{"id":66075,"date":"2024-05-02T10:43:37","date_gmt":"2024-05-02T10:43:37","guid":{"rendered":"https:\/\/www.ecoonline.com\/ifrs-s1-and-s2-2\/"},"modified":"2025-04-11T09:58:31","modified_gmt":"2025-04-11T09:58:31","slug":"ifrs-s1-and-s2-2","status":"publish","type":"post","link":"https:\/\/www.ecoonline.com\/en-us\/blog\/ifrs-s1-and-s2\/","title":{"rendered":"Your Guide to IFRS S1 and S2"},"content":{"rendered":"\n<section class=\"Pegasus__Container w-full   relative h-fit  text-content-dark mobile-stacking-standard is-layout-flow wp-block-pegasus-container-is-layout-flow\" style=\"  padding-bottom:var(--wp--preset--spacing--30); \" >\n\t        \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t        \t\t\n\t\t\n\t\n\t\t\t<div class=\"relative h-full is-flex-layout flex flex-col justify-start  w-full\">\n\n<p>June 2023 saw the International Financial Reporting Standards Foundation (IFRS) issue their much-anticipated sustainability standards: IFRS S1 and S2.<\/p>\n\n\n\n<p>If you are new to&nbsp;<a href=\"https:\/\/www.ecoonline.com\/en-us\/esg-software\/\">sustainability reporting<\/a>, the plethora of similar looking initialisms can be a challenge to&nbsp;navigate. IFRS S1 and S2 were introduced with the goal of consolidating the already crowded sustainability standards landscape. As they are the culmination of several pre-existing frameworks and&nbsp;standards, those who have used the likes of SASB standards in the past will now have to make a change.<\/p>\n\n\n\n<p>These standards came into effect for the reporting period starting on\/after the 1st&nbsp;of January 2024.<\/p>\n\n\n\n<p>Still with us?<\/p>\n\n\n\n<p>To make things more manageable, this blog post will provide a breakdown of IFRS S1 and S2. We will also take a look at the wider context of the frameworks and standards that are now under the&nbsp;banner of the IFRS.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.ecoonline.com\/en-us\/esg-software\/esg-reporting\/secr-reporting\/\"><img decoding=\"async\" src=\"https:\/\/www.ecoonline.com\/wp-content\/uploads\/2024\/05\/031c4bcb-0cb6-4971-8bd9-712aed0c900a-8.webp\" alt=\"031c4bcb-0cb6-4971-8bd9-712aed0c900a.png\"\/><\/a><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\">What are IFRS S1 and S2?<\/h2>\n\n\n\n<p>IFRS S1 and S2 are sustainability reporting standards. According to the\u00a0<a href=\"https:\/\/sasb.ifrs.org\/about\/sasb-and-other-esg-frameworks\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">\u202fSASB<\/a>, standards:\u202f\u201cprovide specific, detailed and\u00a0replicable requirements for what should be reported for each topic, including metrics.\u201d\u202f<\/p>\n\n\n\n<p>The purpose of these standards is to relay pertinent financial information to interested stakeholders, such as investors, regulators, companies etc.<\/p>\n\n\n\n<p>The IFRS standards are broken down as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>IFRS S1 \u2013 General Requirements for Disclosure of Sustainability-related Financial Information<\/li>\n\n\n\n<li>IFRS S2 \u2013 Climate-related Disclosures<\/li>\n<\/ul>\n\n\n\n<p>As indicated by their names, IFRS S1 requires reporting companies to disclose information about any sustainability-related risks and opportunities, while IFRS S2 requires the reporting of&nbsp;climate-related risks and opportunities. Both S1 and S2 are to be provided alongside financial statements.<\/p>\n\n\n\n<p>It\u2019s important to note that organizations will be able to disclose only their climate-related risks and opportunities (S2) in the first year of applying the standards and report their full&nbsp;sustainability-related risks and opportunities (S1) starting in year 2.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.ecoonline.com\/wp-content\/uploads\/2024\/05\/rsz_3pexels-pixabay-247763-8.webp\" alt=\"rsz_3pexels-pixabay-247763.jpg?width=1200&amp;height=800&amp;name=rsz_3pexels-pixabay-247763.jpg\"\/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\">Snapshot of IFRS S1 and S2<\/h2>\n\n\n\n<p>IFRS S1 outlines how entities should prepare and present their sustainability-related financial disclosures, setting out general requirements for the content and presentation of the information.&nbsp;The goal is to provide investors with meaningful data for decision-making regarding resource allocation to \/ investment in the organization.<\/p>\n\n\n\n<p>IFRS S1 mandates the disclosure of the following aspects:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>All sustainability-related risks and opportunities that could reasonably impact the entity\u2019s cash flows, access to finance, or cost of capital in the short, medium, or long&nbsp;term&nbsp;<\/li>\n\n\n\n<li>The entity\u2019s governance processes, controls, and procedures for monitoring and managing sustainability-related risks and opportunities&nbsp;<\/li>\n\n\n\n<li>The entity\u2019s strategy for managing said risks and opportunities&nbsp;<\/li>\n\n\n\n<li>The entity\u2019s processes for identifying, assessing, prioritizing and monitoring said risks and opportunities&nbsp;<\/li>\n\n\n\n<li>The entity\u2019s performance in relation to sustainability-related targets or mandatory regulatory\/legal requirements<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\">Taking a closer look: IFRS S2<\/h2>\n\n\n\n<p><a href=\"https:\/\/www.ifrs.org\/issued-standards\/ifrs-sustainability-standards-navigator\/ifrs-s2-climate-related-disclosures.html\/content\/dam\/ifrs\/publications\/html-standards-issb\/english\/2023\/issued\/issbs2\/#about\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">IFRS S2<\/a>\u00a0applies to any climate-related risks to which an entity is exposed to and includes climate-related physical risks, climate-related transitions risks, and climate-related opportunities\u00a0available to the entity.<\/p>\n\n\n\n<p>IFRS S2 mandates the disclosure of the following aspects:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>All climate-related risks and opportunities that could reasonably impact the entity\u2019s cash flows, access to finance, or cost of capital in the short, medium, or long&nbsp;term&nbsp;<\/li>\n\n\n\n<li>The entity\u2019s governance processes, controls, and procedures for monitoring and managing climate-related risks and opportunities&nbsp;<\/li>\n\n\n\n<li>The entity\u2019s strategy for managing said risks and opportunities<\/li>\n\n\n\n<li>The entity\u2019s processes for identifying, assessing, prioritizing and monitoring said risks and opportunities<\/li>\n\n\n\n<li>The entity\u2019s performance in relation to climate-related targets and any targets that are mandatory, including regulatory\/legal requirements<\/li>\n<\/ul>\n\n\n\n<p>In the first year of application, companies will be exempt from disclosing their scope 3 greenhouse gas emissions as a transition period.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.ecoonline.com\/wp-content\/uploads\/2024\/05\/AI20to20Elevate20EHS20Approach20Blog20-20Image202-6.webp\" alt=\"AI%20to%20Elevate%20EHS%20Approach%20Blog%20-%20Image%202.jpg?width=1200&amp;height=800&amp;name=AI%20to%20Elevate%20EHS%20Approach%20Blog%20-%20Image%202.jpg\"\/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\">The goal: Creating a global baseline<\/h2>\n\n\n\n<p>Now that we know more about the \u2018what\u2019 of IFRS S1 and S2, let\u2019s move on to the \u2018why\u2019.<\/p>\n\n\n\n<p>There is no shortage of voluntary sustainability standards and frameworks, and with this comes the risk of confusion and duplication of reporting work.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.ifrs.org\/groups\/international-sustainability-standards-board\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">According to the IFRS<\/a>, as sustainability issues continue to form a greater part of investment decision\u00a0making, companies\u00a0will be expected to provide\u00a0high-quality, comprehensive information on sustainability-related risks and opportunities.<\/p>\n\n\n\n<p>In 2021, the IFRS Foundation formed the International Sustainability Standards Board (ISSB), an independent standard-setting body. In an effort to move away from the increasingly\u00a0<a href=\"https:\/\/www.ifrs.org\/groups\/international-sustainability-standards-board\/#:~:text=fragmented%20landscape%20of%20voluntary%2C%20sustainability-related%20standards%20and%20requirements\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">\u2018fragmented\u00a0landscape\u2019<\/a>\u00a0of global sustainability standards and frameworks, the IFRS Foundation (and ISSB) has subsumed several well-established sustainability standards and frameworks into the\u00a0organization:\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>*Task Force on Climate-Related Financial Disclosures (<a href=\"https:\/\/www.ecoonline.com\/en-us\/sustainability-software\/tcfd-reporting-software\">TCFD<\/a>) \u2013 2023&nbsp;&nbsp;<\/li>\n\n\n\n<li>Climate Disclosure Standards Board (CDSB) \u2013 2022&nbsp;&nbsp;<\/li>\n\n\n\n<li>Sustainability Accounting Standards Board (SASB) Standards \u2013 2022&nbsp;&nbsp;<\/li>\n\n\n\n<li>Integrated Reporting Framework (IRF) \u2013 2022<\/li>\n<\/ul>\n\n\n\n<p>All of these components have helped to develop the current IFRS S1 and S2 standards. Before the final IFRS standards were announced, they went through a rigorous due diligence process and&nbsp;consultation period, receiving more than 1,400 responses during the proposal stage. The work of the ISSB has received broad support internationally from policy makers, market regulators and&nbsp;investors.<\/p>\n\n\n\n<p>The S1 and S2 standards are also intended to be interoperable with standards such as the Global Reporting Initiative (GRI) and the EUs\u00a0European Sustainability Reporting Standards\u00a0(ESRS). It is hoped that a high level of interoperability between these standards will eliminate the need for companies to file\u00a0multiple times.<\/p>\n\n\n\n<p>S1 and S2 are also designed to allow for any additional jurisdictional requirements\u00a0such as the upcoming\u202f<a href=\"https:\/\/www.esgtoday.com\/australia-to-introduce-mandatory-climate-related-reporting-for-companies-starting-2024\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">mandatory climate reporting requirements in Australia<\/a>, to\u00a0be built on top of this global baseline.<\/p>\n\n\n\n<p>It is expected that future IFRS standards will follow S1 and S2. At the IFRS Sustainability Symposium in February 2024, development of S3 and S4 standards was identified as a priority.<\/p>\n\n\n\n<p>*Note: While the TCFD has disbanded as of 2023, many organizations still report according to TCFD recommendations. The term is likely to be in use for some time.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\">Looking for more help coming to grips with the IFRS standards?<\/h2>\n\n\n\n<p>The IFRS S1 and S2 standards will require a breadth of information gathering and reporting that is new to many companies. It is easy to become overwhelmed with these requirements and finding&nbsp;your starting point can be difficult.<\/p>\n\n\n\n<p>Ecometrica are accredited experts in climate metrics and since 2008 and have been enabling organizations and public sectors across the globe to disclose their climate impact in accordance&nbsp;with the most up to date standards.<\/p>\n\n\n\n<p>Our sustainability reporting software allows you to accurately and easily calculate your emissions. You\u2019ll be able to meet all your regulatory requirements and protect your business against&nbsp;risk.<\/p>\n\n\n\n<p>Want to learn more? Follow the link below.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.ecoonline.com\/en-us\/esg-software\/esg-reporting\/secr-reporting\/\"><img decoding=\"async\" src=\"https:\/\/www.ecoonline.com\/wp-content\/uploads\/2024\/05\/031c4bcb-0cb6-4971-8bd9-712aed0c900a-8.webp\" alt=\"031c4bcb-0cb6-4971-8bd9-712aed0c900a.png\"\/><\/a><\/figure>\n\n<\/div>\n\t\t\n\t        <\/section>\n","protected":false},"excerpt":{"rendered":"<p>June 2023 saw the International Financial Reporting Standards Foundation (IFRS) issue their much-anticipated sustainability standards: IFRS S1 and S2.<\/p>\n","protected":false},"author":2,"featured_media":66076,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":"","_links_to":"","_links_to_target":""},"category":[66],"tags":[],"item-type":[210],"class_list":["post-66075","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized-en-us","item-type-article-en-us"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>IFRS S1 &amp; S2 Standards Guide | EcoOnline US<\/title>\n<meta name=\"description\" content=\"Understand the new IFRS sustainability reporting standards and how they replace existing frameworks like SASB.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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