IFRS S1: General Requirements for Disclosure of Sustainability-related Financial Information
Sets out the overall requirements for how an entity should prepare and report its sustainability-related financial disclosures. It is the foundational standard that establishes the architecture for sustainability reporting.
- Core Content: Requires disclosure of information about governance, strategy, risk management, and metrics and targets
- Reporting Entity: The sustainability-related financial disclosures are to be for the same reporting entity as the related general purpose financial statements
- Connected Information: Requires an entity to provide information that enables users to understand the connections between the sustainability-related risks and opportunities and the entity's financial statements
IFRS S2: Climate-related Disclosures
The first thematic standard, focusing on climate-related risks and opportunities. It requires an entity to disclose information about its climate-related risks and opportunities that is useful to users of general purpose financial reports.
- Climate-related Risks: Disclosure of information about physical risks (e.g., extreme weather events) and transition risks (e.g., policy changes, technological disruption)
- Climate-related Opportunities: Disclosure of information about opportunities related to climate change (e.g., resource efficiency, new technologies)
- Cross-industry and Industry-specific Metrics: Requires disclosure of a set of cross-industry metrics and industry-specific metrics