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Introduction
The world of financial reporting is undergoing a significant transformation, driven by the urgency to address environmental, social, and governance (ESG) issues. As stakeholders increasingly demand transparency and accountability in corporate sustainability practices, global financial standards are evolving to meet these demands. The International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards are at the forefront of this change. This month, at the World Investment Forum 2023, the IFRS Foundation, in partnership with other key players in the finance industry, will host a workshop dedicated to shedding light on what these new standards mean and how they will impact the financial world.
The IFRS Foundation and the World Investment Forum
The IFRS Foundation is a global organization that is dedicated to developing and promoting high-quality, global accounting standards for financial reporting. With the increasing focus on sustainability and ESG factors, the IFRS Foundation recognized the need for a standardized framework to guide companies in disclosing non-financial information. This led to the development of the IFRS Sustainability Disclosure Standards.
The World Investment Forum is an annual event that brings together experts, policymakers, and business leaders from all over the world to discuss key issues related to global investment and sustainable development.
Understanding the IFRS Sustainability Disclosure Standards S1 and S2
The IFRS Sustainability Disclosure Standards consist of two main parts: S1 and S2. These standards have been carefully crafted to help organizations communicate their sustainability performance effectively to stakeholders.
1. IFRS Sustainability Disclosure Standard S1
IFRS Sustainability Disclosure Standard S1 focuses on general sustainability-related disclosures. It provides a comprehensive framework for companies to report on a wide range of sustainability topics, including environmental, social, and governance issues. Companies will be required to disclose information related to their impact on the environment, such as emissions and resource consumption, social matters like diversity and labor practices, and governance practices that ensure ethical and responsible business conduct. S1 is expected to be a foundational document for organizations seeking to enhance their transparency in these areas.
2. IFRS Sustainability Disclosure Standard S2
IFRS Sustainability Disclosure Standard S2, on the other hand, deals specifically with climate-related disclosures. It provides guidance on the disclosure of climate-related risks and opportunities, helping investors and other stakeholders understand how climate change may impact a company's financial performance. S2 emphasizes the importance of scenario analysis, which allows companies to assess the potential impacts of different climate scenarios on their business operations and financial stability.
What to Expect at the Workshop
The workshop at the World Investment Forum 2023, organized in partnership with the IFRS Foundation, promises to be a valuable resource for attendees. Here's what you can expect:
In-Depth Discussions: The workshop will feature in-depth discussions on the implications of the IFRS Sustainability Disclosure Standards. Experts will delve into the details of S1 and S2, offering practical insights on how organizations can align with these standards.
Expert Speakers: Leading experts in sustainability reporting, finance, and accounting will share their knowledge and experiences. They will shed light on the relevance of these standards for businesses, investors, and regulators.
Case Studies: Real-world case studies will illustrate the practical application of S1 and S2. Attendees will gain a deeper understanding of how companies have successfully adopted these standards to enhance their ESG disclosures.
Interactive Sessions: Workshops and interactive sessions will provide attendees with the opportunity to engage with experts and peers, fostering a collaborative learning environment.
Networking Opportunities: The event will offer ample networking opportunities for professionals interested in sustainable finance and accounting. Attendees can connect with like-minded individuals and build valuable relationships.
Conclusion
The release of the IFRS Sustainability Disclosure Standards S1 and S2 represents a pivotal moment in the world of finance and sustainability reporting. As companies strive to meet the growing demand for ESG transparency, these standards provide a globally recognized framework for disclosure. The workshop at the World Investment Forum 2023, in collaboration with the IFRS Foundation, is a must-attend event for anyone looking to understand, implement, or adapt to these groundbreaking standards. By participating in the discussions, attendees will not only gain invaluable knowledge but also contribute to the ongoing evolution of financial reporting in a sustainable world.
8TH WORLD INVESTMENT FORUM 2023 PROGRAMME :
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