In September 2022, the Professional Regulatory Board of Accountancy (BOA) issued Board Resolution No. 44 (s. 2022) that contains the approval of the following:

  • Adoption of the IFRS Sustainability Disclosure Standards that will be developed by the International Sustainability Standards Board (ISSB) in the preparation of the general-purpose financial statements; and
  • Renaming of the Financial Reporting Standards Council (FRSC) to Financial and Sustainability Reporting Standards Council (FSRSC)

The change in name considers the expanded role of FSRSC in the adoption of future Sustainability Disclosure Standards. This is in light of the increasing demand for high quality, transparent, reliable and comparable reporting by companies on climate and other environmental, social and governance (ESG) matters.

For further information about the ISSB and its activities, please refer to this link.