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Background to the standards

The creation of the听International Sustainability Standards Board (ISSB)听was announced at COP26, the 2021 UN Climate Change Conference in Glasgow, with the role of creating a global baseline for sustainability reporting. 罢丑别听ISSB听is a standard-setting board of the听, a not-for-profit organisation that sets global corporate reporting standards through the International Accounting Standards Board (IASB).

罢丑别听ISSB鈥檚 overriding aim is to provide standards that deliver comparable and decision-useful information for investors 鈥� the disclosures required by their standards are intended to help investors to compare information between companies, supporting the efficient allocation of capital, and the smooth running of capital markets.

ISSB听听on 26 June 2023. They are:

• IFRS听S1: General Requirements for Disclosure of Sustainability-related Financial Information
• IFRS听S2: Climate-related Disclosures

What the UK is doing

The UK government has been a strong supporter of the听ISSB听since its launch and sees its work as consistent with the UK government鈥檚 aim to make the UK a global centre for sustainable finance. In November 2024, the press notice accompanying the Chancellor鈥檚 Mansion House speech spoke about our ambition to 鈥渄eliver a world-leading sustainable finance framework鈥�, including consulting 鈥渙n economically significant companies disclosing information using future UK Sustainability Reporting Standards鈥�.

The UK government is now consulting on the exposure drafts of the UK versions of IFRS S1 and IFRS S2 鈥� respectively called UK SRS S1 and UK SRS S2. The consultation is open until 17 September 2025, alongside a consultation on the development of an oversight regime for assurance of sustainability-related financial disclosures.

Following this consultation process, the UK government will publish finalised versions of UK SRS S1 and UK SRS S2 for voluntary use later this year. Subsequently, the government and the Financial Conduct Authority (FCA) will consider whether to introduce requirements for certain UK entities to report against these standards.

For more information on our work on UK听SRS, see our听Framework and Terms of Reference for the Development of UK Sustainability Reporting Standards.

To assist with the assessment and endorsement of听IFRS听S1 and听IFRS听S2, and any implementation of resulting UK听SRS, the UK government has established 2 committees, an independent Technical Advisory Committee (TAC) and a Policy and Implementation Committee (PIC).

UK Sustainability Disclosure Technical Advisory Committee (TAC)

The purpose of the听TAC听is to assess听IFRS听Sustainability Disclosure Standards on a technical basis and provide independent recommendations on endorsement to the Business and Trade Secretary.听TAC听is formed of a chair and members from a range of听relevant professional backgrounds.听More information is available听via the听听and听a news article on 天美影院.

TAC鈥檚 operations are supported by the听FRC, including the provision of a secretariat.

The TAC provided its final report and recommendations in December 2024. It recommended that IFRS S1 and IFRS S2 are endorsed for UK use, with some minor amendments. The UK government has reflected the TAC鈥檚 recommendations in its consultation on the exposure drafts of UK SRS S1 and UK SRS S2. You can read the report in full .

The TAC secretariat published a . This call for evidence and responses to it are available to read on the FRC website.

Public papers and meetings recordings are available on .

UK Sustainability Disclosure Policy and Implementation Committee (PIC)

PIC听is formed of UK government and regulator representatives and its main role is to coordinate the implementation of any UK听SRS. The members of the听PIC听will also, as a secondary function, consider whether the endorsement of any听IFRS听Sustainability Disclosure Standard has significant interactions with the remits of their respective organisations.

PIC鈥檚 membership consists of UK government departments and regulators, including:

• Bank of England
• Department for Energy Security and Net Zero (DESNZ)
• Department for Environment, Food and Rural Affairs (Defra)
• Department for Work and Pensions (DWP)
• Financial Conduct Authority (FCA)
• Financial Reporting Council (FRC)
• HM Treasury
• the Foreign, Commonwealth and Development Office (FCDO)
• UK Endorsement Board (UKEB)

It will also be used for different members to share information:

• on their influencing activities related to the development of standards
• to help Department for Business and Trade (DBT)听officials advise the Business and Trade Secretary
• on relevant contextual matters that听DBT听can share with听TAC

PIC听meetings are held in private. However, you can read summary minutes from听PIC听meetings.

Feedback

If you have any questions or comments on this work, you can contact听UK.SRS@businessandtrade.gov.uk