    IOSCO Sees Support for Mandatory Sustainability Reporting

    The Sustainable Finance Taskforce of IOSCO held two roundtables, with global stakeholders, on the IOSCO priorities to enhance the reliability, comparability, and consistency of sustainability-related disclosures and to collect views on the practical implementation of a global system architecture for these disclosures.

    May 10, 2021 WebPage Regulatory News
    News

    APRA to Finalize Capital Adequacy Standard Revisions by January 2022

    Asia Pacific Australia Banking APS 111 Capital Adequacy Regulatory Capital Basel RBNZ APRA

    May 10, 2021 WebPage Regulatory News
    News

    ESMA Issues Guidelines on Outsourcing to Cloud Service Providers

    ESMA published the final guidelines on outsourcing to cloud service providers.

    May 10, 2021 WebPage Regulatory News
    News

    EBA Publishes Data on Deposit Guarantee Schemes

    EBA published annual data for two key concepts and indicators in the Deposit Guarantee Schemes (DGS) Directive—available financial means and covered deposits.

    May 10, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6967