10 May 2023

Time to prepare for S1 and S2

In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please re-read the article before attempting the questions again.

  1. What is the ISSB?

  2. How many standards are currently in development by the ISSB?

  3. Which, if any, of the following statements are true? Statement 1, The new ISSB Standards will be called IFRS S1 and IFRS S2, or Statement 2, The aim is to issue the new ISSB Standards in 2023

  4. What is IFRS S1?

  5. What is IFRS S2?

  6. If no ISSB Standard exists, what other guidance should firms consider?

  7. When should sustainability disclosures be provided?

  8. Which of these proposals, if any, is outlined by IFRS S1? Proposal 1, Disclose all material sustainability-related risks and opportunities, or Proposal 2, The definition of materiality will be the same as used under IFRS

  9. Where should sustainability disclosures be included in the general reporting package?

  10. Which, if any, of the following statements is correct? Statement 1, IFRS S1 is an underpinning standard, rather than containing specific disclosures, or Statement 2, Implementation of these standards will be applicable in 2023

1 Unit