The latest update from the IFRS Foundation’s technical readiness working group has clarified the work completed so far with the group preparing an enhanced prototype of climate standards drawing on the Taskforce on Climate Related Disclosures, already adopted by major listed entities.

Lee White, executive director of the IFRS Foundation said: ‘Over the past year, the IFRS Foundation trustees have been considering the creation of the new ISSB under the Foundation’s structure.

‘The working group has refined the climate prototype built on TCFD disclosures and has considered concepts to guide the standard setting. They have also formulated a joint strategic recommendation for reaching the potential transfer of content, technical expertise and resources.