ISSB adoption map

CSSB issued final CSDS 1 and CSDS 2 on 18 December 2024, aligned with IFRS S1 and S2 with extra transition reliefs. Standards are voluntary. The CSA paused its mandatory climate disclosure rulemaking on 23 April 2025.

Enforcement

Voluntary

Effective date

Annual reporting periods beginning on or after 1 January 2025 (with transition reliefs)

Covered entities

Any Canadian entity (voluntary). CSA paused work on mandatory rule citing global developments.

Brazil adopted Portuguese-language versions of IFRS S1 and S2 (CBPS 01 and CBPS 02) developed by the Brazilian Sustainability Pronouncements Committee, with CVM, CMN and BCB resolutions phasing in voluntary use from 2024 to 2025 and mandatory application from 2026 to 2028 depending on the entity.

Enforcement

Mandatory

Effective date

Voluntary: FY beginning on or after 1 January 2024 (ISSB) or 1 January 2025 (CBPS). Mandatory: 1 January 2026 for publicly held companies and S1/S2 financial institutions; 1 January 2028 for other financial institutions reporting consolidated statements under international standards

Covered entities

Publicly held companies, investment funds, securitisation companies (CVM scope), and financial institutions and other institutions authorised to operate by BCB; mandatory application sequenced by prudential segment (S1/S2 first, others by 2028)

Chile's Financial Market Commission published General Rule No. 519 in October 2024 requiring CMF-regulated entities to apply IFRS S1 and S2 from reporting periods starting in 2026, replacing the existing TCFD and SASB-based regime under Rule 461.

Enforcement

Mandatory

Effective date

Annual reporting periods beginning in 2026, first reported in 2027 (CMF General Rule No. 519). TCFD/SASB disclosures under Rule 461 currently apply, with effective dates from 2022 to 2025 depending on size and sector

Covered entities

All listed entities supervised by CMF and non-listed publicly accountable entities under CMF supervision, except entities with consolidated assets at or below 1 million Chilean Units of Account (about USD 40 million) and certain financial market infrastructure firms

Mexico's CNBV amended the Circular Unica de Emisoras in January 2025 to require non-financial securities issuers to disclose IFRS S1 and S2 information, with the first reports due in 2026 for fiscal year 2025; rules for financial institutions are being developed separately.

Enforcement

Mandatory

Effective date

CUE modifications took effect 29 January 2025; first sustainability-related disclosures due in 2026 for the 2025 fiscal year

Covered entities

Issuers of equity, debt and other securities supervised by CNBV, excluding listed financial institutions, states and municipalities. Non-financial entities currently in scope represented around 86% of the main equity index market capitalisation at the end of Q1 2025

In April 2024, Bolivia's CTNAC approved Resolution 01/2024 adopting all current and future ISSB Standards for entities operating in Bolivia, effective for fiscal years starting on or after 1 January 2027 and pending legal endorsement by AEMP.

Enforcement

Voluntary or under development

Effective date

Resolution CTNAC 01/2024 set to take effect for fiscal years starting on or after 1 January 2027; early voluntary application is permitted

Covered entities

To be determined pending regulatory approval; CTNAC Resolution 01/2024 contemplates application by all entities that carry out economic activities throughout Bolivia

In January 2024 the Institute of Public Accountants of Costa Rica adopted IFRS S1 and S2 through Circular 33 (amended January 2025), with voluntary application from 2024 and mandatory application from 2027 for CONASSIF-supervised entities and large taxpayers.

Enforcement

Voluntary or under development

Effective date

Voluntary: fiscal years beginning on or after 1 January 2024. Mandatory: fiscal years beginning on or after 1 January 2027, first reported in 2028

Covered entities

Mandatory application limited to publicly accountable entities supervised by CONASSIF (covering SUGEVAL, SUGEF, SUPEN and SUGESE) and entities classified as 'large taxpayers' by the tax authority. Other entities applying IFRS Accounting Standards may apply voluntarily; IFRS for SMEs reporters and government entities supervised by the National Accounting Authority are excluded

In August 2024 El Salvador's Supervisory Board for Public Accounting (CVPCPA) issued Resolution 82 permitting voluntary application of IFRS S1 and S2 from 1 January 2025, with mandatory rules for publicly accountable entities pending from the Central Reserve Bank.

Enforcement

Voluntary or under development

Effective date

Voluntary application permitted from 1 January 2025; mandatory effective date not yet specified

Covered entities

Resolution 82 applies to non-publicly accountable entities preparing financial statements under IFRS Accounting Standards or other generally accepted principles; IFRS for SMEs reporters are excluded. Rules for publicly accountable entities are pending from the Central Reserve Bank (BCR)

Australia has issued ISSB-aligned sustainability standards. AASB S2 (climate) is mandatory under the Corporations Act for in-scope entities; AASB S1 (broader sustainability) is voluntary.

Enforcement

AASB S1: voluntary. AASB S2: mandatory under Corporations Act 2001 for in-scope entities.

Effective date

Annual reporting periods beginning on or after 1 January 2025 (phased by entity size)

Covered entities

Group 1, 2, 3 entities under AASB thresholds (large entities first; phased rollout to mid-size and smaller large entities)

SSBJ published final sustainability disclosure standards on 5 March 2025: an Application Standard, a General Standard, and a Climate Standard. The standards are essentially equivalent to IFRS S1 and S2. Mandatory application phases in by market capitalization.

Enforcement

Voluntary now. Mandatory under FSA disclosure framework on phased basis by market cap.

Effective date

Voluntary for periods ending on or after 5 March 2025. Mandatory phased: FY ending March 2027 for issuers with market cap >¥3T, expanding through FY ending March 2029.

Covered entities

Listed issuers in Prime Market (phased by market cap)

HKICPA published HKFRS S1 and HKFRS S2 on 12 December 2024, fully aligned with IFRS S1 and S2. The Hong Kong SAR Government's December 2024 Roadmap sets out the phased path to mandatory adoption for publicly accountable entities.

Enforcement

Voluntary at HKICPA level. The Hong Kong SAR Government's roadmap (10 December 2024) sets out phased mandatory adoption for publicly accountable entities.

Effective date

Annual reporting periods beginning on or after 1 August 2025

Covered entities

Any Hong Kong entity (voluntary). Mandatory phased rollout per government roadmap.

In December 2023, Bangladesh Bank issued a circular mandating IFRS S1 and S2 disclosures by all banks and financial institutions it regulates, with limited assurance required from the second year of reporting.

Enforcement

Mandatory

Effective date

Annual reports for financial years beginning on or after 1 January 2024

Covered entities

Listed and non-listed banks and finance companies regulated by Bangladesh Bank, including foreign banks and finance companies operating in Bangladesh

The Advisory Committee on Sustainability Reporting released the National Sustainability Reporting Framework in September 2024, and Bursa Malaysia amended its listing rules in December 2024 to require IFRS S1 and S2 reporting on a climate-first phased basis starting FY2025.

Enforcement

Mandatory

Effective date

Group 1 (Main Market issuers with market cap MYR 2bn and above): climate-first reporting from 1 January 2025, full S1/S2 from 1 January 2027. Group 2 (other Main Market issuers): climate-first from 1 January 2026, full S1/S2 from 1 January 2028. Group 3 (ACE Market issuers and large non-listed companies with annual revenue MYR 2bn and above): climate-first from 1 January 2027, full S1/S2 from 1 January 2030

Covered entities

Bursa Malaysia Main Market and ACE Market listed issuers (including REITs and business trusts) and large non-listed companies with annual revenue of MYR 2 billion and above, classified into three groups by size and listing venue

On 31 December 2024 SECP issued an order under the Companies Act 2017 requiring listed companies and SECP-licensed Public Interest Companies to apply IFRS S1 and S2, phased over three reporting cohorts from FY beginning 1 July 2025 to 1 July 2027.

Enforcement

Mandatory

Effective date

Phase I: annual reporting periods beginning on or after 1 July 2025 (large listed companies meeting two of: turnover above PKR 25bn, over 1,000 employees, assets above PKR 12.5bn). Phase II: 1 July 2026 (mid-sized listed companies meeting two of: turnover above PKR 12.5bn, over 500 employees, assets above PKR 6.25bn). Phase III: 1 July 2027 (all remaining listed companies and SECP-licensed non-listed Public Interest Companies)

Covered entities

Listed companies on Pakistan Stock Exchange and SECP-licensed non-listed Public Interest Companies (including non-banking finance companies, modaraba companies, insurers, exchanges, central depositories), phased by size thresholds

CA Sri Lanka issued local SLFRS S1 and S2 standards incorporating IFRS S1 and S2, with mandatory application from 1 January 2025 starting with the top 100 Colombo Stock Exchange entities and phased through 2030 for other listed and SLAASMB-supervised non-listed entities.

Enforcement

Mandatory

Effective date

Voluntary: annual reporting periods beginning on or after 1 January 2024. Mandatory phased dates: 1 January 2025 (top 100 Colombo Stock Exchange listed entities by market cap); 1 January 2026 (Main Board entities); 1 January 2027 (other listed entities except Empower Board); 1 January 2028 (non-listed SLAASMB-supervised entities with turnover above LKR 10bn); 1 January 2029 (those above LKR 5bn); 1 January 2030 (Empower Board entities listed before 1 January 2024 and all other SLAASMB-supervised non-listed entities); fifth anniversary of listing for Empower Board entities listed after 1 January 2024

Covered entities

All Colombo Stock Exchange listed entities (phased by board and market cap) and non-listed entities subject to SLAASMB oversight (phased by turnover thresholds)

Taiwan's Financial Supervisory Commission published a roadmap in August 2023 to require Taiwan Stock Exchange and Taipei Exchange listed companies to apply IFRS S1 and S2 in three phases from FY2026, contingent on further FSC rulemaking.

Enforcement

Mandatory

Effective date

Phase I: FY2026, reported in 2027 (listed companies with paid-in capital above TWD 10bn). Phase II: FY2027, reported in 2028 (listed companies with paid-in capital between TWD 5bn and TWD 10bn). Phase III: FY2028, reported in 2029 (all other listed companies)

Covered entities

All companies listed on the Taiwan Stock Exchange and Taipei Exchange, phased by paid-in capital. Application may later be extended to certain unlisted financial institutions including banks, insurers, securities companies, securities investment trust funds and futures commission merchants

In November 2024, the Ministry of Finance and eight other ministries issued the Sustainability Disclosure Standards for Business Enterprises – Basic Standard (Trial) and, in April 2025, an exposure draft of the climate-specific standard, building a unified national system convergent with ISSB Standards and targeted for completion by 2030.

Enforcement

Voluntary or under development

Effective date

Not yet specified. Basic Standard issued 20 November 2024 may be applied voluntarily until implementation scope and requirements are specified; the basic architecture of the unified national system is targeted for 2030

Covered entities

To be determined. Intended to apply first to listed companies and then expand gradually to non-listed companies, from large companies to SMEs, and from voluntary to mandatory disclosure

In December 2024 Indonesia's IAI published a roadmap and exposure drafts of national Sustainability Disclosure Standards (PSPK 1 and PSPK 2) based on IFRS S1 and S2, with final standards expected in Q2 2025 and a proposed effective date of 1 January 2027 pending OJK rules.

Enforcement

Voluntary or under development

Effective date

Not yet specified. Roadmap proposes PSPK 1 and PSPK 2 effective 1 January 2027, with earlier application permitted

Covered entities

To be determined by OJK. Proposed for publicly accountable entities, including listed entities and financial services industries; climate-related disclosures expected to be required first, with broader sustainability disclosures voluntary in the initial three-year window

The Philippine Sustainability Reporting Committee published an adoption roadmap in December 2023, and the Board of Accountancy adopted PFRS S1 and S2 in March 2024; SEC and PSE are running readiness work, with a regulator memorandum circular pending to confirm mandatory dates phased from FY2026 to FY2028.

Enforcement

Voluntary or under development

Effective date

Not yet specified. Proposed mandatory implementation for SEC-regulated companies: Tier 1 (large cap, market cap above PHP 50bn) from FY beginning on or after 1 January 2026; Tier 2 (mid cap, PHP 3bn to PHP 50bn) from 1 January 2027; Tier 3 (small cap and large non-listed companies with annual revenue above PHP 15bn) from 1 January 2028. Government corporations classified as Commercial Public Sector Entities and IC-regulated entities to follow separate guidelines. Early application permitted

Covered entities

Proposed: all publicly listed entities and large non-listed entities regulated by SEC (including banks and entities primarily regulated by Bangko Sentral ng Pilipinas or the Insurance Commission), Commercial Public Sector government corporations, and other entities as later determined. Large non-listed subsidiaries may be exempted if their parent already files in the Philippines

Korea's KSSB published exposure drafts of three Korean Sustainability Disclosure Standards (KSSB 1, KSSB 2 and the non-mandatory KSSB 101) with consultation closing 31 August 2024; the Financial Services Commission is considering disclosure requirements for listed entities, indicating adoption from after 2026.

Enforcement

Voluntary or under development

Effective date

Not yet specified

Covered entities

To be determined. FSC will consider application of KSDS by listed entities once final standards are issued

Thailand's SEC consulted on a roadmap to require listed entities to apply IFRS S1 and S2 with extended transition reliefs, including a five-year climate-first phase; the consultation closed 19 December 2024 and SEC is assessing feedback before a second consultation.

Enforcement

Voluntary or under development

Effective date

Not yet specified. SEC proposed a phased-in approach: SET50 entities to start disclosing in 2027 for FY2026; SET100 entities in 2028 for FY2027; other SET-listed companies (including IPOs) in 2030 for FY2029; MAI-listed companies and certain SET-listed REITs, IFFs, Infrastructure Trusts and Property Funds in 2031 for FY2030

Covered entities

Proposed at the consolidated entity level: listed companies (Thai or foreign incorporated, including those intending an IPO), Real Estate Investment Trusts, Infrastructure Trusts, Property Funds and Infrastructure Funds

The UK government has endorsed IFRS S1 and S2 as UK SRS S1 and S2 for voluntary use. The FCA is consulting on listing rules that would make UK SRS S2 mandatory for listed issuers, with Scope 3 and non-climate sustainability on a comply-or-explain basis.

Enforcement

Voluntary at publication. FCA proposes mandatory UK SRS S2 for listed issuers (Scope 3 and broader sustainability on comply-or-explain).

Effective date

TBD pending FCA listing-rule outcome

Covered entities

Any UK entity (voluntary). FCA proposal targets in-scope listed issuers.

Türkiye incorporated IFRS S1 and S2 fully into Turkish law as TSRS 1 and TSRS 2 on 29 December 2023, with mandatory application starting fiscal year 2024 for listed entities, banks and other entities exceeding specified size thresholds.

Enforcement

Mandatory

Effective date

Fiscal periods starting on or after 1 January 2024

Covered entities

All listed entities, banks (regardless of size, except banks within the Savings Deposit Insurance Fund and small unlisted banks with one branch or fewer than 250 employees), and other entities exceeding two of three thresholds in two consecutive periods (total assets TRY 500m, total revenue TRY 1bn, 250 employees), including CMB-regulated investment firms and BRSA-regulated financial institutions

Switzerland is consulting on amendments to the Code of Obligations and the Ordinance on Climate Disclosures that would replace the current TCFD comply-or-explain regime with mandatory disclosures using either ISSB Standards (with additional GRI-style information) or ESRS, broaden the scope to more companies and require assurance from year one.

Enforcement

Voluntary or under development

Effective date

Not yet specified. Proposed Code amendments would apply two years after the legislative process concludes

Covered entities

Current rules apply to listed entities (other than those below CHF 450,000 balance sheet, CHF 900,000 revenue and 10 full-time positions) and non-listed companies above 500 employees, CHF 20m balance sheet and CHF 40m turnover. Proposed amendments would extend to entities exceeding two of: CHF 25m balance sheet, CHF 50m turnover, 250 average annual full-time employees over two consecutive years. Subsidiaries can be exempt where covered by an equivalent parent report

The Institute of Chartered Accountants, Ghana issued a roadmap adopting IFRS S1 and S2 with voluntary use from 2024 and mandatory application phased from 2027 for public interest and high-impact sector entities, and from 2028 for other companies.

Enforcement

Mandatory

Effective date

Voluntary: annual reporting periods beginning on or after 1 January 2024. Mandatory: 1 January 2027 for Significant Public Interest Entities and listed-sector heavy emitters (oil and gas, mining, cement, automotive, non-renewable power); 1 January 2028 for Other Mandatory Adopters

Covered entities

Significant Public Interest Entities (listed entities, regulated banks, insurers, corporate trustees, registered pension schemes, public limited companies and their holding companies), specified high-impact sector companies (oil and gas, mining, cement, automotive, non-renewable power), and other companies under the Companies Act 2019. Non-Mandatory Companies (private, not in public markets, below GHS 50m revenue / GHS 40m assets) may apply voluntarily

On 31 December 2024 the Amman Stock Exchange launched a Climate-related Disclosures Regulatory Framework permitting all listed companies to apply ISSB Standards and requiring ASE20 Index companies to apply the climate-related requirements from FY2026.

Enforcement

Mandatory

Effective date

Voluntary use of IFRS S1 and S2 from annual reporting periods beginning on or after 1 January 2025 (disclosures published in 2026). Mandatory climate disclosures (IFRS S2 and climate-relevant portions of S1) for ASE20 Index companies from annual reporting periods beginning on or after 1 January 2026 (disclosures published in 2027)

Covered entities

All ASE-listed companies permitted to apply IFRS S1 and S2; ASE20 Index companies required to apply the climate-related requirements; ASE has indicated future phases may extend the framework to additional listed companies

ICPAK issued a November 2024 roadmap adopting IFRS S1 and S2, with voluntary application open from 2024 and mandatory application phased from 2027 for public interest entities, 2028 for other large entities, and 2029 for SMEs.

Enforcement

Mandatory

Effective date

Voluntary: annual reporting periods beginning on or after 1 January 2024. Mandatory: 1 January 2027 for public interest entities; 1 January 2028 for non-public interest large entities; 1 January 2029 for SMEs

Covered entities

Public interest entities (publicly traded entities, deposit-taking institutions, insurers, and other entities specified by law as having significant public interest), non-public-interest large entities, and SMEs (phased)

The Financial Reporting Council of Nigeria issued a March 2024 roadmap adopting IFRS S1 and S2, with voluntary application open from 2024 and mandatory application phased from 2028 for public interest entities and from 2030 for SMEs.

Enforcement

Mandatory

Effective date

Voluntary: annual reporting periods beginning on or after 1 January 2024. Mandatory: 1 January 2028 for public interest entities; 1 January 2030 for SMEs

Covered entities

Public interest entities as defined in the Financial Reporting Act 2011 (governments and government organisations, listed entities, regulated non-listed entities, public limited companies, holding companies of public or regulated entities, concession entities, privatised entities with government interest, government contractors above N1 billion, government licensees, and entities with annual turnover of N30 billion or more), and SMEs in a later phase

The Institute of Certified Public Accountants Rwanda issued a roadmap adopting IFRS S1 and S2 across four entity groups, beginning with simplified climate-only reporting in 2025 for Group 1 and progressing to full ISSB application by 2027 for listed entities and Tier I financial institutions.

Enforcement

Mandatory

Effective date

Group 1 (listed entities and Tier I financial institutions): Initial Phase from FY2025, Intermediate Phase from FY2026, Full ISSB Standards from FY2027. Group 2 (public utilities and Tier II/III financial institutions): 2026, 2027, 2028. Group 3 (other IFRS reporters and Tier IV financial institutions): 2027, 2028, 2029. Group 4 (IFRS for SMEs reporters): begins reporting under a simplified framework from FY2028

Covered entities

Group 1: listed entities and Tier I financial institutions (banks, insurers). Group 2: public utilities, Tier II (deposit-taking microfinance, micro insurers) and Tier III (non-deposit-taking financial service providers, mutual insurers). Group 3: other IFRS reporters and Tier IV (financial cooperatives). Group 4: IFRS for SMEs reporters

In July 2024, Tanzania's National Board of Accountants and Auditors issued Technical Pronouncement No. 1 of 2024 adopting IFRS S1 and S2 for public interest and public sector entities from financial years beginning on or after 1 January 2025, supported by Bank of Tanzania guidelines for financial institutions.

Enforcement

Mandatory

Effective date

Financial years commencing on or after 1 January 2025

Covered entities

Public interest entities (entities with debt or equity in public markets, fiduciary entities such as banks, insurers and brokers, and commercial entities with total gross capital of at least TZS 50 billion in strategic sectors including energy, water, telecoms, transport, extractives, food processing and entertainment) plus public sector entities; voluntary application permitted for all other entities

ZICA issued a pronouncement adopting IFRS S1 and S2, with mandatory application by all publicly accountable entities for annual reporting periods beginning on or after 1 January 2025 and voluntary application permitted for all other organisations.

Enforcement

Mandatory

Effective date

Annual reporting periods beginning on or after 1 January 2025

Covered entities

All publicly accountable entities (entities whose securities are traded in public markets or that are in the process of issuing such securities); all other organisations permitted to apply voluntarily

ICPAU issued a proposed roadmap for adopting IFRS S1 and S2 in Uganda; consultation closed on 31 July 2024 and the final roadmap is pending, with proposed voluntary reporting from FY2026 and mandatory application phased from FY2028 to FY2030.

Enforcement

Voluntary or under development

Effective date

Not yet specified. Proposed roadmap: voluntary reporting for all entities from FY beginning on or after 1 January 2026; mandatory reporting from 1 January 2028 for listed entities, financial institutions, MDIs, insurers and reinsurers, qualifying SACCOs and IFRS-using public utilities; from 1 January 2029 for retirement benefit schemes, large companies and other public interest entities; from 1 January 2030 for SMEs

Covered entities

Proposed: listed entities, financial institutions and micro-finance deposit-taking institutions, insurers and reinsurers, qualifying savings and credit cooperative organisations (with voluntary savings of at least UGX 3bn, institutional capital of at least UGX 1bn, or 500+ members), IFRS-using public utilities, retirement benefit schemes, large companies (meeting two of: balance sheet UGX 100bn, turnover UGX 50bn, 500 employees), other public interest companies, and SMEs (phased)

In November 2022 the Public Accountants and Auditors Board, through the Minister of Finance and Economic Development, issued a resolution endorsing early adoption of IFRS S1 and S2, with proposed application from financial periods beginning on or after 1 January 2026; a full adoption roadmap is pending.

Enforcement

Voluntary or under development

Effective date

Not yet specified. Proposed application for financial periods beginning on or after 1 January 2026

Covered entities

To be determined. Listing rules currently require listed entities to report under GRI Standards; the interaction between GRI listing-rule reporting and proposed ISSB-based reporting has not been resolved