Today is Tuesday, April 30, 2024.
This initiative of ISSB - International Sustainability Standards Board - focus on the digital reporting of sustainability-related financial information, following the publication of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures, issued in June 2023.
As such, the IFRS Sustainability Disclosure Taxonomy is a digital taxonomy designed to facilitate digital reporting and to improve accessibility and comparability of such information by investors and regulators globally.
A key feature of the IFRS Sustainability Disclosure Taxonomy is the tagging of sustainability-related narrative information in financial reports.
Usage of narrative information does not have a relevant role in traditional financial statements than it will have with sustainability-related financial disclosures.
And having a standardized disclosure taxonomy with these electronic tags will also guide report preparers in a similar way and therefore, reduce costs and enhance comparability, as already indicated.
The IFRS Sustainability Disclosure Taxonomy is designed using XBRL - eXtensible business reporting language - the international standard for digital business reporting.
Click at the image below for a 34 pages presentation will all information about the development of the IFRS Sustainability Disclosure Standards.
