In recent years, sustainability reporting requirements have developed at such a fast pace, it can be a challenge to keep up. As an ICAEW Chartered Accountant, there are a range of resources available as part of your membership.

The Corporate Reporting Faculty’s non-financial reporting hub provides the ideal starting point for understanding current and future sustainability reporting requirements. The hub is organised around jurisdictional requirements, focusing on developments in the UK, Europe and internationally.

For an overview of sustainability reporting and assurance developments, take a look at this primer on new and emerging regulations, standards and support resources.

Current UK requirements

UK sustainability reporting developments have focused on climate-related reporting to date. Global recommendations published in 2017 by The Task Force on Climate-related Disclosures (TCFD) formed the basis of disclosure requirements for certain UK listed companies. 

This was followed by the introduction of the Climate-related Financial Disclosure Regulations 2022 for certain large companies and LLPs: find out more in this dedicated factsheet. 

To hear an overview of key climate reporting requirements, alongside practical tips, watch our two-part webinar series, Getting started with climate reporting.

What about the ISSB requirements?

You may have heard about the International Sustainability Standards Board (ISSB), but what is it and what does it do? 

The Corporate Reporting Faculty provides an overview of the board’s work and priorities, and an introduction to the first IFRS Sustainability Disclosure Standards (IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures). 

You can also find further detail about how IFRS S1 and IFRS S2 are set to impact UK companies, including information about the UK endorsement process and a summary of their main requirements.

What’s the story in Europe?

If you head to the European Sustainability Reporting and Assurance pages, you will find an explanation of the Corporate Sustainability Reporting Directive (CSRD), including an overview of scope, exemptions and timing. 

The CSRD provides the broad legal framework for sustainability reporting in the EU and the European Sustainability Reporting Standards (ESRS) provide the exact detail that needs to be disclosed. 

All companies in scope must obtain limited assurance in the first year of application of CSRD reporting. You can find out more about the assurance requirements and related issues through our explainer, CSRD: sustainability assurance.

Other resources

As well as the non-financial reporting hub, the Corporate Reporting Faculty has a number of webinar recordings on sustainability reporting topics, and you can see the latest news and features in its By All Accounts digital magazine. 

If you want to delve in deeper to this topic, ICAEW recently published a report on Shaping sustainability standard setting, analysing key features of good accounting standard-setting and what lessons can be learned for developing sustainability reporting standards.

Looking forward

Sustainability reporting is, and will continue to be, a hot topic, with broader sustainability issues (for example, nature-related risks) now moving up the corporate agenda.

For example, new draft guidance relating specifically to nature was unveiled at the UN Biodiversity Summit COP 16, which took place in October, by the Task Force on Nature-related Financial Disclosures (TNFD). The guidance is designed to help companies and financial institutions shape their nature transition plans and is the consultation phase. To keep up with the latest developments on nature and biodiversity visit the Nature and Biodiversity hub.

To receive updates on sustainability reporting register to join the Corporate Reporting Faculty. ICAEW members can join at no additional cost.