Final Korean Translation of ISSB Standards Released
Financial Services Commission and Korea Accounting Standards Board Support Strengthening ESG Disclosure Regulations
On the 26th, the Financial Services Commission and the Korea Accounting Standards Board translated and released the International Sustainability Standards Board (ISSB) standards, which are likely to be used in the global market, into Korean to help companies prepare in advance for the strengthening of global sustainability disclosure initiatives.
Recently, discussions on mandatory disclosure systems for sustainability-related information have been progressing in several countries, including the United States, Europe (EU), the United Kingdom, Japan, and Australia. The ISSB under the IFRS Foundation announced the final versions of its first sustainability disclosure standards, IFRS S1 (General) and S2 (Climate), in June.
Many countries are expected to refer to or utilize the finalized ISSB standards. Accordingly, there is an increasing need for domestic companies, especially exporters, to familiarize themselves with and prepare for the ISSB standards in advance.
The Korea Accounting Standards Board signed a translation contract with the IFRS Foundation and began translating the ISSB standards into Korean. After improving the draft of the translation, the final Korean version was prepared and released following the resolution of the Sustainability Standards Board (KSSB) on December 21. The entire Korean translation document is also available on the Korea Accounting Standards Board website.
The Financial Services Commission and the Korea Accounting Standards Board will continue to actively support domestic companies to effectively respond to the strengthening of global sustainability disclosure regulations.
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First, the Korea Accounting Standards Board plans to translate and release the industry-based guidance for IFRS S2 (Climate-related standards), which was not included in this first translation process. Additionally, the Board will translate educational materials such as case studies and best practice guidelines related to ISSB standards expected to be announced by the ISSB in 2024. Furthermore, through discussions with the EU EFRA, the Board will also promote the translation of ESRS.
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