Isca launches new sustainability guide for companies
It will help provide clarity on how to adopt climate-related requirements under the International Financial Reporting Standards Sustainability Disclosure Standards
TO ASSIST listed companies in navigating mandatory climate-related disclosures from 2025 onwards, the Institute of Singapore Chartered Accountants (Isca) has launched a guide to support entities in sustainability reporting.
From FY2025, Singapore will start phasing in mandatory climate-related disclosures. All listed issuers will be required to report and file annual climate-related disclosures, using requirements aligned with the International Sustainability Standards Board (ISSB) standards.
Isca has developed the Illustrative Sustainability Report: Based on the GRI Standards and IFRS Sustainability Disclosure Standards.
It will help provide clarity to entities which are already reporting under the Global Reporting Initiative (GRI) Standards on how to also adopt climate-related requirements under the ISSB’s International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards.
The report also highlights key transition reliefs and proportionality and application mechanisms offered by ISSB to address practical challenges businesses may face when applying these standards. It was developed with the support of Singapore Exchange Regulation (SGX RegCo).
“Since the Sustainability Reporting Advisory Committee recommended a road map for climate-related disclosures based on the IFRS Sustainability Disclosure Standards, we have heard requests from many companies for guidance,” said SGX RegCo CEO Tan Boon Gin.
Isca president Teo Ser Luck said: “At Isca, we recognise the critical role that transparent and comparable climate-related disclosures play in fostering sustainable business practices. Isca remains committed to supporting our members and the wider business community on their sustainability journey.”
In addition, large non-listed companies will be required to report and file climate-related disclosures from FY2027 onwards. They are defined as those with annual revenue of at least S$1 billion and total assets of at least S$500 million.
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