IFRS/ISSB: New TAXONOMY DIGITAL TOOL for Investors to analyse sustainability & climate related financial disclosures on a global standards baseline

The IFRS Foundation’s International Sustainability Standards Board (ISSB) recently announced a new digital Taxonomy tool, that “will enable investors to search, extract and compare sustainability-related financial disclosures as ISSB establishes its global baseline of Standards.” based on the ISSB’s recently released sustainability and climate-related reporting standards.

WATCH the IFRS EXPLAINER VIDEO HERE+ 

IOSCO, the leading international policy forum and standards setter for securities regulators – 130 member jurisdictions which together regulate more than 95% of global financial markets – endorsed The IFRS Foundation’s International Sustainability Standards Board (ISSB) June 2023 standards reporting mandate for (IFRS 1) general sustainability and (IFRS 2) climate.

Integrating ESG considerations into IFRS-compliant reporting frameworks not only enhances the quality and relevance of financial information but also enables companies to effectively communicate their efforts in addressing environmental and social challenges.

IFRS software solutions

The IFRS standards serve an important role in bridging the gap between different countries’ accounting standards and establishing transparency and quality of financial reporting that builds trust among stakeholders.

While the process of ESG disclosures can be quite challenging, Saas – Softwares As A Solution-  can help by:

• Collecting ESG data: SaaS solutions can help to automate the collection of data and connect it directly to your organisation’s source systems
• Reporting trustworthy data: when reporting your ESG data with critical stakeholders, SaaS solutions can easily take your integrated reporting and connect it to all your ESG reports and presentations to ensure the story is the same, every time
• Keeping up with changing frameworks: SaaS solutions like Workiva will allow you to use both globally recognised ESG frameworks as well as your organisation’s own preferred framework
• Being ready for anything: SaaS solutions allow users to work in the same audit-ready environment as financial reporting teams to collect, manage, and report data with complete audit trails, data lineage and transparency, ensuring your ESG disclosures stand up to the highest level of scrutiny