Home topics news Image Credit: Noah Buscher News News New standards set to reshape Australian ESG reporting Yajush Gupta June 27, 2023 The International Sustainability Standards Board (ISSB) is set to bring about a significant transformation in ESG reporting for Australian businesses, according to BCSD Australia. The ISSB recently introduced two new sustainability disclosure standards, namely the International Financial Reporting Standards (IFRS) S1 General Requirements for Disclosure of Sustainability-related Financial Information and the IFRS sustainability disclosure standard – IFRS S2 Climate-related disclosures. These standards, launched in London, are expected to reshape the reporting landscape and play a crucial role in aligning different sustainability disclosure regimes while addressing investor information needs regarding sustainability-related risks and opportunities. The International Sustainability Standards Board (ISSB) recently launched its inaugural standards, IFRS S1 and IFRS S2, revolutionizing sustainability disclosures in global capital markets. These standards provide a common language for disclosing climate-related risks and opportunities and aim to enhance trust in company disclosures for investment decisions. The ISSB will support the adoption of the standards, establish implementation groups, and collaborate with jurisdictions and the Global Reporting Initiative (GRI) to ensure effective reporting. Andrew Petersen, CEO of BCSD Australia, which represents the country’s business sustainability leaders, expressed his enthusiasm for the ISSB’s new sustainability disclosure standards. He emphasised that these comprehensive reporting standards will transform Australian businesses and capital markets, enabling them to report on their Ambition, Action, and Accountability in their ESG data. “The ISSB’s new sustainability disclosure standards mark the first major steps in