The FRC, in its role as Secretariat to the UK Sustainability Disclosure Technical Advisory Committee (TAC), has issued a call for evidence on the proposed adoption of the new IFRS Sustainability Disclosure Standards for use in the UK.
IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures were issued by ISSB in final form in June this year (read more about the standards in our ESG blog here). The TAC will provide recommendations to the Secretary of State for the Department of Business and Trade for endorsing the IFRS Sustainability Disclosure Standards for use in the UK.
The FRC says that responses to this call for evidence will be used to inform the TAC’s technical assessment of IFRS S1 and IFRS S2 and, in particular, whether in the context of the UK the standards will:
- result in disclosures that are relevant and comparable for investors, and technically feasible to prepare;
- mean disclosures can be prepared on a timely basis and at the same time as the annual report and accounts; and
- generate benefits that are proportionate to the costs that are likely to be incurred.
Responses should be received by 11 October 2023.
For further information, please contact:
Sarah Hawes, Herbert Smith Freehills
sarah.hawes@hsf.com
