Olajide Oyewole LLP is pleased to inform you about the forthcoming release of the International Financial Reporting Standards (IFRS) Exposure Draft on Disclosure of Sustainability-Related Financial Information. This significant development marks a pivotal moment in sustainability reporting, and we are dedicated to keeping you informed and well-prepared for the changes ahead.
In collaboration with the International Sustainability Standards Board (ISSB), the IFRS has crafted a set of standards, IFRS S1 and IFRS S2, designed to enable companies to effectively communicate sustainability-related risks, opportunities, and strategies to investors. These comprehensive guidelines embody a new era of transparency, accountability, and value creation in global capital markets, while also addressing social inequalities and environmental concerns.
Key Components of the Exposure Draft:
1. Core Contents: The Draft provides detailed guidelines on disclosing governance processes, sustainability strategies, risk management practices, and performance metrics/targets.
2. Reporting Framework: Align your sustainability-related disclosures with your general-purpose financial statements to present a holistic view of your enterprise value.
3. Frequency of Reporting: Enhance transparency and accountability by reporting sustainability-related financial information alongside your financial statements.
The effective date for adopting these new requirements is within one year. We encourage you to mark your calendars and begin preparing for this transformative change.
You can access the full IFRS Exposure Draft on Sustainability-Related Financial Information here.
At Olajide Oyewole LLP, we are dedicated to guiding you through this transformative journey and ensuring compliance every step of the way. Should you have any questions or require further assistance, our dedicated team is ready to support you. Please reach out to us at corporate@olajideoyewole.com
