9 Items for Noting
Appendix A: Technical Advisory Committee Update
Executive Summary
| Project Type | Monitoring |
|---|---|
| Project Scope | Limited |
Purpose of the paper
This paper provides a summary of the agenda and papers for the 16 September 2025 meeting of the UK Sustainability Disclosure Technical Advisory Committee (TAC).
Summary of the Issue
In addition to the TAC's initial brief (refer Annex A) the Committee has been requested by the Department for Business and Trade (DBT)[^1] to understand the ISSB's enhancements to the SASB Standards and the implications of this for UK Sustainability Reporting Standards (UK SRS). The TAC will continue to meet monthly during 2025 (refer Annex B).
The UKEB is represented on the TAC by a Board Member, who is appointed as a full Committee member to reflect the need to maintain connectivity between UK-adopted international accounting standards and UK Sustainability Reporting Standards.
In addition to the TAC, a separate Committee, the Policy Implementation Committee[^2] (PIC) is responsible for ensuring that any endorsed standards are implemented in a way that aligns with the mandates of UK government departments and regulator representatives.
Questions for the Board
None
Recommendation
N/A – noting only
Appendices
- Annex A: UK Sustainability Disclosure TAC - Background
- Annex B: UK Sustainability Disclosure TAC - 2025 meeting schedule
TAC meeting – September 2025
A1The TAC Secretariat will publish an official record of the meeting and any decisions in due course. A summary of the agenda and papers for items relevant to the UKEB remit is noted in this paper for information.
A2Due to the timing of the TAC meeting and the timing of the distribution of the UKEB board papers a verbal can be provided, as required at the UKEB September 2025 meeting.
General Reporting Update[^3]
A3The TAC will note a summary of local and international sustainability news and jurisdictional developments.
Proposed amendments to SASB Standards
A4Paragraphs 55(a) and 58(a) of IFRS S1 require that entities ‘shall refer to and consider’ the applicability of the disclosure topics in the SASB Standards. However, this requirement is currently under consultation in the UK and yet to be determined by DBT in the final issued version of UK SRS.
A5The primary objective of the ISSB Exposure Drafts (ED) for the initial phase of nine priority SASB Standards is to support the implementation of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1) and IFRS S2 by enhancing the SASB Standards across the following areas:
- International applicability.
- Interoperability with other sustainability-related standards and frameworks.
- Consideration of ISSB research into biodiversity, ecosystems and ecosystem services (BEES) and human capital.
- Further alignment with IFRS S1 and S2.
A6In addition, the EDs also include targeted amendments to 41 other SASB Standards. Those amendments are intended to promote consistent treatment of key disclosure topics across multiple industries.
A7The ISSB is also proposing to amend IFRS S2 industry-based guidance to maintain its alignment with the SASB Standards.
A8The 150-day comment period for the EDs ends on 28 November 2025.
Project plan and assessment approach[^4]
A9The TAC will consider for approval a proportionate project plan to respond to the ISSB's EDs initial amendments[^5] and the consequential amendments to the industry-based guidance on implementing IFRS S2[^6].
A10The proposed project plan does not include a public consultation on the Draft Comment Letters due to time limitations. Stakeholder views will instead be gathered via a survey and outreach activities.
Review of SASB ED objectives and focus areas[^7]
A11The TAC will consider how the EDs support the overall objective of the implementation of IFRS S1 and IFRS S2 including whether there are any other higher priority areas.
Initial analysis – Overarching themes[^8]
A12The TAC will consider themes identified by the TAC Secretariat via desk-based research for potentially highlighting to the ISSB. These include:
- Status and intentions for the SASB Standards, including the due process.
- Transparency and supporting analysis for amendments.
- Industry classification system.
- Phased approach to enhance the SASB Standards.
- Targeted amendments to 41 other SASB Standards.
- Climate-related content in the initial nine priority industries.
- Effective date.
Analysis of proposed amendments to the nine priority SASB Standards[^9]
A13The TAC will consider the proposed amendments to the Extractives and Minerals Processing and Food and Beverage sector standards. The specific standards are:
- Coal operations.
- Construction materials.
- Iron & steel producers.
- Metals & mining.
- Oil & gas:
- Exploration & production.
- Midstream.
- Refining & marketing.
- Services.
- Processed foods.
Annex A: UK Sustainability Disclosure TAC - Background
A1The TAC was initially tasked by the DBT[^10] to assess the IFRS Sustainability Disclosure Standards, from a technical perspective, and provide advice[^11] to the Secretary of State on whether their endorsement would be conducive to the long-term public good in the UK.
A2On 18 December 2024, the TAC concluded[^12] that the endorsement of both IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1) and IFRS S2 Climate-related Disclosures (IFRS S2), was likely to be conducive to the long-term public good in the UK.
Annex B: UK Sustainability Disclosure TAC – 2025 meeting schedule
B1UK Sustainability Disclosure TAC meetings, in 2025, are scheduled as follows:
- 14 January - link to meeting summary.
- 11 February - The TAC met in private on 11 February to hold confidential information sessions on upcoming workstreams and to discuss related administrative matters. No minutes issued.
- 25 March - The private TAC meeting scheduled for 25 March was cancelled due to illness and rescheduled to 15 April.
- 15 April - The TAC met in private on 15 April, to hold confidential informational sessions on upcoming workstreams and to discuss related administrative matters. No minutes issued.
- 13 May - link to meeting summary.
- 10 June - link to meeting summary.
- 8 July - link to meeting summary.
- 16 September – meeting summary pending.
- 14 October
- 11 November
- 9 December
B2The public meeting agenda, technical papers and summary minutes from the TAC meetings can be found on the UK Sustainability Disclosure Technical Advisory Committee website[^13].
Appendix B: Sustainability Update
ISSB meeting
July 2025
A1The ISSB met on 23-24 July 2025 to discuss the timeline for the next agenda consultation, Biodiversity, Ecosystems and Ecosystem Services (BEES), Human Capital and Amendments to Greenhouse Gas (GHG) Emissions Disclosures.
Work plan
A2The ISSB discussed a proposed timeline and direction for its next Agenda Consultation. The ISSB decided to aim to initiate a Second Agenda Consultation[^14] process in late 2026 and to issue a Request for Information (RFI) in 2027. This decision was made subject to agreeing a concurrent timeline with the IASB's Fourth Agenda Consultation project.
Research and standard setting
Biodiversity, Ecosystems and Ecosystem Services[^15]
A3The ISSB discussed a proposed project plan and the scope for the second phase of BEES research. The plan includes a summary of the proposed nature-related amendments to SASB Standards. The ISSB was not asked to make any decisions.
Human Capital[^16]
A4The ISSB provided feedback on how the Staff could approach and organise human capital concepts in its research. The ISSB was not asked to make any decisions.
Maintenance and consistent application
Amendments to Greenhouse Gas Emissions Disclosures (Amendments to IFRS S2)[^17]
A5The Board discussed a summary of preliminary feedback received during the comment period on the Exposure Draft Amendments to Greenhouse Gas Emissions Disclosures and considered aspects of the proposed amendments for redeliberation. The ISSB was not asked to make any decisions.
IFRS Foundation
A6The IASB published ‘near-final’ illustrative examples on reporting uncertainties in the financial statements using climate-related examples[^18]. The publication of these examples before they are final is to support timely and informed application. The IASB expects to issue the final examples in October 2025.
A7The ISSB published an article[^19] and educational material[^20] regarding disclosing information about anticipated financial effects when applying ISSB Standards.
UK updates
A8The FCA has set out findings[^21] and next steps following a review of asset managers, life insurers and FCA-regulated pension providers climate reporting in line with FCA rules. The FCA's next steps will include streamlining the sustainability reporting requirements for asset managers. This includes the Sustainability Disclosure Requirements, the UK endorsement of ISSB Disclosure Standards and developments on net zero transition plans.
A9The FCA Policy Statement[^21] on the Public Offers and Admissions to Trading regime confirms that disclosures in prospectuses related to issuers' transition plans will be considered protected forward-looking statements.
A10HM Treasury’s consultation response[^22] on its proposal to implement a UK Green Taxonomy identified that 55% of respondents expressed mixed or negative views. Stakeholders also expressed concern regarding the complexity of implementation and doubts about its effectiveness. The response states that the Government will not proceed with a UK Taxonomy as part of its sustainable finance framework.
A11Deloitte published a report that assessed[^23] the first 30 annual reports issued by FTSE 100 reporters in 2025 to determine readiness for climate-related reporting under the draft UK Sustainability Reporting Standards (UK SRS). In relation to the disclosure of financial effects, 77% of companies included some information on the potential impact of climate-related issues on their financial performance and position. However, the quality of these disclosures varied and nearly three-quarters of those companies provided only qualitative information.
A12Deloitte also published[^24] a further analysis of FTSE 100 sustainability disclosures restatements. It noted that nearly half of companies had restated their metrics for the second consecutive year, with 77% of the restatements related to greenhouse gas emissions. While this highlighted persistent reporting challenges it was considered to also indicate improvements in data quality and scope.
European updates
A13EFRAG published revised and simplified Exposure Drafts of the European Sustainability Reporting Standards (ESRS) on 31 July 2025[^25]. EFRAG's objective is to make sustainability reporting under the Corporate Sustainability Reporting Directive (CSRD) more manageable by streamlining the double materiality assessment, reducing overlaps across standards, clarifying language and structure, and removing all voluntary disclosures. The public consultation closes on 29 September 2025. EFRAG's technical advice to the European Commission is due to be published by the end of November 2025.
A14EFRAG also published[^26] an analysis of the first round of European Sustainability Reporting Standards (ESRS) disclosures. It noted significant variation in report length and style and uneven adoption across topical standards.
A15The European Banking Authority (EBA) has issued[^27] a ‘no action’ letter which recommends that regulators do not prioritise the enforcement of new ESG Pillar 3 disclosure requirements for banks. This is as it awaits clarity on the outcome of the European Commission’s Omnibus initiative to simplify sustainability reporting and compliance obligations.
International updates
A16In a keynote address at the Inaugural OECD Roundtable on Global Financial Markets[^28] the Chair of the SEC encouraged the IFRS Foundation and to secure funding and to focus solely on financial materiality. The Chair expressed concerns that the expansion of the IFRS Foundation’s remit to include sustainability disclosure standards may be diverting its attention from ensuring the development of high-quality globally accepted accounting standards. He noted that high quality accounting standards were one of the underlying premises for the SEC’s decision to eliminate the requirement for foreign companies to reconcile to US GAAP.
A17The International Court of Justice (ICJ) has published an advisory opinion[^29] that jurisdictions have a legal obligation to cut greenhouse gas emissions under both climate treaties and international law. In the ICJ view, failure to act may constitute a wrongful act which could trigger legal responsibility. The ICJ opinion is not legally binding.
A18World Business Council (WBC) for Sustainable Development published guidance[^30] to support preparers with the disclosure of sustainability information according to the European Sustainability Reporting Standards (ESRS) and the IFRS Sustainability Disclosure Standards (IFRS S1 and S2).
A19The Financial Stability Board (FSB)[^31] published its FSB Roadmap for Addressing Financial Risks from Climate Change 2025 update in July 2025. It noted that differences in regulatory requirements due to jurisdictional modifications to ISSB Standards may lead to challenges for connectivity with financial reporting information.
A20The Australian Accounting Standards Board (AASB) published a research report[^32] into the preparedness of ASX-listed entities for climate-related reporting and assurance requirements. The report found increasing climate-related disclosures in notes to the financial statements.
A21The New Zealand External Reporting Board (XRB) published[^33] a summary of feedback regarding the value of international alignment of climate reporting. Many NZ stakeholders noted the importance of aligning NZ climate standards with international standards, particularly IFRS S2 Climate-related Disclosures.
A22KPMG benchmarked sustainability-related disclosures in 33 global banks 2024 annual reports[^34]. In relation to connectivity with financial statements, KMPG observed that climate risks were most often discussed in the context of credit risk management and the Expected Credit Loss (ECL) model. However, quantified impacts on ECL remained relatively limited. In addition, where banks had recognised provisions or contingent liabilities in the financial statements it was often unclear whether these had been reflected the sustainability disclosures.
Appendix C: Due Process Compliance Statement: Amendments to IFRS 9 and IFRS 7 – Contracts Referencing Nature-dependent Electricity
| Title of the Amendments | Issue dates |
|---|---|
| Amendments to IFRS 9 and IFRS 7 – Contracts Referencing Nature-dependent Electricity (the Amendments). | * Exposure Draft Contracts for Renewable Electricity issued 8 May 2024 (the ED). * Final Amendments issued 18 December 2024. Effective for annual reporting periods beginning on or after 1 January 2026. Earlier application permitted. |
Project preparation
| Step | Mandatory / optional[^35] | Metrics or evidence | UKEB Secretariat comments ```
Appendix A: Technical Advisory Committee Update
This paper provides a summary of the agenda and papers for the 16 September 2025 meeting of the UK Sustainability Disclosure Technical Advisory Committee (TAC).
The TAC will continue to meet monthly during 2025 (refer Annex B).
The UKEB is represented on the TAC by a Board Member, who is appointed as a full Committee member to reflect the need to maintain connectivity between UK-adopted international accounting standards and UK Sustainability Reporting Standards.
In addition to the TAC, a separate Committee, the Policy Implementation Committee[^2] (PIC) is responsible for ensuring that any endorsed standards are implemented in a way that aligns with the mandates of UK government departments and regulator representatives.
Questions for the Board
None
Recommendation
N/A – noting only
Appendices
- Annex A: UK Sustainability Disclosure TAC - Background
- Annex B: UK Sustainability Disclosure TAC - 2025 meeting schedule
TAC meeting – September 2025
A1The TAC Secretariat will publish an official record of the meeting and any decisions in due course. A summary of the agenda and papers for items relevant to the UKEB remit is noted in this paper for information.
A2Due to the timing of the TAC meeting and the timing of the distribution of the UKEB board papers a verbal can be provided, as required at the UKEB September 2025 meeting.
General Reporting Update[^3]
A3The TAC will note a summary of local and international sustainability news and jurisdictional developments.
Proposed amendments to SASB Standards
A4Paragraphs 55(a) and 58(a) of IFRS S1 require that entities ‘shall refer to and consider’ the applicability of the disclosure topics in the SASB Standards. However, this requirement is currently under consultation in the UK and yet to be determined by DBT in the final issued version of UK SRS.
A5The primary objective of the ISSB Exposure Drafts (ED) for the initial phase of nine priority SASB Standards is to support the implementation of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1) and IFRS S2 by enhancing the SASB Standards across the following areas:
- International applicability.
- Interoperability with other sustainability-related standards and frameworks.
- Consideration of ISSB research into biodiversity, ecosystems and ecosystem services (BEES) and human capital.
- Further alignment with IFRS S1 and S2.
A6In addition, the EDs also include targeted amendments to 41 other SASB Standards. Those amendments are intended to promote consistent treatment of key disclosure topics across multiple industries.
A7The ISSB is also proposing to amend IFRS S2 industry-based guidance to maintain its alignment with the SASB Standards.
A8The 150-day comment period for the EDs ends on 28 November 2025.
Project plan and assessment approach[^4]
A9The TAC will consider for approval a proportionate project plan to respond to the ISSB's EDs initial amendments[^5] and the consequential amendments to the industry-based guidance on implementing IFRS S2[^6].
A10The proposed project plan does not include a public consultation on the Draft Comment Letters due to time limitations. Stakeholder views will instead be gathered via a survey and outreach activities.
Review of SASB ED objectives and focus areas[^7]
A11The TAC will consider how the EDs support the overall objective of the implementation of IFRS S1 and IFRS S2 including whether there are any other higher priority areas.
Initial analysis – Overarching themes[^8]
A12The TAC will consider themes identified by the TAC Secretariat via desk-based research for potentially highlighting to the ISSB. These include:
- Status and intentions for the SASB Standards, including the due process.
- Transparency and supporting analysis for amendments.
- Industry classification system.
- Phased approach to enhance the SASB Standards.
- Targeted amendments to 41 other SASB Standards.
- Climate-related content in the initial nine priority industries.
- Effective date.
Analysis of proposed amendments to the nine priority SASB Standards[^9]
A13The TAC will consider the proposed amendments to the Extractives and Minerals Processing and Food and Beverage sector standards. The specific standards are:
- Coal operations.
- Construction materials.
- Iron & steel producers.
- Metals & mining.
- Oil & gas:
- Exploration & production.
- Midstream.
- Refining & marketing.
- Services.
- Processed foods.
Annex A: UK Sustainability Disclosure TAC - Background
A1The TAC was initially tasked by the DBT[^10] to assess the IFRS Sustainability Disclosure Standards, from a technical perspective, and provide advice[^11] to the Secretary of State on whether their endorsement would be conducive to the long-term public good in the UK.
A2On 18 December 2024, the TAC concluded[^12] that the endorsement of both IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1) and IFRS S2 Climate-related Disclosures (IFRS S2), was likely to be conducive to the long-term public good in the UK.
Annex B: UK Sustainability Disclosure TAC – 2025 meeting schedule
B1UK Sustainability Disclosure TAC meetings, in 2025, are scheduled as follows:
- 14 January - link to meeting summary.
- 11 February - The TAC met in private on 11 February to hold confidential information sessions on upcoming workstreams and to discuss related administrative matters. No minutes issued.
- 25 March - The private TAC meeting scheduled for 25 March was cancelled due to illness and rescheduled to 15 April.
- 15 April - The TAC met in private on 15 April, to hold confidential informational sessions on upcoming workstreams and to discuss related administrative matters. No minutes issued.
- 13 May - link to meeting summary.
- 10 June - link to meeting summary.
- 8 July - link to meeting summary.
- 16 September – meeting summary pending.
- 14 October
- 11 November
- 9 December
B2The public meeting agenda, technical papers and summary minutes from the TAC meetings can be found on the UK Sustainability Disclosure Technical Advisory Committee website[^13].
Appendix B: Sustainability Update
ISSB meeting
July 2025
A1The ISSB met on 23-24 July 2025 to discuss the timeline for the next agenda consultation, Biodiversity, Ecosystems and Ecosystem Services (BEES), Human Capital and Amendments to Greenhouse Gas (GHG) Emissions Disclosures.
Work plan
A2The ISSB discussed a proposed timeline and direction for its next Agenda Consultation. The ISSB decided to aim to initiate a Second Agenda Consultation[^14] process in late 2026 and to issue a Request for Information (RFI) in 2027. This decision was made subject to agreeing a concurrent timeline with the IASB's Fourth Agenda Consultation project.
Research and standard setting
Biodiversity, Ecosystems and Ecosystem Services[^15]
A3The ISSB discussed a proposed project plan and the scope for the second phase of BEES research. The plan includes a summary of the proposed nature-related amendments to SASB Standards. The ISSB was not asked to make any decisions.
Human Capital[^16]
A4The ISSB provided feedback on how the Staff could approach and organise human capital concepts in its research. The ISSB was not asked to make any decisions.
Maintenance and consistent application
Amendments to Greenhouse Gas Emissions Disclosures (Amendments to IFRS S2)[^17]
A5The Board discussed a summary of preliminary feedback received during the comment period on the Exposure Draft Amendments to Greenhouse Gas Emissions Disclosures and considered aspects of the proposed amendments for redeliberation. The ISSB was not asked to make any decisions.
IFRS Foundation
A6The IASB published ‘near-final’ illustrative examples on reporting uncertainties in the financial statements using climate-related examples[^18]. The publication of these examples before they are final is to support timely and informed application. The IASB expects to issue the final examples in October 2025.
A7The ISSB published an article[^19] and educational material[^20] regarding disclosing information about anticipated financial effects when applying ISSB Standards.
UK updates
A8The FCA has set out findings[^21] and next steps following a review of asset managers, life insurers and FCA-regulated pension providers climate reporting in line with FCA rules. The FCA's next steps will include streamlining the sustainability reporting requirements for asset managers. This includes the Sustainability Disclosure Requirements, the UK endorsement of ISSB Disclosure Standards and developments on net zero transition plans.
A9The FCA Policy Statement[^21] on the Public Offers and Admissions to Trading regime confirms that disclosures in prospectuses related to issuers' transition plans will be considered protected forward-looking statements.
A10HM Treasury’s consultation response[^22] on its proposal to implement a UK Green Taxonomy identified that 55% of respondents expressed mixed or negative views. Stakeholders also expressed concern regarding the complexity of implementation and doubts about its effectiveness. The response states that the Government will not proceed with a UK Taxonomy as part of its sustainable finance framework.
A11Deloitte published a report that assessed[^23] the first 30 annual reports issued by FTSE 100 reporters in 2025 to determine readiness for climate-related reporting under the draft UK Sustainability Reporting Standards (UK SRS). In relation to the disclosure of financial effects, 77% of companies included some information on the potential impact of climate-related issues on their financial performance and position. However, the quality of these disclosures varied and nearly three-quarters of those companies provided only qualitative information.
A12Deloitte also published[^24] a further analysis of FTSE 100 sustainability disclosures restatements. It noted that nearly half of companies had restated their metrics for the second consecutive year, with 77% of the restatements related to greenhouse gas emissions. While this highlighted persistent reporting challenges it was considered to also indicate improvements in data quality and scope.
European updates
A13EFRAG published revised and simplified Exposure Drafts of the European Sustainability Reporting Standards (ESRS) on 31 July 2025[^25]. EFRAG's objective is to make sustainability reporting under the Corporate Sustainability Reporting Directive (CSRD) more manageable by streamlining the double materiality assessment, reducing overlaps across standards, clarifying language and structure, and removing all voluntary disclosures. The public consultation closes on 29 September 2025. EFRAG's technical advice to the European Commission is due to be published by the end of November 2025.
A14EFRAG also published[^26] an analysis of the first round of European Sustainability Reporting Standards (ESRS) disclosures. It noted significant variation in report length and style and uneven adoption across topical standards.
A15The European Banking Authority (EBA) has issued[^27] a ‘no action’ letter which recommends that regulators do not prioritise the enforcement of new ESG Pillar 3 disclosure requirements for banks. This is as it awaits clarity on the outcome of the European Commission’s Omnibus initiative to simplify sustainability reporting and compliance obligations.
International updates
A16In a keynote address at the Inaugural OECD Roundtable on Global Financial Markets[^28] the Chair of the SEC encouraged the IFRS Foundation and to secure funding and to focus solely on financial materiality. The Chair expressed concerns that the expansion of the IFRS Foundation’s remit to include sustainability disclosure standards may be diverting its attention from ensuring the development of high-quality globally accepted accounting standards. He noted that high quality accounting standards were one of the underlying premises for the SEC’s decision to eliminate the requirement for foreign companies to reconcile to US GAAP.
A17The International Court of Justice (ICJ) has published an advisory opinion[^29] that jurisdictions have a legal obligation to cut greenhouse gas emissions under both climate treaties and international law. In the ICJ view, failure to act may constitute a wrongful act which could trigger legal responsibility. The ICJ opinion is not legally binding.
A18World Business Council (WBC) for Sustainable Development published guidance[^30] to support preparers with the disclosure of sustainability information according to the European Sustainability Reporting Standards (ESRS) and the IFRS Sustainability Disclosure Standards (IFRS S1 and S2).
A19The Financial Stability Board (FSB)[^31] published its FSB Roadmap for Addressing Financial Risks from Climate Change 2025 update in July 2025. It noted that differences in regulatory requirements due to jurisdictional modifications to ISSB Standards may lead to challenges for connectivity with financial reporting information.
A20The Australian Accounting Standards Board (AASB) published a research report[^32] into the preparedness of ASX-listed entities for climate-related reporting and assurance requirements. The report found increasing climate-related disclosures in notes to the financial statements.
A21The New Zealand External Reporting Board (XRB) published[^33] a summary of feedback regarding the value of international alignment of climate reporting. Many NZ stakeholders noted the importance of aligning NZ climate standards with international standards, particularly IFRS S2 Climate-related Disclosures.
A22KPMG benchmarked sustainability-related disclosures in 33 global banks 2024 annual reports[^34]. In relation to connectivity with financial statements, KMPG observed that climate risks were most often discussed in the context of credit risk management and the Expected Credit Loss (ECL) model. However, quantified impacts on ECL remained relatively limited. In addition, where banks had recognised provisions or contingent liabilities in the financial statements it was often unclear whether these had been reflected the sustainability disclosures.
Appendix C: Due Process Compliance Statement: Amendments to IFRS 9 and IFRS 7 – Contracts Referencing Nature-dependent Electricity
| Title of the Amendments | Issue dates |
|---|---|
| Amendments to IFRS 9 and IFRS 7 – Contracts Referencing Nature-dependent Electricity (the Amendments). | * Exposure Draft Contracts for Renewable Electricity issued 8 May 2024 (the ED). * Final Amendments issued 18 December 2024. Effective for annual reporting periods beginning on or after 1 January 2026. Earlier application permitted. |
Project preparation
| Step | Mandatory / optional[^35] | Metrics or evidence | UKEB Secretariat comments ## Appendix C: Due Process Compliance Statement: Amendments to IFRS 9 and IFRS 7 – Contracts Referencing Nature-dependent Electricity {: #appendix-C }
| Title of the Amendments | Issue dates |
|---|---|
| Amendments to IFRS 9 and IFRS 7 – Contracts Referencing Nature-dependent Electricity (the Amendments). | * Exposure Draft Contracts for Renewable Electricity issued 8 May 2024 (the ED). * Final Amendments issued 18 December 2024. Effective for annual reporting periods beginning on or after 1 January 2026. Earlier application permitted. |
Project preparation
| Step | Mandatory / optional[^35] | Metrics or evidence | UKEB Secretariat comments |
|---|---|---|---|
| Executive Summary ____ Project Type Project Scope Purpose of the paper This paper provides a summary of the agenda and papers for the 16 September 2025 meeting of the UK Sustainability Disclosure Technical Advisory Committee (TAC). Summary of the Issue In addition to the TAC's initial brief (refer Annex A) the Committee has been requested by the Department for Business and Trade (DBT)¹ to understand the ISSB's enhancements to the SASB Standards and the implications of this for UK Sustainability Reporting Standards (UK SRS). The TAC will continue to meet monthly during 2025 (refer Annex B). The UKEB is represented on the TAC by a Board Member, who is appointed as a full Committee member to reflect the need to maintain connectivity between UK-adopted international accounting standards and UK Sustainability Reporting Standards. In addition to the TAC, a separate Committee, the Policy Implementation Committee² (PIC) is responsible for ensuring that any endorsed standards are implemented in a way that aligns with the mandates of UK government departments and regulator representatives. Questions for the Board None Recommendation N/A – noting only Appendices Annex A: UK Sustainability Disclosure TAC - Background Annex B: UK Sustainability Disclosure TAC - 2025 meeting schedule |
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