When is reporting under IFRS S1 and IFRS S2 required?
Although the official effective date for annual reporting is for periods beginning on or after 1 January 2024, to facilitate initial application, the ISSB has provided temporary transition relief as follows:14
‘Climate first’ reporting. This permits an entity in the first year of applying IFRS S1 to disclose only climate-related risks (in accordance with IFRS S2). The additional IFRS S1 disclosures will be required in the second year of application.
Scope 3 greenhouse gas (GHG) emissions. IFRS S2 provides relief from disclosing scope 3 emissions in the first year of reportingg.
Timing of reporting. Rather than reporting sustainability-related disclosures at the same time as their financial statements, in the first period of reporting, entities may report their annual sustainability-related disclosures along with their half-year reports
A separate brief focuses on the general sustainability disclosure requirements addressed in IFRS S1. The balance of this brief will focus on the requirements of IFRS S2.