IFRS and GRI Sustainable Disclosure Interoperability
The International Financial Reporting Standards Foundation (IFRS) and the Global Reporting Initiative (GRI) announces enhanced cooperation on sustainable disclosure interoperability, aiming to provide stakeholders with a comprehensive and consistent sustainable reporting system.
IFRS previously issued guidance on sustainable disclosure standards interoperability with the European Financial Reporting Advisory Group to strengthen the consistency of the European Sustainability Reporting Standards (ESRS) and the International Sustainability Standards Board (ISSB) sustainable disclosure standards.
Related Post: IFRS and EFRAG Releases Interoperability Guidance on Sustainable Disclosure Standards
Enhanced Cooperation on Sustainable Disclosure Interoperability
In March 2022, IFRS and GRI signed a memorandum of understanding emphasizing the importance of compatibility and relevance of the two parties’ standards and plans to reduce complexity in sustainable development disclosure. This cooperation will optimize the use of GRI and ISSB standards and strengthen companies’ reporting capabilities on sustainable risks and opportunities. IFRS and GRI plan to adjust the scope and information requirements of their respective standards, and use the biodiversity sustainability disclosure standard as a pilot to strengthen the interoperability between the GRI101 biodiversity standard and the ISSB’s upcoming biodiversity standards.
Last November, IFRS and GRI jointly established the Sustainability Innovation Lab (SIL) to cultivate companies’ sustainable development capabilities and promote sustainable information disclosure. In January this year, IFRS and GRI released a greenhouse gas disclosure interoperability document to standardize greenhouse gas information disclosure based on different standards. IFRS will continue to meet investors’ needs for corporate sustainability disclosure, and GRI will continue to meet investors and other stakeholders’ needs for measuring corporate economic, environmental and social impacts. The two parties will launch a public consultation on proposed amendments to their respective standards
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