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Illustrative Sustainability Report: Based on the GRI Standards and IFRS Sustainability Disclosure Standards
In June 2023, the International Sustainability Standards Board issued its inaugural standards, IFRS S1 General Requirements for Disclosure of Sustainability‑related Financial Information and IFRS S2 Climate-related Disclosures. These Standards would become effective for annual reporting periods beginning on or after 1 January 2024.
On 28 February 2024, Singapore announced that mandatory climate-related disclosures will be introduced in a phased approach, in line with the recommendations from the Sustainability Reporting Advisory Committee. In September 2024, Singapore Exchange Regulation enhanced its sustainability reporting regime and will start incorporating the latest international standards into its sustainability reporting regime following broad support from respondents to a public consultation.
Based on a study conducted by the National University of Singapore Centre for Governance and Sustainability, more than 80% of reporters across the ASEAN countries, including Singapore, have adopted GRI Standards as a common standard for sustainability reporting.
The Illustrative Sustainability Report: Based on the GRI Standards and IFRS Sustainability Disclosure Standards has been developed to illustrate how an entity might apply the IFRS S1 and IFRS S2 requirements concurrently with the GRI Standards. As this is an iterative process, we expect the application to evolve over time in practice.
