The IFRS Foundation has launched a knowledge hub to support the use of the ISSB Standards, which are expected to be adopted by many jurisdictions from 2024 onwards.
The ‘IFRS Sustainability hub’, which went live at COP28‘s Climate Action Day, is a key component of the IFRS Foundation’s capacity building programme, a systematic approach of knowledge and skills development around the ISSB standards.
The standards offer a comprehensive global baseline of sustainability disclosures and have been embraced by investors, companies, governments, and regulators, providing a global baseline for understanding sustainability risks and opportunities.
Included in the hub are a wide range of resources, including an introduction to the ISSB Standards, a guide for transitioning from TCFD recommendations to ISSB Standards, and a set of Frequently Asked Questions (FAQs).
The launch coincides with an update to the IFRS Foundation’s ‘Fundamentals of Sustainability Accounting (FSA) Credential Level 1’, which reflects the work of the ISSB and is designed to help companies, auditors, investors, regulators, and other stakeholders understand the standards.
The IFRS Foundation says it is committed to “supporting the implementation of the ISSB Standards through capacity building initiatives,” and is working with several partners to achieve this.
For example, the UN Sustainable Stock Exchange Initiative has developed a training programme that guides companies through a four-step process of preparing, aligning, implementing, and communicating sustainability-related information. The Association of Chartered Certified Accountants (ACCA) is also developing a range of resources to build capacity among its 247,000 members.
The Pan African Federation of Accountants (PAFA), the United Nations Development Programme (UNDP), and the International Federation of Accountants (IFAC) have also emphasised their ongoing commitment to deliver educational initiatives that support use of the ISSB Standards.
At COP28, the ISSB also participated in the launch of the Global Capacity Building Coalition for Climate Finance, which is a group started by GFANZ to help developing countries deal with climate change. The coalition will help countries use new ideas and standards, like the ISSB Standards, to make their economies more sustainable.
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