IFRS Foundation publishes comparison of IFRS S2 with the TCFD Recommendations

In the reference table published by the IFRS Foundation on 24 July 2023, the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) are compared with the provisions of IFRS S2 Climate-related financial disclosures. The IFRS Foundation concludes that the requirements in IFRS S2 are in line with the four core recommendations and the eleven recommended disclosures of the TCFD, and that ISSB preparers thus comply with the TCFD recommendations at the same time.

The IFRS Foundation also states in its release that the G20’s Financial Stability Board (FSB) has asked the IFRS Foundation to take over the monitoring of progress on companies’ climate-related disclosures from the TCFD. The FSB had already emphasised this in its report FSB Roadmap for Addressing Financial Risks from Climate Change Progress of 13 July 2023.