IFRS staff needs your feedback!

Posted on May 27, 2022 by Editor

The IFRS Foundation staff has this week issued a request for feedback to help shape the development of the IFRS Sustainability Disclosure Taxonomy. This is the XBRL taxonomy that will permit digital sustainability reporting under the standards being developed by the International Sustainability Standards Board (ISSB). It reflects a 'digital first' strategy by the ISSB, and we applaud the thoughtful and detailed work from the IFRS Taxonomy team.

The request is accompanied by an initial taxonomy package (direct download) that represents the current ISSB draft standards to help illustrate and drive discussion. The paper asks a number of important questions. It focusses on a range of issues where sustainability reporting is likely (at a technical XBRL level) to be somewhat different to financial digital disclosures.

For example, it seeks views on approaches to the granularity of narrative information, and asks really cogent questions about the ways to connect relevant financial and sustainability disclosures in a digital way.

There is a lot for the global XBRL community to think about in this timely and important request for feedback. Please consider:

• experimenting with the Sustainability Disclosure Taxonomy, including by developing exemplar sustainability reports;
• considering some of the new challenges that sustainability disclosures open up;
• debating and discussing the questions in the paper within the community; and
• responding to the request by 30 September 2022.

XBRL International will certainly be responding. The ISSB is also currently consulting on its first set of proposed standards themselves, so you are still in time to respond on those by 29 July 2022.

Read more here.