Andrew Eil’s Post

🌍 Climate Disclosure News! 🌿 The Financial Stability Board has officially announced the completion of the TCFD's groundbreaking work, marking a pivotal moment in the evolution of climate-related disclosures. 🚀 📈 Companies embracing sustainability and climate responsibility now have a streamlined path forward, with the ISSB's Standards serving as the "culmination" of the TCFD's legacy. The incorporation of TCFD recommendations into the IFRS S1 and S2 Climate-related Disclosures is a game-changer! 🔄 💼 For companies navigating the transition, utilizing TCFD recommendations remains a viable option, providing a smooth entry point into adopting the ISSB's Standards. The IFRS Foundation has thoughtfully published a comprehensive comparison of IFRS S2 and TCFD recommendations, showcasing the consistency and alignment of these frameworks. 📊 (https://lnkd.in/gQ3FcJtE) 📚 The ISSB's Standards not only embrace the TCFD's four core recommendations and eleven recommended disclosures but go a step further with additional requirements. From industry-based metrics to disclosures about planned use of carbon credits, the ISSB sets a higher standard for transparency and accountability. 🌱 👏 The TCFD has been a trailblazer, elevating the standards for climate-related disclosures, and the ISSB is now building upon this legacy. The integration of TCFD recommendations into the ISSB's standards offers a simplified approach for companies and investors, navigating through the 'alphabet soup' of disclosure initiatives. 🍲 🌐 The FSB's's call for the IFRS Foundation to monitor progress on companies' climate-related disclosures further underscores the global commitment to advancing sustainability and transparency🌐...and harmony 🧘♂️ #ClimateDisclosure #TCFD #ISSB #Sustainability #Transparency #IFRSFoundation

The end of an era! 🚫 💡TCFD recommendations incorporated into the ISSB's Standards. 💡ISSB to take over the monitoring of the progress on companies’ climate-related disclosures from the TCFD. 💡TCFD's four pillar framework of Governance, Strategy, Risk Management and Metrics & Targets lives on through ISSB's IFRS S1 & S2. 💡Companies that apply the ISSB Standards will meet the TCFD recommendations and so do not need to apply the TCFD recommendations in addition to the ISSB's Standards. 💡Companies can continue to use the TCFD recommendations should they choose to do so, and some companies may still be required to use the TCFD recommendations as is the case of bodies regulated by CBK. #sustainabilityreporting #issb #ifrs #sustainability #gri #cop28 #cop28uae #ghgprotocol #investing #sasb #cdsb

Before you panic: “Companies can continue to use the TCFD recommendations should they choose to do so, and some companies may still be required to use the TCFD recommendations”.

I remember the creation of the TCFD by the Financial Stability Board (FSB) around the Paris Agreement in 2015 I remember the release of the TCFD Recommendations in 2017 - with its financial connection to climate-related risks and opportunities and (perhaps one of the first) implementation of the double materiality concept: impact of climate on organizations, and impact of organizations on climate. It’s been a privilege to follow the lightning fast adoption of these recommendations, to the point of being fully baked into the IFRS Sustainability Disclosure Standards and the European Sustainability Reporting Standards (heck, even into the SEC climate disclosure rule!). It’s bittersweet to see the TCFD be disbanded as announced, but testimony to a mission fully accomplished — something that doesn’t happen very often. Congrats to the FSB and everyone who participated in this accomplishment. 🎉👏 May we internalize the teachings and make ourselves worthy of the intended outcome. #courage #transformation #systemschange #climateemergency #sustainability This post was not written using generative AI

🌱 Keeping up with the new sustainability standards 🌱 is both exciting and, at the same time, challenging for a company to monitor. Embracing continuous improvement is certainly commendable. This is evident in the transition from TCFD, which has fulfilled its purpose, to the adoption by IFRS.

Such a neat little resource… Disclosure checklist for ISSB!! The International Sustainability Standards Board’s (ISSB) Climate-related disclosure checklist is intended to provide users with a summary of the required climate-related disclosures as set out in IFRS Sustainability Disclosure Standards and the related guidance as issued by the ISSB. Refer directly to the relevant ISSB Standards for the comprehensive disclosure requirements and additional context, and to local standards setters for any local interpretations. But this can guide you in getting started and/or to check everything is there before finalising!! Meg Fricke Megan Wilson Rebecca Dabbs Shae de Waal Emma Herd Terence Jeyaretnam Alexandra Banks Fiona Hancock https://lnkd.in/eVhiwizs

The International Sustainability Standard Board (ISSB) had on 26 June 2023, issued two inaugural standards, 📌IFRS S1: General requirements for disclosure of sustainability-related financial information and 📌IFRS S2: Climate-related disclosures. 📌The standards become effective for annual periods beginning on or after 1 January 2024. To help you better understand the expectation and seamlessly report, in this article, we discuss the requirements of IFRS S2 and the interactions between sustainability reports and IFRS financial statements. Should you require further information or support please contact: Eunice Sampson, FICRS, FSPIN, FNICA, Jamiu Adeyemi Olakisan Samuel Agbevem Chinedu Uchechukwu Ph.D, ACA #climatechange #cfo #sustainabilityreporting #esgreporting

The growing prominence of net-zero ambitions among businesses is paralleled by an increasing need to connect sustainability information with financial data. The International Accounting Standards Board's (IASB) IFRS Interpretations Committee ratified an IFRS IC agenda decision on whether a company’s greenhouse gas emissions commitment creates a constructive obligation under IAS 37. As companies increasingly disclose their sustainability efforts, the expectation for transparency has never been higher. Regulators, investors, and financial statement users are calling for clear insights into how sustainability issues influence a company's financial health. While IFRS doesn't offer specific sustainability accounting standards, the relevance of sustainability is undeniable across numerous existing standards. It's imperative for companies to integrate sustainability considerations into their financial reporting framework, ensuring that recognition, measurement, presentation, and disclosures in financial statements are reflective of these vital factors. Delve into EY's insightful article by Victor Chan to navigate the latest developments in corporate reporting. Discover how these changes will impact your company's reporting responsibilities and the seamless integration of sustainability objectives with financial strategy. https://go.ey.com/4eraT8F #SustainabilityReporting #NetZeroCommitment #IFRSInterpretations Kristi Chapman, Eloise Wagner, Myles Corson

The International Sustainability Standards Board (ISSB) and the European Commission services, together with EFRAG, have worked together during the development of the European Sustainability Reporting Standards (ESRS)1 and the IFRS Sustainability Disclosure Standards (ISSB Standards) to achieve a high degree of alignment of the respective standards, with a specific focus on climate‑related reporting. #efrag #IFRS #KGK #ESGreporting #iklimkarbon #tulipsustainabilitycenter https://lnkd.in/dSzfcU-e

This transition to ISSB standards is a significant step forward for the industry. It will undoubtedly enhance the quality and consistency of sustainability reporting, making it easier for stakeholders to make informed decisions! 🚀🌱 #Sustainability #ESG #ISSB #TCFD