Singapore releases proposed ISSB-aligned sustainability reporting standards

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🗞️ Driving the news: Singapore has released draft sustainability disclosure standards aligned with the International Sustainability Standards Board (ISSB) framework, creating the foundation for mandatory climate reporting for major companies and voluntary broader sustainability disclosures
• The proposed Singapore Financial Reporting Standards (SFRS) S1 and SFRS S2 mirror ISSB’s sustainability and climate standards

🔭 The context: The Accounting and Corporate Regulatory Authority (ACRA) and Singapore Exchange Regulation have been developing a phased sustainability reporting roadmap since 2022
• The new approach prioritises climate disclosures, with mandatory Scope 1 and 2 emissions reporting continuing, while Scope 3 reporting will initially remain voluntary for many companies

🌍 Why it matters for the planet: Standardised climate reporting improves transparency on corporate emissions and can help investors, regulators and companies identify where decarbonisation efforts are needed most
• By aligning with ISSB principles, Singapore is strengthening the infrastructure needed for more consistent measurement of climate risks and emissions across markets

⏭️ What’s next: ACRA will run a public consultation on the proposed standards until October 25
• Companies may need to prepare for phased implementation, while Singapore continue building sustainability assurance capabilities through training programmes and financial support initiatives.

💬 One quote: “Meeting the mandatory climate reporting and assurance requirements is a multi-year journey for preparers and assurance providers alike.” — Chia-Tern Huey Min, Chief Executive of ACRA

📈 One stat: FY2030 is the planned starting point for mandatory Scope 1 and 2 emissions reporting for large non-listed companies under Singapore’s revised timeline

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