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On 3 November 2021, at COP26, the IFRS Foundation Trustees announced the creation of the International Sustainability Standards Board (ISSB).
The ISSB will deliver a global baseline of sustainability disclosures to meet capital market needs.
Nick Anderson, member of the International Accounting Standards Board (Board), explains how existing requirements within IFRS Standards relate to climate change risks and other emerging risks.
The article shows how the principle-based approach of IFRS Standards means that climate change and other emerging risks are addressed by existing requirements, even though such risks are not explicitly referenced.
Anderson also outlines the Board’s current work on its Management Commentary project—a narrative report that gives context for the financial statements and additional insight into the company’s long-term prospects.
Educational material on the effects of climate-related matters on financial statements was published on 20 November 2020.
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