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The International Sustainability Standards Board (ISSB) proposes creating an IFRS Sustainability Disclosure Taxonomy to reflect disclosure requirements arising from:

  • IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information, issued in June 2023; and
  • IFRS S2 Climate-related Disclosures, issued in June 2023.

The ISSB published the Proposed IFRS Sustainability Disclosure Taxonomy on 27 July 2023.

The Proposed IFRS Sustainability Disclosure Taxonomy is designed to facilitate users of general purpose financial reports to consume sustainability-related financial information digitally, regulators to require the digital reporting of sustainability-related financial information, and preparers to implement digital reporting of sustainability-related financial information, enabling tagging without undue cost.

In developing the Proposed IFRS Sustainability Disclosure Taxonomy, the ISSB considered feedback staff received on fundamental matters discussed in a prior request for feedback, including comments from external groups of experts, including the IFRS Taxonomy Consultative Group (ITCG).

The consultation was open for comment until 26 September 2023. The ISSB will consider feedback on the Proposed IFRS Sustainability Disclosure Taxonomy and the need for further changes before publishing the IFRS Sustainability Disclosure Taxonomy.

Thereafter, the IFRS Sustainability Disclosure Taxonomy will be updated after public consultations to reflect any amendments to IFRS Sustainability Disclosure Standards, common reporting practice and emerging reporting issues.

ISSB Update December 2023

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 milestone

IFRS Sustainability Disclosure Taxonomy