IFRS Foundation publishes 2022 Annual Report

The IFRS Foundation has released its 2022 Annual Report for the year ending on 31 December 2022.
The report highlights significant achievements of the IASB and the ISSB towards their mission of providing better information to investors and other capital market participants worldwide for making informed decisions. The report also discusses the consolidation of the IFRS Foundation, the Climate Disclosure Standards Board, and the Value Reporting Foundation.
In addition, the report covers the ISSB’s first two draft Standards, IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information, and IFRS S2 Climate-related Disclosures. Indeed, Standards S1 and S2 establish core content requirements for a complete set of sustainability-related financial disclosures to meet the needs of capital markets. Both standards require companies to disclose information about governance, strategy, risk management, and metrics and targets related to sustainability.
S1 requires companies to disclose material information about sustainability-related risks and opportunities in their general purpose financial reports, alongside financial statements. S2 focuses specifically on the disclosure of information about climate-related risks and opportunities. S1 and S2 build on the recommendations of the TCFD, the CDSB Framework, the SASB Standards, and the Integrated Reporting Framework.
The Annual Report also includes the IASB’s key milestones, such as completing its Third Agenda Consultation and publishing the Exposure Draft on the Third Edition of the IFRS for SMEs Accounting Standard. Furthermore, the report provides insight into the Foundation’s priorities for 2023. The IFRS Foundation has had a transformative year and continues to work towards its vision of improving transparency and accountability in financial reporting worldwide.