ISSB IFRS S2 amendments & global standards evolution (UK SRS/FCA/AU/APAC)
Key Questions
What is IFRS S2 and its focus?
IFRS S2 is the ISSB's first topic-based standard on climate-related risks and opportunities. It builds on IFRS S1 for global climate disclosures.
Which jurisdictions are adopting ISSB standards by 2026?
Over 40 jurisdictions reference ISSB, with 21 adopting by 2026, including Australia (Jan 2025) and New Zealand. UK SRS starts Feb 2026 via FCA.
What changes are coming in GHG Protocol Scope 3 revision 2026?
The 2026 revision mandates supplier engagement and evolves data systems for assurance-ready ESG disclosures. It updates Category 15 standards.
How does IFRS S2 require climate risk disclosures?
Companies must disclose physical and transition climate risks/opportunities. This includes Scope 3 verification aligned with CDP and ISSB.
What is the timeline for UK Sustainability Reporting Standards?
UK SRS, based on ISSB, begins February 2026 under FCA rules. It focuses on climate alongside general sustainability requirements.
What guidance exists for electronics on GHG emissions?
RBA and GEA provide granular GHG Scope 3 reporting guidance. It supports emerging audits and central agency verification.
How is South Korea advancing Scope 3 requirements?
South Korea mandates Scope 3 disclosures by 2031. This aligns with global standards like ISSB and ISSB S2 amendments.
What role do central agencies play in sustainability audits?
Emerging audits involve central agencies reviewing sustainability reports using IFRS S1/S2. This enhances verification under standards like UAE Law 11.
ISSB S2 climate risks/opps/IFRS S1/S2 (40+ jurs/21 adopting 2026/AU Jan2025/NZ/CDP/Scope3 verif; UK SRS Feb2026/FCA; SK Scope3 2031; India SEBI/CBAM; GHG Scope3 rev2026/VCM Cat15; UAE Law11; RBA/GEA electronics guidance; emerging audits; adoption challenges.