Here’s the intro from this fine piece from Labrador: “We continue to have conversations with our clients about “readiness” to transition to the new IFRS Sustainability Disclosure Standards from the International Sustainability Standards Board (ISSB). The ISSB has stated that companies may focus on climate-only disclosures the first year of transitioning to the new standards. That means companies can use IFRS S2 Climate-related Disclosures Standard (IFRS S2) and only the general reporting principles and climate-applicable requirements of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1) for a year before moving to full use of both.
To help clients decide if they are ready to move to IFRS S2, we’ve summarized the key differences between IFRS S2 and the recommendations of the former Task Force on Climate-related Financial Disclosures (TCFD) below. We’ve also provided some useful links to additional resources.
We note that readiness to move to IFRS S2 does not necessarily mean that companies are able to meet all disclosure requirements. Similar to early TCFD reporting, we expect companies to report gaps and to indicate where certain efforts are in process. Some companies may also decide to stick with TCFD for another year.”
