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General Requirements for Disclosure of

Sustainability-related Financial Information

June 2023

IFRS S1

IFRS® Sustainability Disclosure Standard

International Sustainability Standards Board

IFRS S1

General Requirements for Disclosure of

Sustainability-related Financial

Information

IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information together with its

accompanying documents is issued by the International Sustainability Standards Board (ISSB).

Disclaimer: To the extent permitted by applicable law, the ISSB and the IFRS Foundation

(Foundation) expressly disclaim all liability howsoever arising from this publication or any

translation thereof whether in contract, tort or otherwise to any person in respect of any claims or

losses of any nature including direct, indirect, incidental or consequential loss, punitive damages,

penalties or costs.

Information contained in this publication does not constitute advice and should not be substituted

for the services of an appropriately qualified professional.

Reproduction and use rights are strictly limited to personal non-commercial use, such as corporate

disclosure.

Any other use, such as – but not limited to – reporting software, investment analysis, data services

and product development is not permitted without written consent. Please contact the Foundation

for further details at sustainability_licensing@ifrs.org.

The Foundation has trade marks registered around the world (Marks) including ‘IAS®’, ‘IASB®’, the

IASB® logo, ‘IFRIC®’, ‘IFRS®’, the IFRS® logo, ‘IFRS for SMEs®’, the IFRS for SMEs® logo, ‘International

Accounting Standards®’, ‘International Financial Reporting Standards®’, the ‘Hexagon Device’, ‘NIIF®’,

‘SIC®’ and SASB®. Further details of the Foundation’s Marks are available from the Foundation on

request.

The Foundation is a not-for-profit corporation under the General Corporation Law of the State of

Delaware, USA and operates in England and Wales as an overseas company (Company number:

FC023235) with its principal office in the Columbus Building, 7 Westferry Circus, Canary Wharf,

London, E14 4HD.

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GeneralRequirementsforDisclosureofSustainability-relatedFinancialInformationJune2023IFRSS1IFRS®SustainabilityDisclosureStandardInternationalSustainabilityStandardsBoardIFRSS1GeneralRequirementsforDisclosureofSustainability-relatedFinancialInformationIFRSS1GeneralRequirementsforDisclosureofSustainability-relatedFinancialInformationtogetherwithitsaccompanyingdocumentsisissuedbytheInternationalSustainabilityStandardsBoard(ISSB).Disclaimer:Totheextentpermittedbyapplicablelaw,theISSBandtheIFRSFoundation(Foundation)expresslydisclaimallliabilityhowsoeverarisingfromthispublicationoranytranslationthereofwhetherincontract,tortorotherwisetoanypersoninrespectofanyclaimsorlossesofanynatureincludingdirect,indirect,incidentalorconsequentialloss,punitivedamages,penaltiesorcosts.Informationcontainedinthispublicationdoesnotconstituteadviceandshouldnotbesubstitutedfortheservicesofanappropriatelyqualifiedprofessional.©IFRSFoundation2023Reproductionanduserightsarestrictlylimitedtopersonalnon-commercialuse,suchascorporatedisclosure.Anyotheruse,suchas–butnotlimitedto–reportingsoftware,investmentanalysis,dataservicesandproductdevelopmentisnotpermittedwithoutwrittenconsent.PleasecontacttheFoundationforfurtherdetailsatsustainability_licensing@ifrs.org.Allrightsreserved.TheFoundationhastrademarksregisteredaroundtheworld(Marks)including‘IAS®’,‘IASB®’,theIASB®logo,‘IFRIC®’,‘IFRS®’,theIFRS®logo,‘IFRSforSMEs®’,theIFRSforSMEs®logo,‘InternationalAccountingStandards®’,‘InternationalFinancialReportingStandards®’,the‘HexagonDevice’,‘NIIF®’,‘SIC®’andSASB®.FurtherdetailsoftheFoundation’sMarksareavailablefromtheFoundationonrequest.TheFoundationisanot-for-profitcorporationundertheGeneralCorporationLawoftheStateofDelaware,USAandoperatesinEnglandandWalesasanoverseascompany(Companynumber:FC023235)withitsprincipalofficeintheColumbusBuilding,7WestferryCircus,CanaryWharf,London,E144HD.CONTENTSfromparagraphIFRSSUSTAINABILITYDISCLOSURESTANDARDS1GENERALREQUIREMENTSFORDISCLOSUREOFSUSTAINABILITY-RELATEDFINANCIALINFORMATIONOBJECTIVE1SCOPE5CONCEPTUALFOUNDATIONS10Fairpresentation11Materiality17Reportingentity20Connectedinformation21CORECONTENT25Governance26Strategy28Riskmanagement43Metricsandtargets45GENERALREQUIREMENTS54Sourcesofguidance54Locationofdisclosures60Timingofreporting64Comparativeinformation70Statementofcompliance72JUDGEMENTS,UNCERTAINTIESANDERRORS74Judgements74Measurementuncertainty77Errors83APPENDICESADefinedtermsBApplicationguidanceCSourcesofguidanceDQualitativecharacteristicsofusefulsustainability-relatedfinancialinformationEEffectivedateandtransitionAPPROVALBYTHEISSBOFIFRSS1ISSUEDINJUNE2023FORTHEACCOMPANYINGGUIDANCELISTEDBELOW,SEEPARTBOFTHISEDITIONILLUSTRATIVEGUIDANCEILLUSTRATIVEEXAMPLEScontinued...IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation3...continuedFORTHEBASISFORCONCLUSIONS,SEEPARTCOFTHISEDITIONBASISFORCONCLUSIONSIFRSS1GENERALREQUIREMENTSFORDISCLOSUREOFSUSTAINABILITY-RELATEDFINANCIALINFORMATION—JUNE20234©IFRSFoundationIFRSS1GeneralRequirementsforDisclosureofSustainability-relatedFinancialInformationissetoutinparagraphs1–86andAppendicesA–E.Allparagraphshaveequalauthority.Paragraphsinboldtypestatethemainprinciples.TermsdefinedinAppendixAareinitalicsthefirsttimetheyappearintheStandard.DefinitionsofothertermsaregiveninotherIFRSSustainabilityDisclosureStandards.TheStandardshouldbereadinthecontextofitsobjectiveandtheBasisforConclusions.IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation5IFRSS1GeneralRequirementsforDisclosureofSustainability-relatedFinancialInformationObjectiveTheobjectiveofIFRSS1GeneralRequirementsforDisclosureofSustainability-relatedFinancialInformationistorequireanentitytodiscloseinformationaboutitssustainability-relatedrisksandopportunitiesthatisusefultoprimaryusersofgeneralpurposefinancialreportsinmakingdecisionsrelatingtoprovidingresourcestotheentity.1Informationaboutsustainability-relatedrisksandopportunitiesisusefultoprimaryusersbecauseanentity’sabilitytogeneratecashflowsovertheshort,mediumandlongtermisinextricablylinkedtotheinteractionsbetweentheentityanditsstakeholders,society,theeconomyandthenaturalenvironmentthroughouttheentity’svaluechain.Together,theentityandtheresourcesandrelationshipsthroughoutitsvaluechainformaninterdependentsysteminwhichtheentityoperates.Theentity’sdependenciesonthoseresourcesandrelationshipsanditsimpactsonthoseresourcesandrelationshipsgiverisetosustainability-relatedrisksandopportunitiesfortheentity.ThisStandardrequiresanentitytodiscloseinformationaboutallsustainability-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffecttheentity’scashflows,itsaccesstofinanceorcostofcapitalovertheshort,mediumorlongterm.ForthepurposesofthisStandard,theserisksandopportunitiesarecollectivelyreferredtoas‘sustainability-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffecttheentity’sprospects’.ThisStandardalsoprescribeshowanentitypreparesandreportsitssustainability-relatedfinancialdisclosures.Itsetsoutgeneralrequirementsforthecontentandpresentationofthosedisclosuressothattheinformationdisclosedisusefultoprimaryusersinmakingdecisionsrelatingtoprovidingresourcestotheentity.ScopeAnentityshallapplythisStandardinpreparingandreportingsustainability-relatedfinancialdisclosuresinaccordancewithIFRSSustainabilityDisclosureStandards.Sustainability-relatedrisksandopportunitiesthatcouldnotreasonablybeexpectedtoaffectanentity’sprospectsareoutsidethescopeofthisStandard.OtherIFRSSustainabilityDisclosureStandardsspecifyinformationanentityisrequiredtodiscloseaboutspecificsustainability-relatedrisksandopportunities.12345671ThroughoutthisStandard,theterms‘primaryusers’and‘users’areusedinterchangeably,withthesamemeaning.IFRSS1GENERALREQUIREMENTSFORDISCLOSUREOFSUSTAINABILITY-RELATEDFINANCIALINFORMATION—JUNE20236©IFRSFoundationAnentitymayapplyIFRSSustainabilityDisclosureStandardsirrespectiveofwhethertheentity’srelatedgeneralpurposefinancialstatements(referredtoas‘financialstatements’)arepreparedinaccordancewithIFRSAccountingStandardsorothergenerallyacceptedaccountingprinciplesorpractices(GAAP).ThisStandardusesterminologysuitableforprofit-orientedentities,includingpublic-sectorbusinessentities.Ifentitieswithnot-for-profitactivitiesintheprivatesectororthepublicsectorapplythisStandard,theymightneedtoamendthedescriptionsusedforparticularitemsofinformationwhenapplyingIFRSSustainabilityDisclosureStandards.ConceptualfoundationsForsustainability-relatedfinancialinformationtobeuseful,itmustberelevantandfaithfullyrepresentwhatitpurportstorepresent.Thesearefundamentalqualitativecharacteristicsofusefulsustainability-relatedfinancialinformation.Theusefulnessofsustainability-relatedfinancialinformationisenhancediftheinformationiscomparable,verifiable,timelyandunderstandable.Theseareenhancingqualitativecharacteristicsofusefulsustainability-relatedfinancialinformation(seeAppendixD).FairpresentationAcompletesetofsustainability-relatedfinancialdisclosuresshallpresentfairlyallsustainability-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffectanentity’sprospects.Toidentifysustainability-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffectanentity’sprospects,anentityshallapplyparagraphsB1–B12.Fairpresentationrequiresdisclosureofrelevantinformationaboutsustainability-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffecttheentity’sprospects,andtheirfaithfulrepresentationinaccordancewiththeprinciplessetoutinthisStandard.Toachievefaithfulrepresentation,anentityshallprovideacomplete,neutralandaccuratedepictionofthosesustainability-relatedrisksandopportunities.Materialityisanentity-specificaspectofrelevancebasedonthenatureormagnitude,orboth,oftheitemstowhichtheinformationrelates,inthecontextoftheentity’ssustainability-relatedfinancialdisclosures.Fairpresentationalsorequiresanentity:(a)todiscloseinformationthatiscomparable,verifiable,timelyandunderstandable;and(b)todiscloseadditionalinformationifcompliancewiththespecificallyapplicablerequirementsinIFRSSustainabilityDisclosureStandardsisinsufficienttoenableusersofgeneralpurposefinancialreportstounderstandtheeffectsofsustainability-relatedrisksandopportunities89101112131415IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation7ontheentity’scashflows,itsaccesstofinanceandcostofcapitalovertheshort,mediumandlongterm.ApplyingIFRSSustainabilityDisclosureStandards,withadditionalinformationdisclosedwhennecessary(seeparagraph15(b)),ispresumedtoresultinsustainability-relatedfinancialdisclosuresthatachievefairpresentation.MaterialityAnentityshalldisclosematerialinformationaboutthesustainability-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffecttheentity’sprospects.Inthecontextofsustainability-relatedfinancialdisclosures,informationismaterialifomitting,misstatingorobscuringthatinformationcouldreasonablybeexpectedtoinfluencedecisionsthatprimaryusersofgeneralpurposefinancialreportsmakeonthebasisofthosereports,whichincludefinancialstatementsandsustainability-relatedfinancialdisclosuresandwhichprovideinformationaboutaspecificreportingentity.Toidentifyanddisclosematerialinformation,anentityshallapplyparagraphsB13–B37.ReportingentityAnentity’ssustainability-relatedfinancialdisclosuresshallbeforthesamereportingentityastherelatedfinancialstatements(seeparagraphB38).ConnectedinformationAnentityshallprovideinformationinamannerthatenablesusersofgeneralpurposefinancialreportstounderstandthefollowingtypesofconnections:(a)theconnectionsbetweentheitemstowhichtheinformationrelates—suchasconnectionsbetweenvarioussustainability-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffecttheentity’sprospects;and(b)theconnectionsbetweendisclosuresprovidedbytheentity:(i)withinitssustainability-relatedfinancialdisclosures—suchasconnectionsbetweendisclosuresongovernance,strategy,riskmanagementandmetricsandtargets;and(ii)acrossitssustainability-relatedfinancialdisclosuresandothergeneralpurposefinancialreportspublishedbytheentity—suchasitsrelatedfinancialstatements(seeparagraphsB39–B44).Anentityshallidentifythefinancialstatementstowhichthesustainability-relatedfinancialdisclosuresrelate.16171819202122IFRSS1GENERALREQUIREMENTSFORDISCLOSUREOFSUSTAINABILITY-RELATEDFINANCIALINFORMATION—JUNE20238©IFRSFoundationDataandassumptionsusedinpreparingthesustainability-relatedfinancialdisclosuresshallbeconsistent—totheextentpossibleconsideringtherequirementsofIFRSAccountingStandardsorotherapplicableGAAP—withthecorrespondingdataandassumptionsusedinpreparingtherelatedfinancialstatements(seeparagraphB42).Whencurrencyisspecifiedastheunitofmeasureinthesustainability-relatedfinancialdisclosures,theentityshallusethepresentationcurrencyofitsrelatedfinancialstatements.CorecontentUnlessanotherIFRSSustainabilityDisclosureStandardpermitsorrequiresotherwiseinspecifiedcircumstances,anentityshallprovidedisclosuresabout:(a)governance—thegovernanceprocesses,controlsandprocedurestheentityusestomonitorandmanagesustainability-relatedrisksandopportunities(seeparagraphs26–27);(b)strategy—theapproachtheentityusestomanagesustainability-relatedrisksandopportunities(seeparagraphs28–42);(c)riskmanagement—theprocessestheentityusestoidentify,assess,prioritiseandmonitorsustainability-relatedrisksandopportunities(seeparagraphs43–44);and(d)metricsandtargets—theentity’sperformanceinrelationtosustainability-relatedrisksandopportunities,includingprogresstowardsanytargetstheentityhassetorisrequiredtomeetbylaworregulation(seeparagraphs45–53).GovernanceTheobjectiveofsustainability-relatedfinancialdisclosuresongovernanceistoenableusersofgeneralpurposefinancialreportstounderstandthegovernanceprocesses,controlsandproceduresanentityusestomonitor,manageandoverseesustainability-relatedrisksandopportunities.Toachievethisobjective,anentityshalldiscloseinformationabout:(a)thegovernancebody(s)(whichcanincludeaboard,committeeorequivalentbodychargedwithgovernance)orindividual(s)responsibleforoversightofsustainability-relatedrisksandopportunities.Specifically,theentityshallidentifythatbody(s)orindividual(s)anddiscloseinformationabout:(i)howresponsibilitiesforsustainability-relatedrisksandopportunitiesarereflectedinthetermsofreference,mandates,roledescriptionsandotherrelatedpoliciesapplicabletothatbody(s)orindividual(s);2324252627IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation9(ii)howthebody(s)orindividual(s)determineswhetherappropriateskillsandcompetenciesareavailableorwillbedevelopedtooverseestrategiesdesignedtorespondtosustainability-relatedrisksandopportunities;(iii)howandhowoftenthebody(s)orindividual(s)isinformedaboutsustainability-relatedrisksandopportunities;(iv)howthebody(s)orindividual(s)takesintoaccountsustainability-relatedrisksandopportunitieswhenoverseeingtheentity’sstrategy,itsdecisionsonmajortransactionsanditsriskmanagementprocessesandrelatedpolicies,includingwhetherthebody(s)orindividual(s)hasconsideredtrade-offsassociatedwiththoserisksandopportunities;and(v)howthebody(s)orindividual(s)overseesthesettingoftargetsrelatedtosustainability-relatedrisksandopportunities,andmonitorsprogresstowardsthosetargets(seeparagraph51),includingwhetherandhowrelatedperformancemetricsareincludedinremunerationpolicies.(b)management’sroleinthegovernanceprocesses,controlsandproceduresusedtomonitor,manageandoverseesustainability-relatedrisksandopportunities,includinginformationabout:(i)whethertheroleisdelegatedtoaspecificmanagement-levelpositionormanagement-levelcommitteeandhowoversightisexercisedoverthatpositionorcommittee;and(ii)whethermanagementusescontrolsandprocedurestosupporttheoversightofsustainability-relatedrisksandopportunitiesand,ifso,howthesecontrolsandproceduresareintegratedwithotherinternalfunctions.StrategyTheobjectiveofsustainability-relatedfinancialdisclosuresonstrategyistoenableusersofgeneralpurposefinancialreportstounderstandanentity’sstrategyformanagingsustainability-relatedrisksandopportunities.Specifically,anentityshalldiscloseinformationtoenableusersofgeneralpurposefinancialreportstounderstand:(a)thesustainability-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffecttheentity’sprospects(seeparagraphs30–31);(b)thecurrentandanticipatedeffectsofthosesustainability-relatedrisksandopportunitiesontheentity’sbusinessmodelandvaluechain(seeparagraph32);(c)theeffectsofthosesustainability-relatedrisksandopportunitiesontheentity’sstrategyanddecision-making(seeparagraph33);2829IFRSS1GENERALREQUIREMENTSFORDISCLOSUREOFSUSTAINABILITY-RELATEDFINANCIALINFORMATION—JUNE202310©IFRSFoundation(d)theeffectsofthosesustainability-relatedrisksandopportunitiesontheentity’sfinancialposition,financialperformanceandcashflowsforthereportingperiod,andtheiranticipatedeffectsontheentity’sfinancialposition,financialperformanceandcashflowsovertheshort,mediumandlongterm,takingintoconsiderationhowthosesustainability-relatedrisksandopportunitieshavebeenfactoredintotheentityʼsfinancialplanning(seeparagraphs34–40);and(e)theresilienceoftheentity’sstrategyanditsbusinessmodeltothosesustainability-relatedrisks(seeparagraphs41–42).Sustainability-relatedrisksandopportunitiesAnentityshalldiscloseinformationthatenablesusersofgeneralpurposefinancialreportstounderstandthesustainability-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffecttheentity’sprospects.Specifically,theentityshall:(a)describesustainability-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffecttheentity’sprospects;(b)specifythetimehorizons—short,mediumorlongterm—overwhichtheeffectsofeachofthosesustainability-relatedrisksandopportunitiescouldreasonablybeexpectedtooccur;and(c)explainhowtheentitydefines‘shortterm’,‘mediumterm’and‘longterm’andhowthesedefinitionsarelinkedtotheplanninghorizonsusedbytheentityforstrategicdecision-making.Short-,medium-andlong-termtimehorizonscanvarybetweenentitiesanddependonmanyfactors,includingindustry-specificcharacteristics,suchascashflow,investmentandbusinesscycles,theplanninghorizonstypicallyusedinanentity’sindustryforstrategicdecision-makingandcapitalallocationplans,andthetimehorizonsoverwhichusersofgeneralpurposefinancialreportsconducttheirassessmentsofentitiesinthatindustry.BusinessmodelandvaluechainAnentityshalldiscloseinformationthatenablesusersofgeneralpurposefinancialreportstounderstandthecurrentandanticipatedeffectsofsustainability-relatedrisksandopportunitiesontheentity’sbusinessmodelandvaluechain.Specifically,theentityshalldisclose:(a)adescriptionofthecurrentandanticipatedeffectsofsustainability-relatedrisksandopportunitiesontheentity’sbusinessmodelandvaluechain;and(b)adescriptionofwhereintheentity’sbusinessmodelandvaluechainsustainability-relatedrisksandopportunitiesareconcentrated(forexample,geographicalareas,facilitiesandtypesofassets).303132IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation11Strategyanddecision-makingAnentityshalldiscloseinformationthatenablesusersofgeneralpurposefinancialreportstounderstandtheeffectsofsustainability-relatedrisksandopportunitiesonitsstrategyanddecision-making.Specifically,theentityshalldiscloseinformationabout:(a)howtheentityhasrespondedto,andplanstorespondto,sustainability-relatedrisksandopportunitiesinitsstrategyanddecision-making;(b)theprogressagainstplanstheentityhasdisclosedinpreviousreportingperiods,includingquantitativeandqualitativeinformation;and(c)trade-offsbetweensustainability-relatedrisksandopportunitiesthattheentityconsidered(forexample,inmakingadecisiononthelocationofnewoperations,anentitymighthaveconsideredtheenvironmentalimpactsofthoseoperationsandtheemploymentopportunitiestheywouldcreateinacommunity).Financialposition,financialperformanceandcashflowsAnentityshalldiscloseinformationthatenablesusersofgeneralpurposefinancialreportstounderstand:(a)theeffectsofsustainability-relatedrisksandopportunitiesontheentity’sfinancialposition,financialperformanceandcashflowsforthereportingperiod(currentfinancialeffects);and(b)theanticipatedeffectsofsustainability-relatedrisksandopportunitiesontheentity’sfinancialposition,financialperformanceandcashflowsovertheshort,mediumandlongterm,takingintoconsiderationhowsustainability-relatedrisksandopportunitiesareincludedintheentity’sfinancialplanning(anticipatedfinancialeffects).Specifically,anentityshalldisclosequantitativeandqualitativeinformationabout:(a)howsustainability-relatedrisksandopportunitieshaveaffecteditsfinancialposition,financialperformanceandcashflowsforthereportingperiod;(b)thesustainability-relatedrisksandopportunitiesidentifiedinparagraph35(a)forwhichthereisasignificantriskofamaterialadjustmentwithinthenextannualreportingperiodtothecarryingamountsofassetsandliabilitiesreportedintherelatedfinancialstatements;(c)howtheentityexpectsitsfinancialpositiontochangeovertheshort,mediumandlongterm,givenitsstrategytomanagesustainability-relatedrisksandopportunities,takingintoconsideration:333435IFRSS1GENERALREQUIREMENTSFORDISCLOSUREOFSUSTAINABILITY-RELATEDFINANCIALINFORMATION—JUNE202312©IFRSFoundation(i)itsinvestmentanddisposalplans(forexample,plansforcapitalexpenditure,majoracquisitionsanddivestments,jointventures,businesstransformation,innovation,newbusinessareas,andassetretirements),includingplanstheentityisnotcontractuallycommittedto;and(ii)itsplannedsourcesoffundingtoimplementitsstrategy;and(d)howtheentityexpectsitsfinancialperformanceandcashflowstochangeovertheshort,mediumandlongterm,givenitsstrategytomanagesustainability-relatedrisksandopportunities.Inprovidingquantitativeinformation,anentitymaydiscloseasingleamountorarange.Inpreparingdisclosuresabouttheanticipatedfinancialeffectsofasustainability-relatedriskoropportunity,anentityshall:(a)useallreasonableandsupportableinformationthatisavailabletotheentityatthereportingdatewithoutunduecostoreffort(seeparagraphsB8–B10);and(b)useanapproachthatiscommensuratewiththeskills,capabilitiesandresourcesthatareavailabletotheentityforpreparingthosedisclosures.Anentityneednotprovidequantitativeinformationaboutthecurrentoranticipatedfinancialeffectsofasustainability-relatedriskoropportunityiftheentitydeterminesthat:(a)thoseeffectsarenotseparatelyidentifiable;or(b)thelevelofmeasurementuncertaintyinvolvedinestimatingthoseeffectsissohighthattheresultingquantitativeinformationwouldnotbeuseful(seeparagraphs77–82).Inaddition,anentityneednotprovidequantitativeinformationabouttheanticipatedfinancialeffectsofasustainability-relatedriskoropportunityiftheentitydoesnothavetheskills,capabilitiesorresourcestoprovidethatquantitativeinformation.Ifanentitydeterminesthatitneednotprovidequantitativeinformationaboutthecurrentoranticipatedfinancialeffectsofasustainability-relatedriskoropportunityapplyingthecriteriasetoutinparagraphs38–39,theentityshall:(a)explainwhyithasnotprovidedquantitativeinformation;(b)providequalitativeinformationaboutthosefinancialeffects,includingidentifyinglineitems,totalsandsubtotalswithintherelatedfinancialstatementsthatarelikelytobeaffected,orhavebeenaffected,bythatsustainability-relatedriskoropportunity;and3637383940IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation13(c)providequantitativeinformationaboutthecombinedfinancialeffectsofthatsustainability-relatedriskoropportunitywithothersustainability-relatedrisksoropportunitiesandotherfactorsunlesstheentitydeterminesthatquantitativeinformationaboutthecombinedfinancialeffectswouldnotbeuseful.ResilienceAnentityshalldiscloseinformationthatenablesusersofgeneralpurposefinancialreportstounderstanditscapacitytoadjusttotheuncertaintiesarisingfromsustainability-relatedrisks.Anentityshalldiscloseaqualitativeand,ifapplicable,quantitativeassessmentoftheresilienceofitsstrategyandbusinessmodelinrelationtoitssustainability-relatedrisks,includinginformationabouthowtheassessmentwascarriedoutanditstimehorizon.Whenprovidingquantitativeinformation,anentitymaydiscloseasingleamountorarange.OtherIFRSSustainabilityDisclosureStandardsmayspecifythetypeofinformationanentityisrequiredtodiscloseaboutitsresiliencetospecificsustainability-relatedrisksandhowtopreparethosedisclosures,includingwhetherascenarioanalysisisrequired.RiskmanagementTheobjectiveofsustainability-relatedfinancialdisclosuresonriskmanagementistoenableusersofgeneralpurposefinancialreports:(a)tounderstandanentity’sprocessestoidentify,assess,prioritiseandmonitorsustainability-relatedrisksandopportunities,includingwhetherandhowthoseprocessesareintegratedintoandinformtheentity’soverallriskmanagementprocess;and(b)toassesstheentity’soverallriskprofileanditsoverallriskmanagementprocess.Toachievethisobjective,anentityshalldiscloseinformationabout:(a)theprocessesandrelatedpoliciestheentityusestoidentify,assess,prioritiseandmonitorsustainability-relatedrisks,includinginformationabout:(i)theinputsandparameterstheentityuses(forexample,informationaboutdatasourcesandthescopeofoperationscoveredintheprocesses);(ii)whetherandhowtheentityusesscenarioanalysistoinformitsidentificationofsustainability-relatedrisks;(iii)howtheentityassessesthenature,likelihoodandmagnitudeoftheeffectsofthoserisks(forexample,whethertheentityconsidersqualitativefactors,quantitativethresholdsorothercriteria);(iv)whetherandhowtheentityprioritisessustainability-relatedrisksrelativetoothertypesofrisk;41424344IFRSS1GENERALREQUIREMENTSFORDISCLOSUREOFSUSTAINABILITY-RELATEDFINANCIALINFORMATION—JUNE202314©IFRSFoundation(v)howtheentitymonitorssustainability-relatedrisks;and(vi)whetherandhowtheentityhaschangedtheprocessesitusescomparedwiththepreviousreportingperiod;(b)theprocessestheentityusestoidentify,assess,prioritiseandmonitorsustainability-relatedopportunities;and(c)theextenttowhich,andhow,theprocessesforidentifying,assessing,prioritisingandmonitoringsustainability-relatedrisksandopportunitiesareintegratedintoandinformtheentity’soverallriskmanagementprocess.MetricsandtargetsTheobjectiveofsustainability-relatedfinancialdisclosuresonmetricsandtargetsistoenableusersofgeneralpurposefinancialreportstounderstandanentity’sperformanceinrelationtoitssustainability-relatedrisksandopportunities,includingprogresstowardsanytargetstheentityhasset,andanytargetsitisrequiredtomeetbylaworregulation.Anentityshalldisclose,foreachsustainability-relatedriskandopportunitythatcouldreasonablybeexpectedtoaffecttheentity’sprospects:(a)metricsrequiredbyanapplicableIFRSSustainabilityDisclosureStandard;and(b)metricstheentityusestomeasureandmonitor:(i)thatsustainability-relatedriskoropportunity;and(ii)itsperformanceinrelationtothatsustainability-relatedriskoropportunity,includingprogresstowardsanytargetstheentityhasset,andanytargetsitisrequiredtomeetbylaworregulation.IntheabsenceofanIFRSSustainabilityDisclosureStandardthatspecificallyappliestoasustainability-relatedriskoropportunity,anentityshallapplyparagraphs57–58toidentifyapplicablemetrics.Metricsdisclosedbyanentityapplyingparagraphs45–46shallincludemetricsassociatedwithparticularbusinessmodels,activitiesorothercommonfeaturesthatcharacteriseparticipationinanindustry.IfanentitydisclosesametrictakenfromasourceotherthanIFRSSustainabilityDisclosureStandards,theentityshallidentifythesourceandthemetrictaken.Ifametrichasbeendevelopedbyanentity,theentityshalldiscloseinformationabout:(a)howthemetricisdefined,includingwhetheritisderivedbyadjustingametrictakenfromasourceotherthanIFRSSustainabilityDisclosureStandardsand,ifso,whichsourceandhowthemetricdisclosedbytheentitydiffersfromthemetricspecifiedinthatsource;454647484950IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation15(b)whetherthemetricisanabsolutemeasure,ameasureexpressedinrelationtoanothermetricoraqualitativemeasure(suchasared,amber,green—orRAG—status);(c)whetherthemetricisvalidatedbyathirdpartyand,ifso,whichparty;and(d)themethodusedtocalculatethemetricandtheinputstothecalculation,includingthelimitationsofthemethodusedandthesignificantassumptionsmade.Anentityshalldiscloseinformationaboutthetargetsithassettomonitorprogresstowardsachievingitsstrategicgoals,andanytargetsitisrequiredtomeetbylaworregulation.Foreachtarget,theentityshalldisclose:(a)themetricusedtosetthetargetandtomonitorprogresstowardsreachingthetarget;(b)thespecificquantitativeorqualitativetargettheentityhassetorisrequiredtomeet;(c)theperiodoverwhichthetargetapplies;(d)thebaseperiodfromwhichprogressismeasured;(e)anymilestonesandinterimtargets;(f)performanceagainsteachtargetandananalysisoftrendsorchangesintheentity’sperformance;and(g)anyrevisionstothetargetandanexplanationforthoserevisions.Thedefinitionandcalculationofmetrics,includingmetricsusedtosettheentity’stargetsandmonitorprogresstowardsreachingthem,shallbeconsistentovertime.Ifametricisredefinedorreplaced,anentityshallapplyparagraphB52.Anentityshalllabelanddefinemetricsandtargetsusingmeaningful,clearandprecisenamesanddescriptions.GeneralrequirementsSourcesofguidanceIdentifyingsustainability-relatedrisksandopportunitiesInidentifyingsustainability-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffectanentity’sprospects,anentityshallapplyIFRSSustainabilityDisclosureStandards.InadditiontoIFRSSustainabilityDisclosureStandards:(a)anentityshallrefertoandconsidertheapplicabilityofthedisclosuretopicsintheSASBStandards.AnentitymightconcludethatthedisclosuretopicsintheSASBStandardsarenotapplicableintheentity’scircumstances.5152535455IFRSS1GENERALREQUIREMENTSFORDISCLOSUREOFSUSTAINABILITY-RELATEDFINANCIALINFORMATION—JUNE202316©IFRSFoundation(b)anentitymayrefertoandconsidertheapplicabilityof:(i)theCDSBFrameworkApplicationGuidanceforWater-relatedDisclosuresandtheCDSBFrameworkApplicationGuidanceforBiodiversity-relatedDisclosures(collectivelyreferredtoas‘CDSBFrameworkApplicationGuidance’);(ii)themostrecentpronouncementsofotherstandard‑settingbodieswhoserequirementsaredesignedtomeettheinformationneedsofusersofgeneralpurposefinancialreports;and(iii)thesustainability-relatedrisksandopportunitiesidentifiedbyentitiesthatoperateinthesameindustry(s)orgeographicalregion(s).IdentifyingapplicabledisclosurerequirementsInidentifyingapplicabledisclosurerequirementsaboutasustainability-relatedriskoropportunitythatcouldreasonablybeexpectedtoaffectanentity’sprospects,anentityshallapplytheIFRSSustainabilityDisclosureStandardthatspecificallyappliestothatsustainability-relatedriskoropportunity.IntheabsenceofanIFRSSustainabilityDisclosureStandardthatspecificallyappliestoasustainability-relatedriskoropportunity,anentityshallapplyjudgementtoidentifyinformationthat:(a)isrelevanttothedecision-makingofusersofgeneralpurposefinancialreports;and(b)faithfullyrepresentsthatsustainability-relatedriskoropportunity.Inmakingthejudgementdescribedinparagraph57:(a)anentityshallrefertoandconsidertheapplicabilityofthemetricsassociatedwiththedisclosuretopicsincludedintheSASBStandards.AnentitymightconcludethatthemetricsspecifiedintheSASBStandardsarenotapplicableintheentity’scircumstances.(b)anentitymay—totheextentthatthesesourcesdonotconflictwithIFRSSustainabilityDisclosureStandards—refertoandconsidertheapplicabilityof:(i)theCDSBFrameworkApplicationGuidance;(ii)themostrecentpronouncementsofotherstandard‑settingbodieswhoserequirementsaredesignedtomeettheinformationneedsofusersofgeneralpurposefinancialreports;and(iii)theinformation,includingmetrics,disclosedbyentitiesthatoperateinthesameindustry(s)orgeographicalregion(s).565758IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation17(c)anentitymay—totheextentthatthesesourcesassisttheentityinmeetingtheobjectiveofthisStandard(seeparagraphs1–4)anddonotconflictwithIFRSSustainabilityDisclosureStandards—refertoandconsidertheapplicabilityofthesourcesspecifiedinAppendixC.DisclosureofinformationaboutsourcesofguidanceAnentityshallidentify:(a)thespecificstandards,pronouncements,industrypracticeandothersourcesofguidancethattheentityhasappliedinpreparingitssustainability-relatedfinancialdisclosures,including,ifapplicable,identifyingthedisclosuretopicsintheSASBStandards;and(b)theindustry(s)specifiedintheIFRSSustainabilityDisclosureStandards,theSASBStandardsorothersourcesofguidancerelatingtoaparticularindustry(s)thattheentityhasappliedinpreparingitssustainability-relatedfinancialdisclosures,includinginidentifyingapplicablemetrics.LocationofdisclosuresAnentityisrequiredtoprovidedisclosuresrequiredbyIFRSSustainabilityDisclosureStandardsaspartofitsgeneralpurposefinancialreports.Subjecttoanyregulationorotherrequirementsthatapplytoanentity,therearevariouspossiblelocationsinitsgeneralpurposefinancialreportsinwhichtodisclosesustainability-relatedfinancialinformation.Sustainability-relatedfinancialdisclosurescouldbeincludedinanentity’smanagementcommentaryorasimilarreportwhenitformspartofanentity’sgeneralpurposefinancialreports.Managementcommentaryorasimilarreportisarequiredreportinmanyjurisdictions.Itmightbeknownbyorincludedinreportswithvariousnames,suchas‘managementreport’,‘management’sdiscussionandanalysis’,‘operatingandfinancialreview’,‘integratedreport’or‘strategicreport’.AnentitymaydiscloseinformationrequiredbyanIFRSSustainabilityDisclosureStandardinthesamelocationasinformationdisclosedtomeetotherrequirements,suchasinformationrequiredbyregulators.Theentityshallensurethatthesustainability-relatedfinancialdisclosuresareclearlyidentifiableandnotobscuredbythatadditionalinformation(seeparagraphB27).InformationrequiredbyanIFRSSustainabilityDisclosureStandardmaybeincludedinsustainability-relatedfinancialdisclosuresbycross-referencetoanotherreportpublishedbytheentity.Ifanentityincludesinformationbycross-reference,theentityshallapplytherequirementsinparagraphsB45–B47.5960616263IFRSS1GENERALREQUIREMENTSFORDISCLOSUREOFSUSTAINABILITY-RELATEDFINANCIALINFORMATION—JUNE202318©IFRSFoundationTimingofreportingAnentityshallreportitssustainability-relatedfinancialdisclosuresatthesametimeasitsrelatedfinancialstatements.Theentity’ssustainability-relatedfinancialdisclosuresshallcoverthesamereportingperiodastherelatedfinancialstatements.Normally,anentitypreparessustainability-relatedfinancialdisclosuresfora12-monthperiod.However,forpracticalreasons,someentitiesprefertoreport,forexample,fora52-weekperiod.ThisStandarddoesnotprecludethatpractice.Whenanentitychangestheendofitsreportingperiodandprovidessustainability-relatedfinancialdisclosuresforaperiodlongerorshorterthan12months,itshalldisclose:(a)theperiodcoveredbythesustainability-relatedfinancialdisclosures;(b)thereasonforusingalongerorshorterperiod;and(c)thefactthattheamountsdisclosedinthesustainability-relatedfinancialdisclosuresarenotentirelycomparable.If,aftertheendofthereportingperiodbutbeforethedateonwhichthesustainability-relatedfinancialdisclosuresareauthorisedforissue,anentityreceivesinformationaboutconditionsthatexistedattheendofthereportingperiod,itshallupdatedisclosuresthatrelatetothoseconditionsinthelightofthenewinformation.Anentityshalldiscloseinformationabouttransactions,othereventsandconditionsthatoccuraftertheendofthereportingperiod,butbeforethedateonwhichthesustainability-relatedfinancialdisclosuresareauthorisedforissue,ifnon-disclosureofthatinformationcouldreasonablybeexpectedtoinfluencedecisionsthatprimaryusersofgeneralpurposefinancialreportsmakeonthebasisofthosereports.ThisStandarddoesnotmandatewhichentitieswouldberequiredtoprovideinterimsustainability-relatedfinancialdisclosures,howfrequently,orhowsoonaftertheendofaninterimperiod.However,governments,securitiesregulators,stockexchangesandaccountancybodiesmayrequireentitieswhosedebtorequitysecuritiesarepubliclytradedtopublishinterimgeneralpurposefinancialreports.Ifanentityisrequiredorelectstopublishinterimsustainability-relatedfinancialdisclosuresinaccordancewithIFRSSustainabilityDisclosureStandards,theentityshallapplyparagraphB48.ComparativeinformationUnlessanotherIFRSSustainabilityDisclosureStandardpermitsorrequiresotherwise,anentityshalldisclosecomparativeinformationinrespectoftheprecedingperiodforallamountsdisclosedinthereportingperiod.Ifsuchinformationwouldbeusefulforanunderstandingofthesustainability-relatedfinancialdisclosuresforthereportingperiod,theentityshallalsodisclosecomparativeinformationfornarrativeand64656667686970IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation19descriptivesustainability-relatedfinancialinformation(seeparagraphsB49–B59).Amountsreportedinsustainability-relatedfinancialdisclosuresmightrelate,forexample,tometricsandtargetsortocurrentandanticipatedfinancialeffectsofsustainability-relatedrisksandopportunities.StatementofcomplianceAnentitywhosesustainability-relatedfinancialdisclosurescomplywithalltherequirementsofIFRSSustainabilityDisclosureStandardsshallmakeanexplicitandunreservedstatementofcompliance.Anentityshallnotdescribesustainability-relatedfinancialdisclosuresascomplyingwithIFRSSustainabilityDisclosureStandardsunlesstheycomplywithalltherequirementsofIFRSSustainabilityDisclosureStandards.ThisStandardrelievesanentityfromdisclosinginformationotherwiserequiredbyanIFRSSustainabilityDisclosureStandardiflaworregulationprohibitstheentityfromdisclosingthatinformation(seeparagraphB33).ThisStandardalsorelievesanentityfromdisclosinginformationaboutasustainability-relatedopportunityotherwiserequiredbyanIFRSSustainabilityDisclosureStandardifthatinformationiscommerciallysensitiveasdescribedinthisStandard(seeparagraphsB34–B37).AnentityusingtheseexemptionsisnotpreventedfromassertingcompliancewithIFRSSustainabilityDisclosureStandards.Judgements,uncertaintiesanderrorsJudgementsAnentityshalldiscloseinformationtoenableusersofgeneralpurposefinancialreportstounderstandthejudgements,apartfromthoseinvolvingestimationsofamounts(seeparagraph77),thattheentityhasmadeintheprocessofpreparingitssustainability-relatedfinancialdisclosuresandthathavethemostsignificanteffectontheinformationincludedinthosedisclosures.Intheprocessofpreparingsustainability-relatedfinancialdisclosures,anentitymakesvariousjudgements,apartfromthoseinvolvingestimations,thatcansignificantlyaffecttheinformationreportedintheentity’ssustainability-relatedfinancialdisclosures.Forexample,anentitymakesjudgementsin:(a)identifyingsustainability-relatedrisksandopportunitiesthatcouldbereasonablyexpectedtoaffecttheentity’sprospects;(b)determiningwhichsourcesofguidancetoapplyinaccordancewithparagraphs54–58;(c)identifyingmaterialinformationtoincludeinthesustainability-relatedfinancialdisclosures;and7172737475IFRSS1GENERALREQUIREMENTSFORDISCLOSUREOFSUSTAINABILITY-RELATEDFINANCIALINFORMATION—JUNE202320©IFRSFoundation(d)assessingwhetheraneventorchangeincircumstancesissignificantandrequiresreassessmentofthescopeofallaffectedsustainability-relatedrisksandopportunitiesthroughouttheentity’svaluechain(seeparagraphB11).OtherIFRSSustainabilityDisclosureStandardsmayrequiredisclosureofsomeoftheinformationthatanentitywouldotherwiseberequiredtodiscloseinaccordancewithparagraph74.MeasurementuncertaintyAnentityshalldiscloseinformationtoenableusersofgeneralpurposefinancialreportstounderstandthemostsignificantuncertaintiesaffectingtheamountsreportedinitssustainability-relatedfinancialdisclosures.Anentityshall:(a)identifytheamountsthatithasdisclosedthataresubjecttoahighlevelofmeasurementuncertainty;and(b)inrelationtoeachamountidentifiedinparagraph78(a),discloseinformationabout:(i)thesourcesofmeasurementuncertainty—forexample,thedependenceoftheamountontheoutcomeofafutureevent,onameasurementtechniqueorontheavailabilityandqualityofdatafromtheentity’svaluechain;and(ii)theassumptions,approximationsandjudgementstheentityhasmadeinmeasuringtheamount.Whenamountsreportedinsustainability-relatedfinancialdisclosurescannotbemeasureddirectlyandcanonlybeestimated,measurementuncertaintyarises.Insomecases,anestimateinvolvesassumptionsaboutpossiblefutureeventswithuncertainoutcomes.Theuseofreasonableestimatesisanessentialpartofpreparingsustainability-relatedfinancialdisclosuresanddoesnotunderminetheusefulnessoftheinformationiftheestimatesareaccuratelydescribedandexplained.Evenahighlevelofmeasurementuncertaintywouldnotnecessarilypreventsuchanestimatefromprovidingusefulinformation.Therequirementinparagraph77foranentitytodiscloseinformationabouttheuncertaintiesaffectingtheamountsreportedinsustainability-relatedfinancialdisclosuresrelatestotheestimatesthatrequiretheentity’smostdifficult,subjectiveorcomplexjudgements.Asthenumberofvariablesandassumptionsincreases,thosejudgementsbecomemoresubjectiveandcomplex,andtheuncertaintyaffectingtheamountsreportedinthesustainability-relatedfinancialdisclosuresincreasesaccordingly.Thetypeandextentoftheinformationanentitymightneedtodisclosevaryaccordingtothenatureoftheamountreportedinthesustainability-relatedfinancialdisclosures—thesourcesofandthefactorscontributingtotheuncertaintyandothercircumstances.Examplesofthetypeofinformationanentitymightneedtodiscloseare:767778798081IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation21(a)thenatureoftheassumptionorothersourceofmeasurementuncertainty;(b)thesensitivityofthedisclosedamounttothemethods,assumptionsandestimatesunderlyingitscalculation,includingthereasonsforthesensitivity;(c)theexpectedresolutionofanuncertaintyandtherangeofreasonablypossibleoutcomesforthedisclosedamount;and(d)anexplanationofchangesmadetopastassumptionsconcerningthedisclosedamount,iftheuncertaintyremainsunresolved.OtherIFRSSustainabilityDisclosureStandardsmayrequiredisclosureofsomeoftheinformationthatanentitywouldotherwiseberequiredtodiscloseinaccordancewithparagraphs77–78.ErrorsAnentityshallcorrectmaterialpriorperioderrorsbyrestatingthecomparativeamountsforthepriorperiod(s)disclosedunlessitisimpracticabletodoso.Priorperioderrorsareomissionsfromandmisstatementsintheentity’ssustainability-relatedfinancialdisclosuresforoneormorepriorperiods.Sucherrorsarisefromafailuretouse,orthemisuseof,reliableinformationthat:(a)wasavailablewhenthesustainability-relatedfinancialdisclosuresforthatperiod(s)wereauthorisedforissue;and(b)couldreasonablybeexpectedtohavebeenobtainedandconsideredinthepreparationofthosedisclosures.Correctionsoferrorsaredistinguishedfromchangesinestimates.Estimatesareapproximationsthatanentitymightneedtoreviseasadditionalinformationbecomesknown.Ifanentityidentifiesamaterialerrorinitspriorperiodsustainability-relatedfinancialdisclosures,itshallapplyparagraphsB55–B59.8283848586IFRSS1GENERALREQUIREMENTSFORDISCLOSUREOFSUSTAINABILITY-RELATEDFINANCIALINFORMATION—JUNE202322©IFRSFoundationAppendixADefinedtermsThisappendixisanintegralpartofIFRSS1andhasthesameauthorityastheotherpartsoftheStandard.businessmodelAnentity’ssystemoftransforminginputsthroughitsactivitiesintooutputsandoutcomesthataimstofulfiltheentity’sstrategicpurposesandcreatevaluefortheentityandhencegeneratecashflowsovertheshort,mediumandlongterm.disclosuretopicAspecificsustainability-relatedriskoropportunitybasedontheactivitiesconductedbyentitieswithinaparticularindustryassetoutinanIFRSSustainabilityDisclosureStandardoraSASBStandard.generalpurposefinancialreportsReportsthatprovidefinancialinformationaboutareportingentitythatisusefultoprimaryusersinmakingdecisionsrelatingtoprovidingresourcestotheentity.Thosedecisionsinvolvedecisionsabout:(a)buying,sellingorholdingequityanddebtinstruments;(b)providingorsellingloansandotherformsofcredit;or(c)exercisingrightstovoteon,orotherwiseinfluence,theentity’smanagement’sactionsthataffecttheuseoftheentity’seconomicresources.Generalpurposefinancialreportsinclude—butarenotrestrictedto—anentity’sgeneralpurposefinancialstatementsandsustainability-relatedfinancialdisclosures.IFRSSustainabilityDisclosureStandardsStandardsofthatnameissuedbytheInternationalSustainabilityStandardsBoard.impracticableApplyingarequirementisimpracticablewhenanentitycannotapplyitaftermakingeveryreasonableefforttodoso.materialinformationInthecontextofsustainability-relatedfinancialdisclosures,informationismaterialifomitting,misstatingorobscuringthatinformationcouldreasonablybeexpectedtoinfluencedecisionsthatprimaryusersofgeneralpurposefinancialreportsmakeonthebasisofthosereports,whichincludefinancialstatementsandsustainability-relatedfinancialdisclosuresandwhichprovideinformationaboutaspecificreportingentity.primaryusersofgeneralpurposefinancialreports(primaryusers)Existingandpotentialinvestors,lendersandothercreditors.reportingentityAnentitythatisrequired,orchooses,topreparegeneralpurposefinancialstatements.IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation23scenarioanalysisAprocessforidentifyingandassessingapotentialrangeofoutcomesoffutureeventsunderconditionsofuncertainty.sustainability-relatedfinancialdisclosuresAparticularformofgeneralpurposefinancialreportsthatprovideinformationaboutthereportingentity’ssustainability-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffecttheentity’scashflows,itsaccesstofinanceorcostofcapitalovertheshort,mediumorlongterm,includinginformationabouttheentity’sgovernance,strategyandriskmanagementinrelationtothoserisksandopportunities,andrelatedmetricsandtargets.usersofgeneralpurposefinancialreports(users)Seeprimaryusersofgeneralpurposefinancialreports(primaryusers).Thesedefinitionsdescribethesamepopulation.valuechainThefullrangeofinteractions,resourcesandrelationshipsrelatedtoareportingentity’sbusinessmodelandtheexternalenvironmentinwhichitoperates.Avaluechainencompassestheinteractions,resourcesandrelationshipsanentityusesanddependsontocreateitsproductsorservicesfromconceptiontodelivery,consumptionandend-of-life,includinginteractions,resourcesandrelationshipsintheentity’soperations,suchashumanresources;thosealongitssupply,marketinganddistributionchannels,suchasmaterialsandservicesourcing,andproductandservicesaleanddelivery;andthefinancing,geographical,geopoliticalandregulatoryenvironmentsinwhichtheentityoperates.IFRSS1GENERALREQUIREMENTSFORDISCLOSUREOFSUSTAINABILITY-RELATEDFINANCIALINFORMATION—JUNE202324©IFRSFoundationAppendixBApplicationguidanceThisappendixisanintegralpartofIFRSS1andhasthesameauthorityastheotherpartsoftheStandard.Sustainability-relatedrisksandopportunities(paragraphs11–12)ThisStandardrequiresanentitytodiscloseinformationaboutallsustainability-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffecttheentity’scashflows,itsaccesstofinanceorcostofcapitalovertheshort,mediumorlongterm(referredtoas‘sustainability-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffecttheentity’sprospects’)(seeparagraph3).Anentity’ssustainability-relatedrisksandopportunitiesariseoutoftheinteractionsbetweentheentityanditsstakeholders,society,theeconomyandthenaturalenvironmentthroughouttheentity’svaluechain.Theseinteractions—whichcanbedirectandindirect—resultfromoperatinganentity’sbusinessmodelinpursuitoftheentity’sstrategicpurposesandfromtheexternalenvironmentinwhichtheentityoperates.Theseinteractionstakeplacewithinaninterdependentsysteminwhichanentitybothdependsonresourcesandrelationshipsthroughoutitsvaluechaintogeneratecashflowsandaffectsthoseresourcesandrelationshipsthroughitsactivitiesandoutputs—contributingtothepreservation,regenerationanddevelopmentofthoseresourcesandrelationshipsortotheirdegradationanddepletion.Thesedependenciesandimpactsmightgiverisetosustainability-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffectanentity’scashflows,itsaccesstofinanceandcostofcapitalovertheshort,mediumandlongterm.Forexample,ifanentity’sbusinessmodeldependsonanaturalresource—suchaswater—theentitycouldbothaffectandbeaffectedbythequality,availabilityandaffordabilityofthatresource.Specifically,degradationordepletionofthatresource—includingresultingfromtheentity’sownactivitiesandfromotherfactors—couldcreateariskofdisruptiontotheentity’soperationsandaffecttheentity’sbusinessmodelorstrategyandcouldultimatelynegativelyaffecttheentity’sfinancialperformanceandfinancialposition.Incontrast,regenerationandpreservationofthatresource—includingresultingfromtheentity’sownactivitiesandfromotherfactors—couldpositivelyaffecttheentity.Similarly,ifanentityoperatesinahighlycompetitivemarketandrequiresahighlyspecialisedworkforcetoachieveitsstrategicpurposes,theentity’sfuturesuccesswilllikelydependontheentity’sabilitytoattractandretainthatresource.Atthesametime,thatabilitywilldepend,inpart,ontheentity’semploymentpractices—suchaswhethertheentityinvestsinemployeetrainingandwellbeing—andthelevelsofemployeesatisfaction,engagementandretention.Theseexamplesillustratethecloserelationshipbetweenthevaluetheentitycreates,preservesorerodesforothersandtheentity’sownabilitytosucceedandachieveitsgoals.B1B2B3IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation25Resourcesandrelationshipsthatanentitydependsonandaffectsbyitsactivitiesandoutputscantakevariousforms,suchasnatural,manufactured,intellectual,human,socialorfinancial.Theycanbeinternal—suchastheentity’sworkforce,itsknow-howoritsorganisationalprocesses—ortheycanbeexternal—suchasmaterialsandservicestheentityneedstoaccessortherelationshipsithaswithsuppliers,distributorsandcustomers.Furthermore,resourcesandrelationshipsinclude,butarenotlimitedto,theresourcesandrelationshipsrecognisedasassetsintheentity’sfinancialstatements.Anentity’sdependenciesandimpactsarenotlimitedtoresourcestheentityengageswithdirectly,andtotheentity’sdirectrelationships.Thosedependenciesandimpactsalsorelatetoresourcesandrelationshipsthroughouttheentity’svaluechain.Forexample,theycanrelatetotheentity’ssupplyanddistributionchannels;theeffectsoftheconsumptionanddisposaloftheentity’sproducts;andtheentity’ssourcesoffinanceanditsinvestments,includinginvestmentsinassociatesandjointventures.Iftheentity’sbusinesspartnersthroughoutitsvaluechainfacesustainability-relatedrisksandopportunities,theentitycouldbeexposedtorelatedconsequencesofitsown.Identifyingsustainability-relatedrisksandopportunitiesAnentityshalluseallreasonableandsupportableinformationthatisavailabletotheentityatthereportingdatewithoutunduecostoreffort(seeparagraphsB8–B10):(a)toidentifythesustainability-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffecttheentity’sprospects;and(b)todeterminethescopeofitsvaluechain,includingitsbreadthandcomposition,inrelationtoeachofthosesustainability-relatedrisksandopportunities.Inidentifyingthesustainability-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffectitsprospects,anentityshallapplytherequirementsonsourcesofguidanceinparagraphs54–55.ReasonableandsupportableinformationReasonableandsupportableinformationusedbyanentityinpreparingitssustainability-relatedfinancialdisclosuresshallcoverfactorsthatarespecifictotheentityaswellasgeneralconditionsintheexternalenvironment.Insomecases—suchasinidentifyingsustainability-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffectanentity’sprospects—reasonableandsupportableinformationincludesinformationaboutpastevents,currentconditionsandforecastsoffutureconditions.OtherIFRSSustainabilityDisclosureStandardsmayspecifywhatisreasonableandsupportableinformationinspecificcases.B4B5B6B7B8IFRSS1GENERALREQUIREMENTSFORDISCLOSUREOFSUSTAINABILITY-RELATEDFINANCIALINFORMATION—JUNE202326©IFRSFoundationAnentitymayusevarioussourcesofdatathatmaybebothinternalandexternal.Possibledatasourcesincludetheentity’sriskmanagementprocesses;industryandpeergroupexperience;andexternalratings,reportsandstatistics.Informationthatisusedbytheentityinpreparingitsfinancialstatements,operatingitsbusinessmodel,settingitsstrategyandmanagingitsrisksandopportunitiesisconsideredtobeavailabletotheentitywithoutunduecostoreffort.Anentityneednotundertakeanexhaustivesearchforinformationtoidentifysustainability-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffecttheentity’sprospects.Theassessmentofwhatconstitutesunduecostoreffortdependsontheentity’sspecificcircumstancesandrequiresabalancedconsiderationofthecostsandeffortsfortheentityandthebenefitsoftheresultinginformationforprimaryusers.Thatassessmentcanchangeovertimeascircumstanceschange.Reassessmentofthescopeofsustainability-relatedrisksandopportunitiesthroughoutthevaluechainOntheoccurrenceofasignificanteventorsignificantchangeincircumstances,anentityshallreassessthescopeofallaffectedsustainability-relatedrisksandopportunitiesthroughoutitsvaluechain.Asignificanteventorsignificantchangeincircumstancescanoccurwithouttheentitybeinginvolvedinthateventorchangeincircumstancesorasaresultofachangeinwhattheentityassessestobeimportanttousersofgeneralpurposefinancialreports.Forexample,suchsignificanteventsorsignificantchangesincircumstancesmightinclude:(a)asignificantchangeintheentity’svaluechain(forexample,asupplierintheentity’svaluechainmakesachangethatsignificantlyaltersthesupplier’sgreenhousegasemissions);(b)asignificantchangeintheentity’sbusinessmodel,activitiesorcorporatestructure(forexample,amergeroracquisitionthatexpandstheentity’svaluechain);and(c)asignificantchangeinanentity’sexposuretosustainability-relatedrisksandopportunities(forexample,asupplierintheentity’svaluechainisaffectedbytheintroductionofanewregulationthattheentityhadnotanticipated).Anentityispermitted,butnotrequired,toreassessthescopeofanysustainability-relatedriskoropportunitythroughoutitsvaluechainmorefrequentlythanrequiredbyparagraphB11.Materiality(paragraphs17–19)Paragraph17requiresanentitytodisclosematerialinformationaboutthesustainability-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffecttheentity’sprospects.Materialityofinformationisjudgedinrelationtowhetheromitting,misstatingorobscuringthatinformationcouldreasonablybeexpectedtoinfluencedecisionsofprimaryusersofB9B10B11B12B13IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation27generalpurposefinancialreports,whichprovideinformationaboutaspecificreportingentity.Thedecisionsofprimaryusersrelatetoprovidingresourcestotheentityandinvolvedecisionsabout:(a)buying,sellingorholdingequityanddebtinstruments;(b)providingorsellingloansandotherformsofcredit;or(c)exercisingrightstovoteon,orotherwiseinfluence,theentity’smanagement’sactionsthataffecttheuseoftheentity’seconomicresources.ThedecisionsdescribedinparagraphB14dependonprimaryusers’expectationsaboutreturns,forexample,dividends,principalandinterestpaymentsormarketpriceincreases.Thoseexpectationsdependonprimaryusers’assessmentoftheamount,timinganduncertaintyoffuturenetcashinflowstotheentityandontheirassessmentofstewardshipoftheentity’seconomicresourcesbytheentity’smanagementanditsgoverningbody(s)orindividual(s).Assessingwhetherinformationcouldreasonablybeexpectedtoinfluencethedecisionsmadebyprimaryusersrequiresconsiderationofthecharacteristicsofthoseusersandoftheentity’sowncircumstances.Sustainability-relatedfinancialdisclosuresarepreparedforprimaryuserswhohavereasonableknowledgeofbusinessandeconomicactivitiesandwhoreviewandanalyseinformationdiligently.Attimes,evenwell-informedanddiligentusersmayneedtoseektheaidofanadvisertounderstandsustainability-relatedfinancialinformation.Individualprimaryusersmayhavedifferent,andsometimesevenconflicting,informationneedsanddesires.Informationneedsofprimaryusersmayalsoevolveovertime.Sustainability-relatedfinancialdisclosuresareintendedtomeetcommoninformationneedsofprimaryusers.IdentifyingmaterialinformationMaterialityjudgementsarespecifictoanentity.Consequently,thisStandarddoesnotspecifyanythresholdsformaterialityorpredeterminewhatwouldbematerialinaparticularsituation.Toidentifymaterialinformationaboutasustainability-relatedriskoropportunity,anentityshallapply,asthestartingpoint,therequirementsoftheIFRSSustainabilityDisclosureStandardthatspecificallyappliestothatsustainability-relatedriskoropportunity.IntheabsenceofanIFRSSustainabilityDisclosureStandardthatspecificallyappliestoasustainability-relatedriskoropportunity,theentityshallapplytherequirementsonsourcesofguidancespecifiedinparagraphs57–58.Thosesourcesspecifyinformation,includingmetrics,thatmayberelevanttoaparticularsustainability-relatedriskoropportunity,toaparticularindustryorinspecifiedcircumstances.B14B15B16B17B18B19B20IFRSS1GENERALREQUIREMENTSFORDISCLOSUREOFSUSTAINABILITY-RELATEDFINANCIALINFORMATION—JUNE202328©IFRSFoundationAnentityshallassesswhethertheinformationidentifiedinapplyingparagraphB20,eitherindividuallyorincombinationwithotherinformation,ismaterialinthecontextoftheentity’ssustainability-relatedfinancialdisclosurestakenasawhole.Inassessingwhetherinformationismaterial,anentityshallconsiderbothquantitativeandqualitativefactors.Forexample,anentitymightconsiderthemagnitudeandthenatureoftheeffectofasustainability-relatedriskoropportunityontheentity.Insomecases,IFRSSustainabilityDisclosureStandardsrequirethedisclosureofinformationaboutpossiblefutureeventswithuncertainoutcomes.Injudgingwhetherinformationaboutsuchpossiblefutureeventsismaterial,anentityshallconsider:(a)thepotentialeffectsoftheeventsontheamount,timinganduncertaintyoftheentity’sfuturecashflowsovertheshort,mediumandlongterm(referredtoas‘thepossibleoutcome’);and(b)therangeofpossibleoutcomesandthelikelihoodofthepossibleoutcomeswithinthatrange.Whenconsideringpossibleoutcomes,anentityshallconsiderallpertinentfactsandcircumstances.Informationaboutapossiblefutureeventismorelikelytobejudgedasbeingmaterialifthepotentialeffectsaresignificantandtheeventislikelytooccur.However,anentityshallalsoconsiderwhetherinformationaboutlow-probabilityandhigh-impactoutcomesmightbematerialeitherindividuallyorincombinationwithinformationaboutotherlow-probabilityandhigh-impactoutcomes.Forexample,anentitymightbeexposedtoseveralsustainability-relatedrisks,eachofwhichcouldcausethesametypeofdisruption—suchasdisruptiontotheentity’ssupplychain.Informationaboutanindividualsourceofriskmightnotbematerialifdisruptionfromthatsourceishighlyunlikelytooccur.However,informationabouttheaggregaterisk—theriskofsupplychaindisruptionfromallsources—mightbematerial.Ifapossiblefutureeventisexpectedtoaffectanentity’scashflows,butonlymanyyearsinthefuture,informationaboutthateventisusuallylesslikelytobejudgedmaterialthaninformationaboutapossiblefutureeventwithsimilareffectsthatareexpectedtooccursooner.However,insomecircumstances,anitemofinformationcouldreasonablybeexpectedtoinfluenceprimaryusers’decisionsregardlessofthemagnitudeofthepotentialeffectsofthefutureeventorthetimingofthatevent.Forexample,thismighthappenifinformationaboutaparticularsustainability-relatedriskoropportunityishighlyscrutinisedbyprimaryusersofanentity’sgeneralpurposefinancialreports.AnentityneednotdiscloseinformationotherwiserequiredbyanIFRSSustainabilityDisclosureStandardiftheinformationisnotmaterial.ThisisthecaseeveniftheIFRSSustainabilityDisclosureStandardcontainsalistofspecificrequirementsordescribesthemasminimumrequirements.B21B22B23B24B25IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation29AnentityshalldiscloseadditionalinformationwhencompliancewiththespecificallyapplicablerequirementsinanIFRSSustainabilityDisclosureStandardisinsufficienttoenableusersofgeneralpurposefinancialreportstounderstandtheeffectsofsustainability-relatedrisksandopportunitiesontheentity’scashflows,itsaccesstofinanceandcostofcapitalovertheshort,mediumandlongterm.Anentityshallidentifyitssustainability-relatedfinancialdisclosuresclearlyanddistinguishthemfromotherinformationprovidedbytheentity(seeparagraph62).Anentityshallnotobscurematerialinformation.Informationisobscuredifitiscommunicatedinawaythatwouldhaveasimilareffectforprimaryuserstoomittingormisstatingthatinformation.Examplesofcircumstancesthatmightresultinmaterialinformationbeingobscuredinclude:(a)materialinformationisnotclearlydistinguishedfromadditionalinformationthatisnotmaterial;(b)materialinformationisdisclosedinthesustainability-relatedfinancialdisclosures,butthelanguageusedisvagueorunclear;(c)materialinformationaboutasustainability-relatedriskoropportunityisscatteredthroughoutthesustainability-relatedfinancialdisclosures;(d)itemsofinformationthataredissimilarareinappropriatelyaggregated;(e)itemsofinformationthataresimilarareinappropriatelydisaggregated;and(f)theunderstandabilityofthesustainability-relatedfinancialdisclosuresisreducedasaresultofmaterialinformationbeinghiddenbyimmaterialinformationtotheextentthataprimaryuserisunabletodeterminewhatinformationismaterial.Anentityshallreassessitsmaterialityjudgementsateachreportingdatetotakeaccountofchangedcircumstancesandassumptions.Becauseofchangesintheentity’sindividualcircumstances,orintheexternalenvironment,sometypesofinformationincludedinanentity’ssustainability-relatedfinancialdisclosuresforpriorperiodsmightnolongerbematerial.Conversely,sometypesofinformationnotpreviouslydisclosedmightbecomematerial.AggregationanddisaggregationWhenanentityappliesIFRSSustainabilityDisclosureStandards,itshallconsiderallfactsandcircumstancesanddecidehowtoaggregateanddisaggregateinformationinitssustainability-relatedfinancialdisclosures.Theentityshallnotreducetheunderstandabilityofitssustainability-relatedfinancialdisclosuresbyobscuringmaterialinformationwithimmaterialinformationorbyaggregatingmaterialitemsofinformationthataredissimilartoeachother.B26B27B28B29IFRSS1GENERALREQUIREMENTSFORDISCLOSUREOFSUSTAINABILITY-RELATEDFINANCIALINFORMATION—JUNE202330©IFRSFoundationAnentityshallnotaggregateinformationifdoingsowouldobscureinformationthatismaterial.Informationshallbeaggregatedifitemsofinformationhavesharedcharacteristicsandshallnotbeaggregatediftheydonothavesharedcharacteristics.Theentitymightneedtodisaggregateinformationaboutsustainability-relatedrisksandopportunities,forexample,bygeographicallocationorinconsiderationofthegeopoliticalenvironment.Forexample,toensurethatmaterialinformationisnotobscured,anentitymightneedtodisaggregateinformationaboutitsuseofwatertodistinguishbetweenwaterdrawnfromabundantsourcesandwaterdrawnfromwater-stressedareas.InteractionwithlaworregulationLaworregulationmightspecifyrequirementsforanentitytodisclosesustainability-relatedinformationinitsgeneralpurposefinancialreports.Insuchcircumstances,theentityispermittedtoincludeinitssustainability-relatedfinancialdisclosuresinformationtomeetlegalorregulatoryrequirements,evenifthatinformationisnotmaterial.However,suchinformationshallnotobscurematerialinformation.Anentityshalldisclosematerialsustainability-relatedfinancialinformation,eveniflaworregulationpermitstheentitynottodisclosesuchinformation.AnentityneednotdiscloseinformationotherwiserequiredbyanIFRSSustainabilityDisclosureStandardiflaworregulationprohibitstheentityfromdisclosingthatinformation.Ifanentityomitsmaterialinformationforthatreason,itshallidentifythetypeofinformationnotdisclosedandexplainthesourceoftherestriction.CommerciallysensitiveinformationIfanentitydeterminesthatinformationaboutasustainability-relatedopportunityiscommerciallysensitiveinthelimitedcircumstancesdescribedinparagraphB35,theentityispermittedtoomitthatinformationfromitssustainability-relatedfinancialdisclosures.SuchanomissionispermittedevenifinformationisotherwiserequiredbyanIFRSSustainabilityDisclosureStandardandtheinformationismaterial.AnentityqualifiesfortheexemptionspecifiedinparagraphB34if,andonlyif:(a)informationaboutthesustainability-relatedopportunityisnotalreadypubliclyavailable;(b)disclosureofthatinformationcouldreasonablybeexpectedtoprejudiceseriouslytheeconomicbenefitstheentitywouldotherwisebeabletorealiseinpursuingtheopportunity;and(c)theentityhasdeterminedthatitisimpossibletodisclosethatinformationinamanner—forexample,atanaggregatedlevel—thatwouldenabletheentitytomeettheobjectivesofthedisclosurerequirementswithoutprejudicingseriouslytheeconomicbenefitstheentitywouldotherwisebeabletorealiseinpursuingtheopportunity.B30B31B32B33B34B35IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation31IfanentityelectstousetheexemptionspecifiedinparagraphB34,theentityshall,foreachitemofinformationomitted:(a)disclosethefactthatithasusedtheexemption;and(b)reassess,ateachreportingdate,whethertheinformationqualifiesfortheexemption.AnentityisprohibitedfromusingtheexemptionspecifiedinparagraphB34inrelationtoasustainability-relatedriskorasabasisforbroadnon-disclosureofsustainability-relatedfinancialinformation.Reportingentity(paragraph20)Paragraph20requiresthatsustainability-relatedfinancialdisclosuresshallbeforthesamereportingentityastherelatedfinancialstatements.Forexample,consolidatedfinancialstatementspreparedinaccordancewithIFRSAccountingStandardsprovideinformationabouttheparentanditssubsidiariesasasinglereportingentity.Consequently,thatentity’ssustainability-relatedfinancialdisclosuresshallenableusersofgeneralpurposefinancialreportstounderstandtheeffectsofthesustainability-relatedrisksandopportunitiesonthecashflows,accesstofinanceandcostofcapitalovertheshort,mediumandlongtermfortheparentanditssubsidiaries.Connectedinformation(paragraphs21–24)Paragraph21requiresanentitytoprovideinformationinamannerthatenablesusersofgeneralpurposefinancialreportstounderstandconnectionsbothbetweentheitemstowhichtheinformationrelatesandbetweendisclosuresprovidedbytheentityinitsgeneralpurposefinancialreports.Connectedinformationprovidesinsightintoconnectionsbetweentheitemstowhichtheinformationrelates.Forexample:(a)ifanentitypursuedaparticularsustainability-relatedopportunityandthatresultedinanincreaseintheentity’srevenue,connectedinformationwilldepictthatrelationshipbetweentheentity’sstrategyanditsfinancialperformance;(b)ifanentityidentifiedatrade-offbetweentwosustainability-relatedrisksitisexposedtoandtookactiononthebasisofitsassessmentofthattrade-off,connectedinformationwilldepicttherelationshipbetweenthoserisksandtheentity’sstrategy;and(c)ifanentitycommittedtoaparticularsustainability-relatedtarget,butthatcommitmenthasnotyetaffectedtheentity’sfinancialpositionorfinancialperformancebecausetheapplicablerecognitioncriteriahavenotbeenmet,connectedinformationwilldepictthatrelationship.Connectedinformationincludes:(a)connectionsbetweenvarioustypesofinformationaboutaparticularsustainability-relatedriskoropportunity,suchas:B36B37B38B39B40B41IFRSS1GENERALREQUIREMENTSFORDISCLOSUREOFSUSTAINABILITY-RELATEDFINANCIALINFORMATION—JUNE202332©IFRSFoundation(i)betweendisclosuresongovernance,strategyandriskmanagement;and(ii)betweennarrativeinformationandquantitativeinformation(includingrelatedmetricsandtargetsandinformationintherelatedfinancialstatements).(b)connectionsbetweendisclosuresaboutvarioussustainability-relatedrisksandopportunities.Forexample,ifanentityintegratesitsoversightofsustainability-relatedrisksandopportunities,theentityshallintegratethedisclosuresongovernanceinsteadofprovidingseparatedisclosuresongovernanceforeachsustainability-relatedriskandopportunity.Drawingconnectionsbetweendisclosuresinvolves,butisnotlimitedto,providingnecessaryexplanationsandcross-referencesandusingconsistentdata,assumptions,andunitsofmeasure.Inprovidingconnectedinformation,anentityshall:(a)explainconnectionsbetweendisclosuresinaclearandconcisemanner;(b)avoidunnecessaryduplicationifIFRSSustainabilityDisclosureStandardsrequirethedisclosureofcommonitemsofinformation;and(c)discloseinformationaboutsignificantdifferencesbetweenthedataandassumptionsusedinpreparingtheentity’ssustainability-relatedfinancialdisclosuresandthedataandassumptionsusedinpreparingtherelatedfinancialstatements.Forexample,inprovidingconnectedinformationanentitymightneedtoexplaintheeffectorlikelyeffectofitsstrategyonitsfinancialstatementsandfinancialplanning,orexplainhowthatstrategyrelatestothemetricstheentityusestomeasureprogressagainsttargets.Anotherentitymightneedtoexplainhowitsuseofnaturalresourcesorchangeswithinitssupplychaincouldamplifyor,incontrast,reduceitssustainability-relatedrisksandopportunities.Theentitymightneedtolinktheinformationaboutitsuseofnaturalresourcesorchangeswithinitssupplychaintoinformationaboutcurrentoranticipatedfinancialeffectsontheentity’sproductioncosts,itsstrategicresponsetomitigatethoserisksanditsrelatedinvestmentinnewassets.Theentitymightneedtolinknarrativeinformationtotherelatedmetricsandtargetsandtoinformationintherelatedfinancialstatements.Otherexamplesofconnectedinformationinclude:(a)anexplanationofthecombinedeffectsoftheentity’ssustainability-relatedrisksandopportunitiesanditsstrategyonitsfinancialposition,financialperformanceandcashflowsovertheshort,mediumandlongterm.Forexample,anentitymightfacedecreasingdemandforitsproductsbecauseofconsumerpreferencesforlower-carbonalternatives.Theentitymightneedtoexplainhowitsstrategicresponse,suchasclosingamajorfactory,couldaffectitsworkforceB42B43B44IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation33andlocalcommunities,andtheeffectofsuchaclosureontheusefullivesofitsassetsandonimpairmentassessments.(b)adescriptionofthealternativesthatanentityevaluatedinsettingitsstrategyinresponsetoitssustainability-relatedrisksandopportunities,includingadescriptionofthetrade-offsbetweenthoserisksandopportunitiesthattheentityconsidered(seeparagraph33(c)).Forexample,anentitymightneedtoexplainthepotentialeffectsofitsdecisiontorestructureitsoperationsinresponsetoasustainability-relatedriskonthefuturesizeandcompositionoftheentity’sworkforce.Informationincludedbycross-reference(paragraph63)InformationrequiredbyanIFRSSustainabilityDisclosureStandardmightbeavailableinanotherreportpublishedbytheentity.Forexample,therequiredinformationcouldbedisclosedintherelatedfinancialstatements.Materialinformationcanbeincludedinanentity’ssustainability-relatedfinancialdisclosuresbycross-reference,providedthat:(a)thecross-referencedinformationisavailableonthesametermsandatthesametimeasthesustainability-relatedfinancialdisclosures;and(b)thecompletesetofsustainability-relatedfinancialdisclosuresisnotmadelessunderstandablebyincludinginformationbycross-reference.Informationincludedbycross-referencebecomespartofthecompletesetofsustainability-relatedfinancialdisclosuresandshallcomplywiththerequirementsofIFRSSustainabilityDisclosureStandards.Forexample,itneedstoberelevant,representationallyfaithful,comparable,verifiable,timelyandunderstandable.Thebody(s)orindividual(s)thatauthorisesthegeneralpurposefinancialreportstakesthesameresponsibilityfortheinformationincludedbycross-referenceasitdoesfortheinformationincludeddirectly.IfinformationrequiredbyanIFRSSustainabilityDisclosureStandardisincludedbycross-reference:(a)thesustainability-relatedfinancialdisclosuresshallclearlyidentifythereportwithinwhichthatinformationislocatedandexplainhowtoaccessthatreport;and(b)thecross-referenceshallbetoapreciselyspecifiedpartofthatreport.Interimreporting(paragraph69)Intheinterestoftimelinessandcostconsiderations,andtoavoidrepetitionofinformationpreviouslyreported,anentitymayberequiredorchoosetoprovidelessinformationatinterimdatesthanitprovidesinitsannualsustainability-relatedfinancialdisclosures.Interimsustainability-relatedfinancialdisclosuresareintendedtoprovideanupdateonthelatestcompletesetofannualdisclosuresofsustainability-relatedfinancialinformation.Thesedisclosuresfocusonnewinformation,eventsandcircumstancesanddonotduplicateinformationpreviouslyreported.AlthoughtheinformationB45B46B47B48IFRSS1GENERALREQUIREMENTSFORDISCLOSUREOFSUSTAINABILITY-RELATEDFINANCIALINFORMATION—JUNE202334©IFRSFoundationprovidedininterimsustainability-relatedfinancialdisclosuresmaybemorecondensedthaninannualsustainability-relatedfinancialdisclosures,anentityisnotprohibitedordiscouragedfrompublishingacompletesetofsustainability-relatedfinancialdisclosuresasspecifiedinthisStandardaspartofitsinterimgeneralpurposefinancialreport.Comparativeinformation(paragraphs52,70and83–86)Paragraph70requiresanentitytodisclosecomparativeinformationinrespectoftheprecedingperiodforallamountsdisclosedinthereportingperiod.MetricsInsomecases,theamountdisclosedforametricisanestimate.ExceptasspecifiedinparagraphB51,ifanentityidentifiesnewinformationinrelationtotheestimatedamountdisclosedintheprecedingperiodandthenewinformationprovidesevidenceofcircumstancesthatexistedinthatperiod,theentityshall:(a)disclosearevisedcomparativeamountthatreflectsthatnewinformation;(b)disclosethedifferencebetweentheamountdisclosedintheprecedingperiodandtherevisedcomparativeamount;and(c)explainthereasonsforrevisingthecomparativeamount.InapplyingtherequirementinparagraphB50,anentityneednotdisclosearevisedcomparativeamount:(a)ifitisimpracticabletodoso(seeparagraphB54).(b)ifthemetricisforward-looking.Forward-lookingmetricsrelatetopossiblefuturetransactions,eventsandotherconditions.Theentityispermittedtoreviseacomparativeamountforaforward-lookingmetricifdoingsodoesnotinvolvetheuseofhindsight.Ifanentityredefinesorreplacesametricinthereportingperiod,theentityshall:(a)disclosearevisedcomparativeamount,unlessitisimpracticabletodoso;(b)explainthechanges;and(c)explainthereasonsforthosechanges,includingwhytheredefinedorreplacementmetricprovidesmoreusefulinformation.Ifanentityintroducesanewmetricinthereportingperiod,itshalldiscloseacomparativeamountforthatmetricunlessitisimpracticabletodoso.Sometimes,itisimpracticabletoreviseacomparativeamounttoachievecomparabilitywiththereportingperiod.Forexample,datamightnothavebeencollectedintheprecedingperiodinawaythatallowsretrospectiveapplicationofanewdefinitionofametric,anditmightbeimpracticabletoB49B50B51B52B53B54IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation35recreatethedata.Ifitisimpracticabletoreviseacomparativeamountfortheprecedingperiod,anentityshalldisclosethatfact.ErrorsParagraph83requiresanentitytocorrectmaterialpriorperioderrors.Sucherrorsinclude:theeffectsofmathematicalmistakes,mistakesinapplyingthedefinitionsformetricsortargets,oversightsormisinterpretationsoffacts,andfraud.Potentialreportingperioderrorsdiscoveredinthatperiodarecorrectedbeforethesustainability-relatedfinancialdisclosuresareauthorisedforissue.However,materialerrorsaresometimesnotdiscovereduntilasubsequentperiod.Ifanentityidentifiesamaterialerrorinitspriorperiod(s)sustainability-relatedfinancialdisclosures,itshalldisclose:(a)thenatureofthepriorperioderror;(b)thecorrection,totheextentpracticable,foreachpriorperioddisclosed;and(c)ifcorrectionoftheerrorisimpracticable,thecircumstancesthatledtotheexistenceofthatconditionandadescriptionofhowandfromwhentheerrorhasbeencorrected.Whenitisimpracticabletodeterminetheeffectofanerroronallpriorperiodspresented,theentityshallrestatethecomparativeinformationtocorrecttheerrorfromtheearliestdatepracticable.B55B56B57B58B59IFRSS1GENERALREQUIREMENTSFORDISCLOSUREOFSUSTAINABILITY-RELATEDFINANCIALINFORMATION—JUNE202336©IFRSFoundationAppendixCSourcesofguidanceThisappendixisanintegralpartofIFRSS1andhasthesameauthorityastheotherpartsoftheStandard.ThisStandardrequires(seeparagraph57)thatintheabsenceofanIFRSSustainabilityDisclosureStandardthatspecificallyappliestoasustainability-relatedriskoropportunity,anentityshallapplyjudgementtoidentifyinformationthat:(a)isrelevanttothedecision-makingofusersofgeneralpurposefinancialreports;and(b)faithfullyrepresentsthatsustainability-relatedriskoropportunity.Inmakingthatjudgement,anentitymay—totheextentthatthesesourcesassisttheentityinmeetingtheobjectiveofthisStandard(seeparagraphs1–4)anddonotconflictwithIFRSSustainabilityDisclosureStandards—refertoandconsidertheapplicabilityof:(a)theGlobalReportingInitiativeStandards;and(b)theEuropeanSustainabilityReportingStandards.InapplyingthesourcesofguidancespecifiedinparagraphC2,anentityshallnotobscurematerialinformationrequiredbyIFRSSustainabilityDisclosureStandards(seeparagraphB27).IfanentityappliesthesourcesofguidancespecifiedinparagraphC2withoutapplyingtherequirementsinIFRSSustainabilityDisclosureStandards,theentityshallnotmakeanexplicitandunreservedstatementofcompliancewithIFRSSustainabilityDisclosureStandards.C1C2C3IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation37AppendixDQualitativecharacteristicsofusefulsustainability-relatedfinancialinformationThisappendixisanintegralpartofIFRSS1andhasthesameauthorityastheotherpartsoftheStandard.IntroductionTheConceptualFrameworkforFinancialReporting(ConceptualFramework)wasissuedbytheInternationalAccountingStandardsBoard(IASB).Itdescribestheobjectiveof,andtheconceptsthatapplyto,generalpurposefinancialreports.OnepurposeoftheConceptualFrameworkistoassisttheIASBtodevelopIFRSAccountingStandardsforpreparingfinancialstatementsbasedonconsistentconcepts.Sustainability-relatedfinancialdisclosuresarepartofgeneralpurposefinancialreports.ThequalitativecharacteristicsintheConceptualFramework,therefore,applytosustainability-relatedfinancialinformation.However,thenatureofsomeoftheinformationrequiredtomeettheobjectiveofthisStandard(seeparagraphs1–4)differsinsomerespectsfromtheinformationprovidedinfinancialstatements.Sustainability-relatedfinancialinformationisusefulifitisrelevantandfaithfullyrepresentswhatitpurportstorepresent.Relevanceandfaithfulrepresentationarefundamentalqualitativecharacteristicsofusefulsustainability-relatedfinancialinformation.Theusefulnessofsustainability-relatedfinancialinformationisenhancediftheinformationiscomparable,verifiable,timelyandunderstandable.Comparability,verifiability,timelinessandunderstandabilityareenhancingcharacteristicsofusefulsustainability-relatedfinancialinformation.Fundamentalqualitativecharacteristicsofusefulsustainability-relatedfinancialinformationRelevanceRelevantsustainability-relatedfinancialinformationiscapableofmakingadifferenceinthedecisionsmadebyprimaryusers.Informationmaybecapableofmakingadifferenceinadecisionevenifsomeuserschoosenottotakeadvantageofitorarealreadyawareofitfromothersources.Sustainability-relatedfinancialinformationiscapableofmakingadifferenceindecisionsmadebyusersifithaspredictivevalue,confirmatoryvalueorboth.Sustainability-relatedfinancialinformationhaspredictivevalueifitcanbeusedasaninputtoprocessesemployedbyprimaryuserstopredictfutureoutcomes.Sustainability-relatedfinancialinformationneednotbeapredictionorforecasttohavepredictivevalue.Sustainability-relatedfinancialinformationwithpredictivevalueisemployedbyprimaryusersinmakingtheirownpredictions.Forexample,informationaboutwaterquality,whichD1D2D3D4D5IFRSS1GENERALREQUIREMENTSFORDISCLOSUREOFSUSTAINABILITY-RELATEDFINANCIALINFORMATION—JUNE202338©IFRSFoundationcanincludeinformationaboutthewaterbeingpolluted,couldinformtheexpectationsofusersabouttheabilityofanentitytomeetlocalwater-qualityrequirements.Sustainability-relatedfinancialinformationhasconfirmatoryvalueifitprovidesfeedbackabout(confirmsorchanges)previousevaluations.Thepredictivevalueandconfirmatoryvalueofsustainability-relatedfinancialinformationareinterrelated.Informationthathaspredictivevalueoftenalsohasconfirmatoryvalue.Forexample,informationforthecurrentyearaboutgreenhousegasemissions,whichcanbeusedasthebasisforpredictinggreenhousegasemissionsinfutureyears,canalsobecomparedwithpredictionsaboutgreenhousegasemissionsforthecurrentyearthatweremadeinpastyears.Theresultsofthosecomparisonscanhelpausertocorrectandimprovetheprocessesthatwereusedtomakethosepreviouspredictions.MaterialityInformationismaterialifomitting,misstatingorobscuringthatinformationcouldreasonablybeexpectedtoinfluencedecisionsthattheprimaryusersofgeneralpurposefinancialreportsmakeonthebasisofthosereports,whichprovideinformationaboutaspecificreportingentity.Inotherwords,materialityisanentity-specificaspectofrelevance.Thematerialityofinformationisassessedinthecontextofanentity’ssustainability-relatedfinancialdisclosuresandisbasedonthenatureormagnitudeoftheitemtowhichtheinformationrelates,orboth.FaithfulrepresentationSustainability-relatedfinancialinformationrepresentsphenomenainwordsandnumbers.Tobeuseful,theinformationmustnotonlyrepresentrelevantphenomena,itmustalsofaithfullyrepresentthesubstanceofthephenomenathatitpurportstorepresent.Tobeafaithfulrepresentation,adepictionwouldbecomplete,neutralandaccurate.Theobjectiveofgeneralpurposefinancialreportsistomaximisethosequalitiestotheextentpossible.Acompletedepictionofasustainability-relatedriskoropportunityincludesallmaterialinformationnecessaryforprimaryuserstounderstandthatriskoropportunity.Sustainability-relatedfinancialinformationshallbeneutral.Aneutraldepictionisonewithoutbiasintheselectionordisclosureofinformation.Informationisneutralifitisnotslanted,weighted,emphasised,de-emphasisedorotherwisemanipulatedtomakeitmorelikelythatprimaryuserswillreceivethatinformationfavourablyorunfavourably.Neutralinformationisnotinformationwithoutpurposeorwithoutinfluenceonbehaviour.Onthecontrary,relevantinformationis,bydefinition,capableofmakingadifferenceinusers’decisions.D6D7D8D9D10D11D12IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation39Somesustainability-relatedfinancialinformation—forexample,targetsorplans—isaspirational.Aneutraldiscussionofsuchmatterscoversbothaspirationsandthefactorsthatcouldpreventanentityfromachievingtheseaspirations.Neutralityissupportedbytheexerciseofprudence.Prudenceistheexerciseofcautionwhenmakingjudgementsunderconditionsofuncertainty.Theexerciseofprudencemeansthatopportunitiesarenotoverstatedandrisksarenotunderstated.Equally,theexerciseofprudencedoesnotallowfortheunderstatementofopportunitiesortheoverstatementofrisks.Sustainability-relatedfinancialinformationshallbeaccurate.Informationcanbeaccuratewithoutbeingperfectlypreciseinallrespects.Theprecisionneededandattainable,andthefactorsthatmakeinformationaccurate,dependonthenatureoftheinformationandthenatureofthematterstowhichitrelates.Forexample,accuracyrequiresthat:(a)factualinformationisfreefrommaterialerror;(b)descriptionsareprecise;(c)estimates,approximationsandforecastsareclearlyidentifiedassuch;(d)nomaterialerrorsaremadeinselectingandapplyinganappropriateprocessfordevelopinganestimate,approximationorforecast;(e)assertionsandinputsusedindevelopingestimatesarereasonableandbasedoninformationofsufficientqualityandquantity;and(f)informationonjudgementsaboutthefuturefaithfullyreflectsboththosejudgementsandtheinformationonwhichtheyarebased.Enhancingqualitativecharacteristicsofusefulsustainability-relatedfinancialinformationTheusefulnessofsustainability-relatedfinancialinformationisenhancedifitiscomparable,verifiable,timelyandunderstandable.ComparabilityThedecisionsmadebytheprimaryusersofgeneralpurposefinancialreportsinvolvechoosingbetweenalternatives;forexample,sellingorholdinganinvestment,orinvestinginonereportingentityoranother.Comparabilityisthecharacteristicthatenablesuserstoidentifyandunderstandsimilaritiesin,anddifferencesamong,items.Unliketheotherqualitativecharacteristics,comparabilitydoesnotrelatetoasingleitem.Acomparisonrequiresatleasttwoitems.Informationismoreusefultousersifitisalsocomparable,thatis,ifitcanbecomparedwith:(a)informationprovidedbytheentityinpreviousperiods;and(b)informationprovidedbyotherentities,inparticularthosewithsimilaractivitiesoroperatingwithinthesameindustry.D13D14D15D16D17IFRSS1GENERALREQUIREMENTSFORDISCLOSUREOFSUSTAINABILITY-RELATEDFINANCIALINFORMATION—JUNE202340©IFRSFoundationSustainability-relatedfinancialdisclosuresshallbeprovidedinawaythatenhancescomparability.Consistencyisrelatedto,butisnotthesameas,comparability.Consistencyreferstotheuseofthesameapproachesormethodsforprovidingdisclosuresaboutthesamesustainability-relatedrisksandopportunities,fromperiodtoperiod,bothbyareportingentityandotherentities.Comparabilityisthegoal;consistencyhelpstoachievethatgoal.Comparabilityisnotuniformity.Forinformationtobecomparable,likethingsshalllookalikeanddifferentthingsshalllookdifferent.Comparabilityofsustainability-relatedfinancialinformationisnotenhancedbymakingunlikethingslookalikeanymorethanitisenhancedbymakinglikethingslookdifferent.VerifiabilityVerifiabilityhelpstogiveusersconfidencethatinformationiscomplete,neutralandaccurate.Informationisverifiableifitispossibletocorroborateeithertheinformationitselfortheinputsusedtoderiveit.Verifiableinformationismoreusefultoprimaryusersthaninformationthatisnotverifiable.Verifiabilitymeansthatvariousknowledgeableandindependentobserverscouldreachconsensus,althoughnotnecessarilycompleteagreement,thataparticulardepictionisafaithfulrepresentation.Quantifiedinformationneednotbeasinglepointestimatetobeverifiable.Arangeofpossibleamountsandtherelatedprobabilitiescouldalsobeverified.Sustainability-relatedfinancialinformationshallbeprovidedinawaythatenhancesitsverifiability.Verifiabilitycanbeenhancedby,forexample:(a)includinginformationthatcanbecorroboratedbycomparingitwithotherinformationavailabletoprimaryusersaboutanentity’sbusiness,aboutotherbusinessesorabouttheexternalenvironmentinwhichtheentityoperates;(b)providinginformationaboutinputsandmethodsofcalculationusedtoproduceestimatesorapproximations;and(c)providinginformationreviewedandagreedbytheentity’sboard,boardcommitteesorequivalentbodies.Somesustainability-relatedfinancialinformationwillbepresentedasexplanationsorforward-lookinginformation.Thatinformationcanbesupportable,forexamplebyfaithfullyrepresentingfact-basedstrategies,plansandriskanalyses.Tohelpprimaryusersdecidewhethertousesuchinformation,anentityshalldescribetheunderlyingassumptionsandmethodsofproducingtheinformation,aswellasotherfactorsthatprovideevidencethattheinformationreflectstheactualplansordecisionsmadebytheentity.D18D19D20D21D22D23D24IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation41TimelinessTimelinessmeanshavinginformationavailabletodecision-makersintimetobecapableofinfluencingtheirdecisions.Generally,theolderinformationis,thelessusefulitis.However,someinformationmaycontinuetobetimelylongaftertheendofareportingperiodbecause,forexample,someusersmayneedtoidentifyandassesstrends.UnderstandabilitySustainability-relatedfinancialinformationshallbeclearandconcise.Forsustainability-relatedfinancialdisclosurestobeconcise,theyneed:(a)toavoidgenericinformation,sometimescalled‘boilerplate’,thatisnotspecifictotheentity;(b)toavoidduplicationofinformationinthegeneralpurposefinancialreports,includingunnecessaryduplicationofinformationalsoprovidedintherelatedfinancialstatements;and(c)touseclearlanguageandclearlystructuredsentencesandparagraphs.Theclearestformadisclosurecantakewilldependonthenatureoftheinformationandmightincludetables,graphsordiagramsinadditiontonarrativetext.Ifgraphsordiagramsareused,additionaltextortablesmightbenecessarytoavoidobscuringmaterialdetail.Claritymightbeenhancedbydistinguishinginformationaboutdevelopmentsinthereportingperiodfrom‘standing’informationthatremainsunchanged,orchangeslittle,fromoneperiodtothenext—forexample,byseparatelydescribingfeaturesofanentity’ssustainability-relatedgovernanceandriskmanagementprocessesthathavechangedsincethepreviousreportingperiod.Disclosuresareconciseiftheyincludeonlymaterialinformation.Anyimmaterialinformationincludedshallbeprovidedinawaythatavoidsobscuringmaterialinformation.Somesustainability-relatedrisksandopportunitiesareinherentlycomplexandmightbedifficulttopresentinamannerthatiseasytounderstand.Anentityshallpresentsuchinformationasclearlyaspossible.However,complexinformationabouttheserisksandopportunitiesshallnotbeexcludedfromgeneralpurposefinancialreportstomakethosereportseasiertounderstand.Excludingsuchinformationwouldrenderthosereportsincompleteand,therefore,possiblymisleading.Thecompleteness,clarityandcomparabilityofsustainability-relatedfinancialinformationallrelyoninformationbeingpresentedasacoherentwhole.Forsustainability-relatedfinancialinformationtobecoherent,itshallbepresentedinawaythatexplainsthecontextandtheconnectionsbetweentherelateditemsofinformation.D25D26D27D28D29D30D31IFRSS1GENERALREQUIREMENTSFORDISCLOSUREOFSUSTAINABILITY-RELATEDFINANCIALINFORMATION—JUNE202342©IFRSFoundationIfsustainability-relatedrisksandopportunitieslocatedinonepartofanentity’sgeneralpurposefinancialreportshaveimplicationsforinformationdisclosedinotherparts,theentityshallincludetheinformationnecessaryforuserstoassessthoseimplications.Coherencealsorequiresanentitytoprovideinformationinawaythatallowsuserstorelateinformationaboutitssustainability-relatedrisksandopportunitiestoinformationintheentity’sfinancialstatements.D32D33IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation43AppendixEEffectivedateandtransitionThisappendixisanintegralpartofIFRSS1andhasthesameauthorityastheotherpartsoftheStandard.EffectivedateAnentityshallapplythisStandardforannualreportingperiodsbeginningonorafter1January2024.Earlierapplicationispermitted.IfanentityappliesthisStandardearlier,itshalldisclosethatfactandapplyIFRSS2Climate-relatedDisclosuresatthesametime.ForthepurposesofapplyingparagraphsE3–E6,thedateofinitialapplicationisthebeginningoftheannualreportingperiodinwhichanentityfirstappliesthisStandard.TransitionAnentityisnotrequiredtoprovidethedisclosuresspecifiedinthisStandardforanyperiodbeforethedateofinitialapplication.Accordingly,anentityisnotrequiredtodisclosecomparativeinformationinthefirstannualreportingperiodinwhichitappliesthisStandard.InthefirstannualreportingperiodinwhichanentityappliesthisStandard,theentityispermittedtoreportitssustainability-relatedfinancialdisclosuresafteritpublishesitsrelatedfinancialstatements.Inapplyingthistransitionrelief,anentityshallreportitssustainability-relatedfinancialdisclosures:(a)atthesametimeasitsnextsecond-quarterorhalf-yearinterimgeneralpurposefinancialreport,iftheentityisrequiredtoprovidesuchaninterimreport;(b)atthesametimeasitsnextsecond-quarterorhalf-yearinterimgeneralpurposefinancialreport,butwithinninemonthsoftheendoftheannualreportingperiodinwhichtheentityfirstappliesthisStandard,iftheentityvoluntarilyprovidessuchaninterimreport;or(c)withinninemonthsoftheendoftheannualreportingperiodinwhichtheentityfirstappliesthisStandard,iftheentityisnotrequiredtoanddoesnotvoluntarilyprovideaninterimgeneralpurposefinancialreport.InthefirstannualreportingperiodinwhichanentityappliesthisStandard,theentityispermittedtodiscloseinformationononlyclimate-relatedrisksandopportunities(inaccordancewithIFRSS2)andconsequentlyapplytherequirementsinthisStandardonlyinsofarastheyrelatetothedisclosureofinformationonclimate-relatedrisksandopportunities.Ifanentityusesthistransitionrelief,itshalldisclosethatfact.IfanentityusesthetransitionreliefinparagraphE5:E1E2E3E4E5E6IFRSS1GENERALREQUIREMENTSFORDISCLOSUREOFSUSTAINABILITY-RELATEDFINANCIALINFORMATION—JUNE202344©IFRSFoundation(a)inthefirstannualreportingperiodinwhichtheentityappliesthisStandard,itisnotrequiredtodisclosecomparativeinformationaboutitsclimate-relatedrisksandopportunities(seeparagraphE3);and(b)inthesecondannualreportingperiodinwhichtheentityappliesthisStandard,itisnotrequiredtodisclosecomparativeinformationaboutitssustainability-relatedrisksandopportunities,otherthanitsclimate-relatedrisksandopportunities.IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation45ApprovalbytheISSBofIFRSS1GeneralRequirementsfortheDisclosureofSustainability-relatedFinancialInformationissuedinJune2023IFRSS1GeneralRequirementsfortheDisclosureofSustainability-relatedFinancialInformationwasapprovedforissuebyall14membersoftheInternationalSustainabilityStandardsBoard.EmmanuelFaberChairJingdongHuaVice-ChairSuzanneLloydVice-ChairRichardBarkerJennyBofinger-SchusterVerityChegarJeffreyHalesMichaelJantziHiroshiKomoriBingLengNdidiNnoli-EdozienTae-YoungPaikVeronikaPountchevaElizabethSeegerIFRSS1GENERALREQUIREMENTSFORDISCLOSUREOFSUSTAINABILITY-RELATEDFINANCIALINFORMATION—JUNE202346©IFRSFoundation©IFRSFoundation47ColumbusBuilding7WestferryCircusCanaryWharfLondonE144HD,UKTel+44(0)2072466410Emailsustainability_licensing@ifrs.orgifrs.orgInternationalFinancialReportingStandards®,IFRSFoundation®,IFRS®,IAS®,IFRIC®,SIC®,IASB®,ISSBTM,IFRSforSMEs®

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