The UK Government has released an implementation update on its UK Sustainability Disclosure Requirements (SDR), the ISSB-based regulation. The UK SRS update outlines the process of endorsing this regulation, who will oversee it, and the key dates to keep in mind.
In Brief
Endorsement of IFRS / ISSB Sustainability Disclosure Standards
- Following the assessment of the International Financial Reporting Standards (IFRS) S1 and S2 by the UK Technical Advisory Committee, which should conclude at the end of 2024, the government aims to make the UK-endorsed ISSB standards – known as UK Sustainability Reporting Standards (UK SRS) – available in Q1 2025.
- Subject to a positive endorsement decision by the government, and following a consultation process, the FCA will be able to use the UK SRS to introduce requirements for UK-listed companies to report sustainability-related information.
- In Q2 2025, the government will consult on disclosure requirements against the UK SRS for UK companies that do not fall within the FCA’s regulatory perimeter. This will take into account a number of factors, including costs for reporting companies and benefits for investors that may wish to use this information.
- At that time, the government will also consider whether to create exemptions from pre-existing requirements in the Companies Act 2006 for those companies that choose to use the standards on a voluntary basis. Any changes that may be introduced would be effective no earlier than accounting periods beginning on or after 1 January 2026.
View the SDR Report
