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ISSB: The proposed way forward for nature-related disclosures
- 18 June 2026
- Sustainability Reporting
- South African Accounting Academy
Summary:
The International Sustainability Standards Board (ISSB) has agreed on the way forward to propose requirements for nature-related disclosures – in the form of an IFRS Practice Statement (to be published in the last quarter of 2026).
Article:
The Practice Statement would complement IFRS S1 and IFRS S2 without changing the requirements in the Standards.
The ISSB’s existing Standards already require companies to provide material information about all sustainability-related risks and opportunities, including nature-related risks and opportunities that could reasonably be expected to affect a company’s prospects.
The Practice Statement would complement IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures, without changing the requirements in the Standards. When a company needs to provide information about nature-related risks and opportunities in accordance with IFRS S1, the Practice Statement would explain how to do this. This form of standard-setting therefore minimises disruption, which is particularly important because companies and jurisdictions are in the process of implementing and adopting the ISSB Standards.
The ISSB aims to publish an exposure draft for public comment in October 2026, giving stakeholders the opportunity to provide feedback on the proposed requirements, including on whether an IFRS Practice Statement is the right form of standard-setting for nature-related disclosures.
Applying the Practice Statement would have the full effect of an ISSB Standard for companies applying it. At the same time, it provides the ISSB with a pathway to a standard-based outcome in the future.
In addition to the form of standard-setting, at this meeting the ISSB discussed aspects of the content of the nature-related disclosures, including how they would draw upon the TNFD framework.
Click here to access more information:
Relevance to Auditors, Independent Reviewers & Accountants:
- As an auditor and independent reviewer, your clients need to comply with IFRS and the relevant disclosure requirements – specifically the nature-related disclosure. This means that you need knowledge of the impact of upcoming amendments to standards and practice statements that are approved as well as when they become effective.
- Failure to adhere to International standards on Sustainability may be interpreted as con-compliance with a financial reporting framework, and may influence the opinion/conclusion expressed on the annual financial statements.
- As an auditor, compiler and independent reviewer, you should be aware of proposed changes to existing IFRS standards and related practice statements issued by the standard-setting bodies, e.g. the IAASB, ISSB, etc.
Relevance to Your clients:
- Applies to any entity that is required, or chooses, to prepare general purpose financial statements.
- General purpose financial reporting encompasses—but is not restricted to—an entity’s general purpose financial statements and sustainability-related financial disclosures.
- Failure to adhere to International standards on Sustainability may be interpreted as con-compliance with a financial reporting framework, and may influence the opinion/conclusion expressed on the annual financial statements.
- Compilers of annual financial statements should be aware of proposed changes to existing IFRS standards and related practice statements issued by the standard-setting bodies, e.g. the IAASB, ISSB, etc.