ISSB Standards application with the revised Management Commentary Practice Statement
ISSB Standards application with the revised Management Commentary Practice Statement
The International Sustainability Standards Board (ISSB) has endorsed the IASB’s revised Management Commentary Practice Statement, highlighting its role in promoting connected reporting. This Practice Statement will help to bridge financial statements with sustainability-related financial disclosures.
IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information requires sustainability-related financial disclosures in a company's general purpose financial report but does not dictate their specific placement, allowing integration within management commentary.
Both ISSB Standards and the Practice Statement share a focus on primary users' information needs, aligned conceptual foundations as both built on concepts from the Integrated Reporting Framework, and have complementary requirements. They provide context to financial statements and address a company's short, medium, and long-term prospects.
More details are available in the press release.
IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information requires sustainability-related financial disclosures in a company's general purpose financial report but does not dictate their specific placement, allowing integration within management commentary.
Both ISSB Standards and the Practice Statement share a focus on primary users' information needs, aligned conceptual foundations as both built on concepts from the Integrated Reporting Framework, and have complementary requirements. They provide context to financial statements and address a company's short, medium, and long-term prospects.
More details are available in the press release.