ICAEW SE · Chapter 5 · Question 1 of 13
The International Sustainability Standards Board (ISSB) has issued IFRS S1 and IFRS S2. What is the main difference between them?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: A) IFRS S1 sets general requirements for disclosing sustainability-related financial information, whereas IFRS S2 sets specific requirements for climate-related disclosures
Explanation
IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is the overarching standard. IFRS S2 Climate-related Disclosures deals specifically with climate-related risks and opportunities. Neither standard sets assurance requirements, which are a matter for assurance standard-setters and regulators.
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