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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.
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The Climate Disclosure Standards Board (CDSB) was an international consortium of business and environmental NGOs committed to advancing and aligning the global mainstream corporate reporting model to equate natural and social capital with financial capital.
The CDSB Framework formed the basis for the TCFD recommendations and sets out an approach for reporting environmental information, including climate change and social information in mainstream reports, such as annual reports, 10-K filings or integrated reports.
CDSB has now been consolidated into the IFRS Foundation. This marks the completion of the first part of the commitment made by leading investor-focused sustainability disclosure organisations CDSB and the Value Reporting Foundation (VRF) to consolidate into the IFRS Foundation by June 2022, providing staff and resources to the new International Sustainability Standards Board (ISSB).
This consolidation confirms the closure of the CDSB and no further technical work or content will be produced.
CDSB technical guidance will form part of the evidence base as the ISSB develops its IFRS Sustainability Disclosure Standards. CDSB’s Framework and technical guidance on Climate, Water and Biodiversity disclosures will remain useful for companies until such time as the ISSB issues its IFRS Sustainability Disclosure Standards on such topics.
CDSB technical work has not been subject to the IFRS Foundation’s due process, which the International Sustainability Standards Board will follow in its work, and does not form part of IFRS Standards. The IFRS Foundation’s due process is outlined in the Constitution and the Due Process Handbook.
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