The IFRS S1 standard was developed through a comprehensive process involving multiple stakeholders, including finance professionals, sustainability experts, and regulatory bodies. The goal was to create a robust framework for disclosing sustainability-related financial information. This is part of a series of briefs exploring the topic of sustainability, business, and the finance professional’s key role. These briefs will help organizations consider sustainability issues, integrate them into their long-term decision-making, and incorporate these issues into internal and external reporting. Sustainability-related disclosure standards are essential for ensuring transparency and consistency in how organizations report their sustainability efforts and assist stakeholders in making informed decisions based on accurate and comparable data.
This resource is designed to present a summary of IFRS S1, General Requirements for Disclosure of Sustainability-related Financial Information. It is written from the management accounting perspective. The paper answers five questions:
Why are sustainability-related disclosure standards needed?
How was IFRS S1 developed?
When is reporting under IFRS S1 required?
What are the general requirements of IFRS S1?
Who will encounter the IFRS S1 requirements?
As a finance professional, you are likely to encounter one or many of the sustainability frameworks and standards. We will continue to release papers summarizing the major methodologies.