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On 31 March 2022 the International Sustainability Standards Board (ISSB) published its first proposed standards. One sets out general sustainability-related disclosure requirements (General Requirements Exposure Draft) and the other specifies climate-related disclosure requirements (Climate Exposure Draft). These exposure drafts build on the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) and include industry-based disclosure requirements derived from SASB Standards.

The General Requirements Exposure Draft requires companies:

  • to provide material information on all significant sustainability-related risks and opportunities necessary to assess enterprise value; and
  • to use SASB Standards to identify sustainability-related risks and opportunities and to develop appropriate disclosures until these Standards are replaced by IFRS Sustainability Disclosure Standards. 

SASB Standards are available to download. For guidance on how to use SASB Standards, please see the SASB Implementation Primer. 

To identify sustainability-related risks and opportunities, companies can also consider:

  • the ISSB’s non-mandatory guidance (such as the CDSB Framework application guidance for water- and biodiversity-related disclosures);
  • the most recent pronouncements of other standard-setting bodies whose requirements are designed to meet the needs of users of general purpose financial reporting; and
  • the sustainability-related risks and opportunities identified by entities that operate in the same industries or geographies.