Sustainability Section - Doing Business
You will find here a series of summaries providing an overview of useful sustainability regulations, processes and sustainability issues for Doing Business in Thailand.
Disclosures required on Scope 1, 2 and 3 GHG emissions under IFRS S2
As regards the disclosures required on Scope 1 and 2 GHG emissions, the ISSB has clarified that these disclosures must be disaggregated into, firstly, the emissions generated by the consolidated group (using the same scope of consolidation as for the consolidated accounts, i.e. including the parent company and its subsidiaries); and, secondly, unconsolidated entities in which the group has invested (i.e. associates, joint ventures and unconsolidated subsidiaries that are not included within the scope of consolidation cited above).
Interoperability of IFRS sustainability-related standards and other frameworks
The ISSB is currently in dialogue with other bodies, particularly EFRAG, to ensure interoperability of the ISSB’s global baseline with the standards under development in particular jurisdictions, notably the European Union (cf. our feature in this issue on the development of ESRSs). In this context, the ISSB has tentatively confirmed:
Clarifying fundamental concepts and the definition of materiality
As a reminder, the ISSB’s approach in the IFRS S1 exposure draft was to focus on investors’ needs, resulting in an approach based on financial materiality only with the objective of providing information on sustainability-related matters that is useful for assessing enterprise value.
First ISSB decisions on future IFRS S1 and IFRS S2 sustainability standards
In October, the International Sustainability Standards Board (ISSB) met in Montreal to begin redeliberations on the content of the future standards IFRS S1 – General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 – Climate-related Disclosures, following a public consultation on the two draft standards which finished at the end of July.
IFRS Sustainability Disclosure Standards: ISSB reviews comments received and plans redeliberations
At its September meeting, the International Sustainability Standards Board (ISSB) reviewed a summary of the comment letters (available here) that it received in the public consultation on the draft standards IFRS S1 – General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 – Climate-related Disclosures, for which the comment period closed at the end of July 2022.
Update on Sustainability – September 2022
The comment period for EFRAG’s public consultation on its first set of 13 draft European Sustainability Reporting Standards (ESRSs) closed on 8 August. EFRAG’s Sustainability Reporting Board, supported by its Technical Expert Group, now has to analyse the more than 750 responses received in order to submit the final version of its draft standards to the European Commission by next November.
ISSB reaches full complement of members
During July and August, the IFRS Foundation continued with the recruitment process for the International Sustainability Standards Board (ISSB), and made the following announcements.
European Council and Parliament finalise political compromise on the Corporate Sustainability Reporting Directive (CSRD)
On 21 June 2022, the Council and the Parliament of the European Union announced that they had reached agreement on an amended version of the draft CSDR issued in April 2021.
New appointments make ISSB quorate
Since the formation of the International Sustainability Standards Board (ISSB) and the appointment of Emmanuel Faber as Chair and Sue Lloyd as Vice-Chair, the IFRS Foundations has been busy recruiting other Board members, with the final number set to be fourteen.
ISSB and EFRAG draft standards on sustainability disclosures: a comparative analysis
In recent months, work on the standardisation of sustainability reporting has accelerated, requiring stakeholders to invest significant resources in understanding the proposals and their potential impacts.