FRC outlines thoughts on sustainability reporting
The Financial Reporting Council FRC has outlined its preliminary thoughts to the International Sustainability Standards Board (ISSB) on the prototypes published by the Technical Readiness Working Group to support the development of International Sustainability Standards.
The FRC has said it strongly supports the development of global standards for sustainability reporting and the UK adoption of those standards.
In developing those standards, the FRC recommends that the ISSB provides stakeholders with an outline of the architecture of the standards while also considering the four pillars of the TCFD in the context of the overall framework for narrative reporting.
The regulator has also urged that the ISSB discusses the extent to which governance reporting will be within the scope of the ISSB standards.