The IFRS and GRI are continuing to develop separate standards with two different approaches to ESG reporting. However, the two standard setters are working to continue their cooperation in aligning disclosures between the frameworks. A recent joint statement from both the IFRS and GRI restate and expound on their commitment to working together:
“In response to stakeholder demand, the IFRS Foundation and the Global Reporting Initiative (GRI) are working together to enable a seamless, global and comprehensive sustainability reporting system for entities and information users…
To facilitate this system, the Global Sustainability Standards Board (GSSB) and the International Sustainability Standards Board (ISSB) are working to:
- identify and align common disclosures as described in this note; and
- explain how their complementary disclosures can be used together to facilitate efficient reporting for entities choosing or being mandated to meet the information needs of investors and other stakeholders.”
The joint statement notes that the organizations are focused on identifying and aligning common disclosures where both frameworks look for the same data. Additionally, the statement discusses work on aligning data in complementary disclosures. These disclosures seek different information, but provide relevant context to disclosure items in the other framework. The ultimate vision for interoperability is to enable companies to easily report comparable data under both frameworks with relative ease.
Our members can learn more about sustainability reporting frameworks here.
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