The Financial Reporting Council (FRC), acting as The Secretariat to the UK Sustainability Disclosure TAC, has issued a call for evidence seeking input to support the potential endorsement of the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards in the UK.
The two specific standards under consideration are IFRS S1 – General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures. These standards were published by the International Sustainability Standards Board (ISSB) in June 2023.
The call for evidence intends to gather views and feedback to assess whether the application of these standards in a UK context will lead to disclosures that are understandable, relevant, reliable and comparable for investors. The FRC aims to evaluate the technical feasibility, timeliness alongside financial reporting, and proportionality of costs to benefits.
The TAC is seeking responses from those preparing corporate disclosures, investors, and other stakeholders with an interest in sustainability reporting. Responses will be used to inform the technical assessment for endorsing IFRS S1 and S2 in the UK.
Responses to the call for evidence should be submitted by 11 October 2023 to UKSustainabilityTAC@frc.org.uk.