Philippine Sustainability Reporting Committee (PSRC)

Sustainability Reporting Updates

Volume 2   |  March 2023

We are pleased to share with you the following key updates.

Global News

  1. February 2023 ISSB Update and podcast now available
    After its February meeting, the ISSB made its final decisions on all the technical content of its initial Standards. The Board has already commenced the drafting and balloting process of the IFRS S1 and S2 Standards, ahead of their expected issuance at the end of Q2 2023.

    The sources of guidance for identifying sustainability-related risks, opportunities, and disclosures, the effective date of ISSB standards, references to ESRS and GRI, proportionality and support for those applying IFRS S1 and IFRS S2, and future work were among the subjects covered in the discussion.

  2. ISSB ramps up activities to support global implementation ahead of issuing inaugural standards end Q2 2023
    The ISSB intends to focus its efforts on developing additional guidance and training materials and working with partners to deliver a core capacity building program after its affirmation on all technical content of the IFRS S1 and S2 Standards in February. This program would be made accessible to all market participants from various economic settings.
  3. Seven key takeaways from the IFRS Sustainability Symposium
    ISSB’s timeline, tools, as well as the global adoption of the IFRS Sustainability Disclosure Standards took centerstage at the IFRS Sustainability Symposium held last February 17 in Montreal. Over a thousand corporate leaders, investors, policymakers, regulators, and other stakeholders came together at the Symposium to talk about the forthcoming IFRS S1 and S1 Standards.
  4. Representatives of the ISSB and the Sustainability Standards Board of Japan hold inaugural bilateral meeting in Japan
    The two parties provided updates on their respective activities and discussed the issues related to the implementation of the IFRS Sustainability Disclosure Standards during the meeting.

    The representatives of the Sustainability Standards Board of Japan also provided an overview of their project plan for the development of the Japanese sustainability disclosure standards, which includes the issuance of Exposure Drafts by March 31, 2024, and the publication of Final Standards by March 31, 2025.

  5. ISSB Corporate Reporting Webinar Series
    IFRS registered users may access the recording and resources on the three-part Corporate Reporting Webinar Series conducted by the ISSB. The webinar series provides a thorough discussion of the ISSB’s proposed standards and explains how businesses can begin the groundwork, data collection, and reporting processes.
  6. GRI: Unearthing the truth about mining impacts
    The proposed GRI Mining Standard is the newest addition to a growing collection of Sector Standards, and a public comment period is open until April 30. The Standard, which was created by a multi-stakeholder expert committee, identifies 25 topics that cover the whole spectrum of impacts on mining organizations across the economic, social, and environmental dimensions.
  7. GRI: Release of revised GRI 304: Biodiversity 2016 expected in Q4 2023
    GRI has initiated a project to update the Biodiversity Standard (GRI 304) in response to escalating concerns over biodiversity loss. A public comment for the exposure draft will begin later this year, with publication of the new Standard expected in Q3 or Q4 2023.