Transitioning to ISSB requirements is not a mere labelling change
Closing this reporting gap can help companies maintain credibility and competitiveness as more stakeholders demand climate accountability
THE recently released EY-CPA Australia report on the state of climate reporting in Singapore revealed that more than two-thirds of Singapore-listed companies are falling behind on upcoming reporting requirements for companies with financial year commencing on or after Jan 1, 2025.
Under the Singapore Exchange’s (SGX) road map for mandatory climate reporting, companies are expected to transition from the current Task Force on Climate-Related Financial Disclosures (TCFD) requirements to International Sustainability Standards Board (ISSB) requirements. Companies must understand that the change from TCFD to ISSB is not a straightforward labelling change.
While all 11 TCFD disclosure elements are incorporated into the ISSB requirements, there are additional disclosures that companies need to make.
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