Date: 27 May 2022
The UK Endorsement Board has issued a draft comment letter relating to International Sustainability Standards Board (ISSB) [Draft] Standards IFRS S1 and IFRS S2 for public consultation.
The Department for Business, Energy, and Industrial Strategy (BEIS) has asked the UKEB to assist with the UK response to these proposals, specifically the overlap/impact between these standards and IFRS accounting standards.
We welcome the exposure drafts and support the need for a general requirements framework for sustainability-related information. We acknowledge the many areas of alignment with the IASB’s Conceptual Framework for Financial Reporting, IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, and believe this will improve connectivity within the financial reports and help stakeholders to better understand the information presented.
The letter also makes several recommendations in relation to the proposed approach to ensure the success of the proposals while maintaining the significant momentum of the ISSB’s critical agenda.
To read the UKEB’s draft comment letter in full please follow this link. The draft comment letter is accompanied by an Invitation to Comment document link for stakeholders to provide formal responses, however the UKEB is equally happy to receive responses via email at UKEndorsementBoard@endorsement-board.uk. The comment deadline is the close of business on Monday, 27 June 2022.