A working group under the International Financial Reporting Standards (IFRS) Foundation is developing technical advice on industry-specific climate disclosures expected as part of new global standards for sustainability reporting.
The foundation appointed the Technical Readiness Working Group (TRWG) in March to provide expertise on current ESG reporting practices. It will also make recommendations on how to develop the relationship and split resources between the foundation’s existing International Accounting Standards Board (IASB), which writes accounting rules used in over 140 countries, and the soon-to-be-launched International Sustainability Standards Board (ISSB), a sustainability-focused equivalent.
The TRWG’s work will provide a “running start” for the ISSB, according to the foundation, by offering guidance on what the standards should eventually look like.
In its first update since its inception, the TRWG yesterday unveiled a work…