Corporate reporting

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Update on areas of continued focus and further work identified by the TCFD in its 2023 status report In its 2023 status report the TCFD considered areas that warranted continued focus or further work by the ISSB or other appropriate bodies.

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Consistency in company and jurisdictional reporting and avoidance of duplicative reporting is best achieved when companies use ISSB Standards and jurisdictions adopt ISSB Standards without modifications, while potentially building from them for their own broader reporting objectives.

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The application guidance accompanying IFRS S2 helps companies in determining an approach to climate-related scenario analysis that is commensurate with their circumstances.

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IFRS S2 requires a company to select scenarios that are relevant to its circumstances in order to provide useful information to users of general purpose financial reports.

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The educational material illustrates how nature and social aspects can be relevant climate-related risks and opportunities using three examples that illustrate disclosures when applying IFRS S2.

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IFRS S1 already requires a company to disclose material information about the sustainability-related risks and opportunities reasonably expected to affect its prospects and to provide information about connections between various sustainability-related risks and opportunities.

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The results are described in Section 1.5—Reporting by asset managers and asset owners.

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The largest increase in reporting was for companies reporting on their greenhouse gas (GHG) emissions and climate-related metrics, at 10 and eight percentage points respectively.

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In fiscal year 2023 the most frequently disclosed recommended disclosure was about GHG emissions, made by 63% of the companies reviewed.

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Note, in this year’s report, the IFRS Foundation used a definition of regions that differs from that in the TCFD 2023 status report in two main aspects: first, the Middle East is part of Asia-Oceania and, second, Mexico is part of Latin America and the Caribbean.

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The AI technology was employed to determine whether company reports included information that appeared to align with one or more of the 11 TCFD recommended disclosures.

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Section 1.3—TCFD-aligned reporting by public companies by region provides more details for the amount of TCFD-aligned disclosures for each region.

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Materials and buildings had the highest rates of reporting on climate-related metrics at 73%, GHG emissions at 81% and lower rates of reporting on climate-related targets at 62%.

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The lowest level of reporting in each of the industries was on resilience of the company’s strategy under different climate-related scenarios (Strategy c).

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Of the seven industries reviewed in Latin America and the Caribbean, transportation companies had the highest rates of reporting on climate-related targets (Metrics and targets c) at 70%, and lower rates of reporting on strategy and risk management recommendations.

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In general, there was minimal to no reporting on the resilience of companies’ strategies under different climate-related scenarios and on integration of climate-related risks into overall risk management (Risk management c).

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The highest rates of reporting by companies in the energy, insurance, transportation and agriculture, food and forest products industries were on their boards’ oversight of climate-related issues (Governance a), whereas the highest rate of reporting by banks was on their climate-related risks and opportunities (Strategy a).

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The highest rates of reporting were on climate related metrics and targets, notably reporting on GHG emissions, followed by reporting on board oversight.

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Reporting on the resilience of strategy and on integration of climate-related risks into overall risk management was consistently low for all industries in Asia-Oceania.

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The largest increase— approximately six percentage points—was for disclosures of risk identification and assessment processes (Risk management a), followed by increases in reporting on board oversight (Governance a), risk management processes (Risk management b) and climate-related metrics and targets (Metrics and targets a and c).

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IFRS Foundation also recognised that many asset managers and asset owners report climate related financial information to a broader range of stakeholders.

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The first audience is shareholders (who need to understand enterprise-level risks and opportunities and how the asset manager manages those risks and opportunities) and the second is clients (for whom product-, investment strategy- or client-specific disclosures are more relevant).

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Like asset managers, some asset owners issue debt or equity and may be required to provide additional reporting for capital markets.

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Asset owners’ reporting requirements and practices vary widely and differ from what is required of companies with public debt or equity.

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Although the IFRS Foundation’s 2024 survey received fewer responses, the response rate between the two surveys is comparable (12% in 2023 and 14% in 2024).

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(a) Only respondents that said they currently report climate-related information to their clients and beneficiaries were asked this question.

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Asset managers Asset owners The IFRS Foundation found that of asset managers and asset owners that said one of the reasons for reporting is because of regulatory requirements, 48% were in North America, 32% in Europe and the remaining 20% in Asia-Oceania.

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However, IFRS S2 does not specify particular scenarios for a company to use in its climate-related scenario analysis and therefore does not require a company to use a below 2°C scenario.

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The least-reported metric— at 14%—was the extent to which products and strategies align with a well-below 2°C scenario.

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Making the transition from disclosures prepared using the TCFD recommendations to disclosures prepared using ISSB Standards requires a step-by-step approach, starting from understanding the ISSB Standards.

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Digital taxonomies enable digital reporting of climate-related information, which in turn reduces the costs of searching through documents, enables automated data collection, leads to more efficient information processing and facilitates the consumption of information by investors for their investment decisions.

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IFRS S1 also sets out how disclosures about those risks and opportunities relate to a company’s financial statements, including that the sustainability-related financial disclosures be included as part of the general purpose financial reports.

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Requires disclosure of information about Scope 1 and Scope 2 GHG emissions only if it is material.

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Companies are permitted to disclose only qualitative information in some circumstances—for example, if a company cannot separately identify the effects of the risk or opportunity or if the level of measurement uncertainty involved is too high.

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IFRS S2 requires a company preparing disclosures on the anticipated financial effects of climate-related risks and opportunities to use all reasonable and supportable information that is available at the reporting date without undue cost or effort.

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IFRS S2 provides that a company carrying out climate-related scenario analysis use an approach that is commensurate with the company’s circumstances and consider all reasonable and supportable information that is available at the reporting date without undue cost or effort.

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(a) IFRS S2 does not specify particular scenarios for a company to use in its climate-related scenario analysis because the relevant scenarios would depend on the company’s facts and circumstances, including the nature and location of its operations and the physical and transition risks to which it is exposed.

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IFRS S2 also requires additional disclosures on the processes a company uses to identify, assess, prioritise and monitor opportunities.

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(a) Information that enables users of general purpose financial reports to understand a company’s strategy for managing risks and opportunities is required by the strategy disclosure requirements of IFRS S2.

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IFRS S2 also sets out a Scope 3 measurement framework to provide guidance for preparing Scope 3 GHG emissions disclosures.

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(a) The TCFD provided guidance to support companies in developing climate-related financial disclosures consistent with the recommendations and recommended disclosures it published in 2017.

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IFRS S2 requires disclosure of more detailed information on GHG emissions targets, including additional information about a company’s planned use of carbon credits to achieve its net GHG emissions targets.

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IFRS S2 also includes additional requirements to disclose information about the approach to setting and reviewing each target, and how the company monitors progress against each target, including whether the target was derived using a sectoral decarbonisation approach.

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Ultimately, the transition from disclosures prepared using the TCFD recommendations to disclosures prepared using ISSB Standards is not just about compliance, but about seizing the opportunity to lead in sustainability reporting and create long-term value for all stakeholders.

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For example, since 2009, the US Securities and Exchange Commission (US SEC) has gradually introduced requirements for listed companies to file their financial statements in eXtensible Business Reporting Language (XBRL), a computer-readable, structured data format.

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Foreign private issuers that report in the US using IFRS Accounting Standards are required to apply the IFRS Accounting Taxonomy.

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2.5—Examples of companies preparing to move from TCFD recommendations to ISSB Standards This section provides examples of companies that are preparing the transition from disclosures prepared using the TCFD recommendations to disclosures prepared using ISSB Standards.

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Additional examples of companies preparing to use ISSB Standards are included in Section 1.4— Companies referencing ISSB Standards.

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Extract from Company B’s 2023 ESG report(a) We embrace our role to address climate change as an insurer, asset owner and responsible business.

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This commitment is evident in our formulation and implementation of our ESG Strategy and Climate Transition Plan launched in 2023.

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Extract from Company B’s 2023 ESG report(a) We are dedicated to setting credible targets to address climate risks and opportunities, reinforcing our support for global efforts towards a net-zero economy.

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Extract from Company C’s 2023 sustainability report (a) To support the widespread adoption of the new investor-focused standards, IFRS S1 and IFRS S2, by the International Sustainability Standards Board, our company has pledged to begin the journey of adopting these standards.

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Extract from Company C’s 2023 sustainability report (a) We understand that IFRS S2 needs to be applied in conjunction with IFRS S1.

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This is because an entity is required to apply IFRS S2 in accordance with the conceptual foundations, general requirements and the requirements related to judgements, uncertainties and errors in IFRS S1.

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Extract from Company D’s 2023 TCFD report(a) The 2023 climate disclosure showcases how the bank continues to mainstream policies and procedures to meet its climate strategy and the expectations of shareholders and stakeholders in the economies where it operates but is conscious that more needs to be done.

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The bank expects to report under ISSB Standards for the 2025 financial year, at the latest.

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In May 2024 the IFRS Foundation published the Inaugural Jurisdictional Guide for the adoption or other use of ISSB Standards to promote globally comparable climate and other sustainability-related disclosures for capital markets.

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In the past 12 months jurisdictions representing approximately 57% of global gross domestic product have made progress towards the adoption or other use of ISSB Standards.

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In the past 12 months, 14 of these 21 jurisdictions have made progress towards the adoption or other use of ISSB Standards, making the transition from climate-related disclosure requirements based on the TCFD recommendations to sustainability-related disclosure requirements based on ISSB Standards.

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For 2023, global gross domestic product (GDP) was approximately US$105 trillion, the global market capitalisation was approximately US$117 trillion and global GHG emissions were approximately 54 gigatons of CO2 equivalent (GtCO2e).

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For most jurisdictions the market capitalisation data is current as of 31 December 2023, or as close as possible to that date when data for a specific jurisdiction was not available for that date, and is sourced from CEIC Data.

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FY 2027—issuers listed in the growth market (ACE Market) and large non-listed companies are required to apply ISSB Standards (with reliefs for three years).

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(e) In July 2021 the Financial Regulatory Authority of Egypt issued resolutions requiring companies listed on the Egyptian Stock Exchange and companies operating in non-bank financial activities whose issued capital or net ownership rights are not less than 500 million Egyptian pounds to provide climate-related disclosures in accordance with the TCFD recommendations.

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These requirements are based on International Standard on Sustainability Assurance 5000 General Requirements for Sustainability Assurance Engagements, which is being developed by the International Auditing and Assurance Standards Board for sustainability assurance engagements designed to provide limited or reasonable assurance.

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The Brazilian Securities and Exchange Commission (CVM) permits the use of ISSB Standards from fiscal year 2024 and requires listed companies to apply ISSB Standards from fiscal year 2026.

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Main market-listed issuers are required to make TCFD-aligned climate disclosures starting in fiscal year 2025 and ACE market-listed issuers are required to disclose a basic plan for making the transition to a low-carbon economy starting in fiscal year 2026.

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The central bank of Malaysia requires financial institutions to provide TCFD-aligned climate disclosures from fiscal year 2024.

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python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom038_t07_primary_claims.json --source-file <local-raw-pdf>

In its 2017 status report, the TCFD stated that companies should determine materiality for climate-related issues in a way that is consistent with how they determine the materiality of other information included in their annual financial filings (that is, financial materiality).

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom038_t07_primary_claims.json --source-file <local-raw-pdf>

The document illustrates the areas of interoperability a company should consider when measuring and disclosing Scope 1, Scope 2 and Scope 3 GHG emissions in accordance with both GRI 305 Emissions 2016 (GRI 305) and IFRS S2.

Evidence card JSONRendered card

Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom038_t07_primary_claims.json --source-file <local-raw-pdf>

The alignment means companies that already disclose Scope 1, Scope 2 and Scope 3 GHG emissions using the GRI Standards are well positioned to report information about GHG emissions in accordance with IFRS S2.

Evidence card JSONRendered card