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This ISSB Update highlights preliminary decisions of the International Sustainability Standards Board (ISSB). Projects affected by these decisions can be found on the work plan. The ISSB's final decisions on IFRS® Sustainability Disclosure Standards are formally balloted as set out in the IFRS Foundation's Due Process Handbook.

The ISSB met in Frankfurt on 13–14 December 2023.

Maintenance and consistent application

International Applicability of the SASB Standards (Agenda Paper 8)

The ISSB met on 13 December 2023 to ratify amendments to the SASB Standards.

The ISSB decided:

  1. that re-exposure was not necessary.
    All 14 ISSB members agreed with this decision.
  2. to ratify the amendments to the SASB Standards.
    All 14 ISSB members agreed with this decision.
  3. to make related updates to the SASB Standards Taxonomy.
    All 14 ISSB members agreed with this decision.

All 14 ISSB members confirmed they were satisfied the ISSB has complied with the applicable due process requirements and has undertaken sufficient consultation and analysis to publish the amended SASB Standards.

Next step

The ISSB expects to publish the amended SASB Standards before the end of 2023.


IFRS Sustainability Disclosure Taxonomy (Agenda Paper 7)

The ISSB met on 14 December 2023 to discuss the prospective IFRS Sustainability Disclosure Taxonomy (prospective Taxonomy). The ISSB discussed proposed changes to the prospective Taxonomy resulting from its November 2023 discussion on stakeholder feedback on the Proposed IFRS Sustainability Disclosure Taxonomy, specifically on:

  1. the approach to tagging narrative information, including the granularity and data type of particular narrative disclosures;
  2. the approach to modelling the relationship between the requirements in IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures;
  3. the approach to tagging metrics and targets that are not specified by IFRS Sustainability Disclosure Standards; and
  4. improvements to the prospective Taxonomy, including the categorical elements and the element labels.

The ISSB was not asked to make any decisions.

Next steps

The ISSB expects to begin the balloting process and issue the IFRS Sustainability Disclosure Taxonomy in the first half of 2024. 

Strategy and governance

ISSB Consultation on Agenda Priorities (Agenda Paper 2)

The ISSB met on 14 December 2023 to discuss feedback on its Request for Information Consultation on Agenda Priorities. Specifically, the ISSB discussed feedback from users of general purpose financial reports.

The Request for Information sought respondents’ views on:

  1. the strategic direction and balance of the ISSB’s activities;
  2. the suitability of the criteria identified by the ISSB for assessing which sustainability-related matters (including topics, industries and activities) to prioritise and add to its work plan; and
  3. a proposed list of new research and standard-setting projects that could be added to the ISSB’s work plan.

The ISSB was not asked to make any decisions.

Next step

The ISSB will continue to discuss feedback on the Request for Information and make decisions on the matters raised in it.