The ISSB decision to amend the standard so soon after it was introduced followed feedback from the implementation experience of early adopters and corporate reporters, who were concerned about the potential duplication of reporting requirements.

Sue Lloyd, ISSB vice-chair, said: ‘Proposing these amendments to a relatively new standard is not a decision that was taken lightly – we have carefully considered the need for such amendments and have sought to balance the needs of investors while considering cost-effectiveness for preparers.’

The amendments to IFRS S2 aim to provide reliefs around the application of disclosure requirements relating to greenhouse gas (GHG) emissions specifically, while retaining the decision-usefulness of such information for investors.