Featured Product

    IFRS Requests Feedback on Sustainability Disclosure Taxonomy

    May 25, 2022

    The International Financial Reporting Standards (IFRS) Foundation published a staff request for feedback to inform future development of the IFRS Sustainability Disclosure Taxonomy for digital reporting. The request for feedback document outlines staff recommendations reflecting proposals in the two exposure drafts published by the International Sustainability Standards Board (ISSB). These exposure drafts are related to the general requirements for disclosure of sustainability-related financial information (IFRS S1) and the climate-related disclosures (IFRS S2). The request for feedback is open for comments until September 30, 2022.

    The purpose of this request for feedback is to support initial research by the IFRS Foundation staff to inform the development of proposals for the IFRS Sustainability Disclosure Taxonomy. This request for feedback sets out the initial thinking for staff recommendations to the ISSB for consideration when developing the proposed IFRS Sustainability Disclosure Taxonomy. The staff has prepared a staff draft of the IFRS Sustainability Disclosure Taxonomy that is based on the proposals in the exposure drafts and reflects staff recommendations discussed in this request. The staff recommendations focus on fundamental matters that need to be considered early to enable the ISSB to publish the IFRS Sustainability Disclosure Taxonomy on a timely basis. The recommendations include the following:

    • Create a distinct IFRS Sustainability Disclosure Taxonomy separate from the IFRS Accounting Taxonomy
    • Organize the general content of the IFRS Sustainability Disclosure Taxonomy, by both the IFRS Sustainability Disclosure Standard and the aspects of core content
    • Reflect the proposed disclosure requirements related to each aspect of core content as a separate list of distinct elements (line items) for each of the (draft) IFRS Sustainability Disclosure Standards
    • Distinct taxonomy elements should be created for narrative information that is expected to be separately understandable to primary users of sustainability-related financial information as well as easily identifiable for tagging
    • Use categorical elements for narrative disclosures that can be represented as either true or false responses or choices from lists of responses
    • Create elements, equivalent to those in the Sustainability Accounting Standards Board (SASB) Taxonomy, for defined metrics common to the IFRS Sustainability Disclosure Standards and the SASB Standards in the IFRS Sustainability Disclosure Taxonomy
    • Model disclosures for entity-specific metrics and targets using a dimensional approach
    • Should not model explicitly the requirements for cross-references in the IFRS Sustainability Disclosure Taxonomy

    ISSB expects to publish the proposed IFRS Sustainability Disclosure Taxonomy (proposed Taxonomy) concurrently with or shortly after it issues the IFRS Sustainability Disclosure Standards. ISSB will then consider feedback on the proposed Taxonomy and the need for further changes before publishing the IFRS Sustainability Disclosure Taxonomy. 

     

    Keywords: International, Banking, Insurance, Securities, Disclosures, Taxonomy, ESG, Climate Change Risk, Sustainable Finance, ISSB, IFRS

    Featured Experts
    Related Articles
    News

    BOE Sets Out Its Thinking on Regulatory Capital and Climate Risks

    The Bank of England (BOE) published a working paper that aims to understand the climate-related disclosures of UK financial institutions.

    March 13, 2023 WebPage Regulatory News
    News

    OSFI Finalizes on Climate Risk Guideline, Issues Other Updates

    The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.

    March 12, 2023 WebPage Regulatory News
    News

    BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending

    BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.

    March 03, 2023 WebPage Regulatory News
    News

    HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks

    The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.

    March 02, 2023 WebPage Regulatory News
    News

    BCBS Report Examines Impact of Basel III Framework for Banks

    The Basel Committee on Banking Supervision (BCBS) published results of the Basel III monitoring exercise based on the June 30, 2022 data.

    February 28, 2023 WebPage Regulatory News
    News

    PRA Consults on Prudential Rules for "Simpler-Regime" Firms

    Among the recent regulatory updates from UK authorities, a key development is the first-phase consultation, from the Prudential Regulation Authority (PRA), on simplifications to the prudential framework that would apply to the simpler-regime firms.

    February 28, 2023 WebPage Regulatory News
    News

    DNB Publishes Multiple Reporting Updates for Banks

    DNB, the central bank of Netherlands, updated the list of additional reporting requests and published additional data quality checks and XBRL-Formula linkbase documents for the first quarter of 2023.

    February 28, 2023 WebPage Regulatory News
    News

    NBB Sets Out Climate Risk Expectations, Issues Reporting Updates

    The National Bank of Belgium (NBB) published a communication on climate-related and environmental risks, issued an update on XBRL reporting

    February 24, 2023 WebPage Regulatory News
    News

    EBA Updates Address Securitization Standards and DGS Guidelines

    The European Banking Authority (EBA) published the final draft of the regulatory technical standards that set out conditions for assessment of homogeneity of the underlying exposures in simple, transparent, and standardized (STS) securitizations.

    February 21, 2023 WebPage Regulatory News
    News

    FSB Publishes Letter to G20, Sets Out Work Priorities for 2023

    The Financial Stability Board (FSB) published a letter intended for the G20 Finance Ministers and Central Bank Governors, highlighting the work that FSB will take forward under the Indian G20 Presidency in 2023

    February 20, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8793