ISSB delivers proposals that create comprehensive global baseline of sustainability disclosures

On April 21, 2022, the Russian Integrated Reporting Committee held its regular meeting to review the methodological aspects and organizational issues of the International Sustainability Standards Board (ISSB) draft standards on general requirements for sustainability-related disclosures and requirements for climate-related disclosures

On April 21, 2022, the Russian Integrated Reporting Committee held its regular meeting to review the methodological aspects and organizational issues of the International Sustainability Standards Board (ISSB) draft standards on general requirements for sustainability-related disclosures and requirements for climate-related disclosures https://www.ifrs.org/news-and-events/news/2022/03/issb-delivers-proposals-that-create-comprehensive-global-baseline-of-sustainability-disclosures/.

Participants at the meeting, which included representatives from universities, businesses and auditing companies, noted the importance of the first step towards convergence and harmonization of non-financial disclosure requirements of different organizations. Along with this, many speakers recommended that these draft standards be considered in the context of national jurisdictions' requirements in a complex geopolitical environment.

The HSE presented an expert opinion of Associate Professor of the School of Finance, Doctor of Economics Kuzubov S.A., in which he pointed out the need for further refinement of these projects.  In particular, he proposed to preserve the concept of multiple capitals and the trinity of value (economic, social and environmental). At the same time, it was noted that for the first time "knowledge-based assets" (knowledge-based assets) were included in the list of disclosed information by the developers of the standard.   The significant impact of such disclosures on business value is confirmed by long-term research conducted by the HSE School of Finance.

The details and materials of the meeting can be found on the official website:

https://corporatereporting.ru/issb-exposure-drafts