In the implementation of IFRS S1 & S2, one of the documents required by the Financial Reporting Council (FRC) of Nigeria during Phase 2 of the implementation (see the Revised Roadmap for Implementation of IFRS S1 & S2 in Nigeria) is the identification and materiality assessment of Sustainability-Related Risks and Opportunities (SRRO). As S2 is the only standard that deals with a sustainability topic (climate-related risks and opportunities), it means that the International Sustainability Standard (ISSB) has no standards dealing with other sustainability topics apart from climate risks.
Reporting entities therefore need a lot of guidance in the identification and materiality assessment of SRRO. In my last piece (i.e., Part 2), I provided guidance on the identification of SRRO by those adopting IFRS S1 & S2 given the confusion that arises when a sustainability topic is not covered by IFRS Sustainability Standards. IFRS S1 requires an entity to refer to
This post was originally published on this site.
