More from the International Organization of Securities Commissions (IOSCO): they also announced:
“In a major step towards consistent, comparable and reliable sustainability information, IOSCO announces today that it has decided to endorse the sustainability-related financial disclosures standards, recently issued by the International Sustainability Standards Board (ISSB), IFRS S1 and IFRS S2.”
This announcement is good news in terms of moving toward consolidation of ESG reporting frameworks, but IOSCO’s actions are of limited regulatory benefit in the US. I blogged in the past about how much weight IOSCOs actions have in the US: “Until and unless applicable [US rulemaking] administrative processes are complete, international ESG/climate accounting and disclosure standards or guidance are not mandatory in the US and regulators have not established timelines for adopting them.”
IOSCO themselves reiterate this in the annoucement:
“IOSCO now calls on its 130 member jurisdictions, regulating more than 95% of the world’s financial markets, to consider ways in which they might adopt, apply or otherwise be informed by the ISSB Standards within the context of their jurisdictional arrangements, in a way that promotes consistent and comparable climate-related and other sustainability-related disclosures for investors.”
Keep in mind, however, that meeting customer and investor demands may mean conforming to IFRS disclosure standards.