ISSB ramps up activities to support global implementation ahead of issuing inaugural standards at end of Q2 2023

The ISSB, at its meeting on 16 February 2023 in Montreal, made its final decisions on all technical contents of its initial Standards.
Thence, the ISSB approved the entering of the balloting process (a drafting, review and approval process to ensure a project document is well written and accurately reflects board decisions) of the Standards, ahead of their expected issuance at the end of the second quarter of 2023.
In the meantime, ISSB will work with partners and introduce structured partnerships that leverage specialist expertise to build local understanding for the implementation of the standards. Indeed, the Partnership Framework was launched at COP27 with support from around 30 partner organisations. The framework is designed to support preparers, investors and other capital market stakeholders as they prepare to use IFRS Sustainability Disclosure Standards.
Furthermore, the ISSB agreed that its initial IFRS Sustainability Disclosure Standards on General Sustainability-related Disclosures (draft S1) and Climate-related Disclosures (draft S2) will become effective as of January 2024, starting with the climate-aspect, in order to support systemic financial stability and investor protection. The ISSB thereby is answering to the strong demand from investors and companies globally to disclose comprehensive, consistent and comparable sustainability-related information.
Finally, ISSB members voted to reference the ESRS within the Appendix of S1 as a source of guidance companies may consider – in the absence of a specific ISSB standard – to identify metrics & disclosures if they meet the information needs of investors. Given the substantive decisions on the content of the ISSB Standards are now finalised, the work will now focus on detailed terminology within the standards, to be completed with the finalisation of both sets of standards.