International Sustainability Standards Board (ISSB) Formed and Prototype Sustainability Standards Released
10 November 2021
On 3 November 2021, Erkki Liikanen, Chair of the IFRS Foundation Trustees, announced three significant developments at the COP26 UN global summit in Glasgow, Scotland:
- The formation of a new International Sustainability Standards Board (ISSB), which will develop a comprehensive global baseline of high-quality sustainability disclosure standards with an aim to meet investors’ information needs;
- A consolidation of the Climate Disclosure Standards Board (CDSB) and the Value Reporting Foundation (VRF – which houses the current Integrated Reporting Framework and SASB standards) into the ISSB by June 2022; and
- The publication of two prototype standards: one on climate and the other on general disclosure requirements. These prototype standards were developed by the Technical Readiness Working Group (TRWG) prior to the formation of the ISSB.
BDO has published an International Sustainability Reporting Bulletin (ISRB), which provides more information on these announcements. It may be accessed here.