ISSB updates to SASB Standards
Enhancing the SASB Standards is part of the ISSB’s 2024-2026 work plan. There will be a range of enhancements to ensure that these Standards remain relevant and decision-useful for investors.
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Two SASB Standards enhancement projects have already been completed:
- In June 2023, the ISSB issued amendments to the SASB Standards to align the climate-related disclosure topics and metrics with IFRS S2 Climate-related Disclosures.
- In December 2023, the ISSB issued amendments to the SASB Standards to enhance their international applicability.
The 77 industry-specific SASB Standards play an important role in the first two IFRS Sustainability Disclosure Standards, IFRS S1 General Requirements for Sustainability-related Disclosures and IFRS S2 Climate-related Disclosures. A company applying IFRS S1 is required to refer to the SASB Standards in identifying sustainability-related risks and opportunities and associated disclosures; the SASB Standards also are the basis for the industry-based guidance included in IFRS S2.
The ISSB recognises that maintaining and enhancing the SASB Standards is essential to supporting implementation of IFRS S1 and IFRS S2 and to ensuring that the SASB Standards continue to be relevant and fit for use by regulators whose jurisdictions adopt IFRS Sustainability Disclosure Standards and by companies that use the Standards in disclosing sustainability-related financial information.
A group of ISSB members—chaired by Jeff Hales, former Chair of the SASB Standards Board—has been established to assist the ISSB in enhancing the SASB Standards. The group develops exposure drafts of amendments to the SASB Standards and, after considering the stakeholder feedback, drafts of the final amendments. The ISSB as a full board will consider the recommendations of this group in ISSB meetings (which are public) and ratify the exposure drafts and, subsequently the final amendments prepared by the group.