Speaking during the launch at a Nairobi hotel ICPAK chairperson George Mokua has said that additional financing for climate adaptation and mitigation is required since IFRS S1 provides a set of disclosure requirements designed to enable companies to communicate to investors about the sustainability-related risks and opportunities they face over the short, medium, and long term.
IFRS S2 sets out specific climate-related disclosures and is designed to be used with IFRS S1 to incorporate the recommendations of the Task Force on Climate-related Financial
Disclosures (TCFD).Mokua has urged the sector players to adopt the standards for books of accounting.
Development of ISSB IFRS S1 and IFRS S2 was as a result of extensive market feedback in response to calls from the G20, the Financial Stability Board, the International Organization of Securities Commissions (IOSCO), and business and investor community leaders will support a comprehensive global baseline of sustainability-related disclosures which demand for a consistent understanding of how sustainability factors affect companies’ prospects.
The ISSB Standards are designed to ensure that companies provide sustainability-related information alongside financial statements in the same reporting package.
IFRS S1 and IFRS S2 are intended to improve the alignment and interoperability of global ESG
standards and reduce reporting burden.
