ISSB’s standards jurisdictional update
27 April 2026
Australia – The first wave of large Australian companies (Group 1) has begun publishing their first AASB S2 aligned reports, following the start of the mandatory climate related disclosure regime from reporting periods beginning on or after 1 January 2025. It is reminded that AASB S2 is directly based on ISSB’s IFRS S2, with minimum variations
The Australian Accounting Standards Board (AASB) has indeed taken a “climate first” approach”, integrating only the climate related components of IFRS S1 where needed to function AASB S2 as a stand alone standard for Australia.
South Korea – The Financial Services Commission (FSC) has launched a public consultation on a disclosure roadmap as part of South Korea’s process to align or consider alignment with the ISSB’s standards (IFRS S1 and IFRS S2). The consultation period is open until 31 March 2026.
United Kingdom – the Financial Conduct Authority (FCA) has issued a consultation paper (CP26/5) on updating sustainability disclosure rules for listed companies. This consultation is made in the context of the upcoming move of in scope listed issuers from the outgoing TCFD framework to the UK Sustainability Reporting Standards (UK SRS), based on the ISSB’s standards (IFRS S1 and IFRS S2). Responses to this CP are asked by 20 March 2026 by using the form available on this webpage.
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