Hong Kong advances sustainability disclosure standards development
Following a Hong Kong government announcement in October 2023, Hong Kong is taking strides to implement sustainability standards in line with those released by the International Sustainability Standards Board (ISSB).
The Financial Services and the Treasury Bureau (FSTB) is collaborating with relevant financial regulators and stakeholders to devise a roadmap for adopting the IFRS Sustainability Disclosure Standards (IFRS SDS) in Hong Kong’s financial services sector. In line with this directive, the Hong Kong Institute of Certified Public Accountants (HKICPA) has taken up the mantel of setting sustainability disclosure standards for the local accounting profession. It is expected that ISSB compliant disclosures for certain larger companies will first be required next year.
HKICPA is also focused on capacity building – both contributing to the ISSB Partnership Framework for Capacity Building, and developing a capacity-building program to prepare local stakeholders for sustainability reporting.
Watch this space for more updates on Hong Kong’s road to ISSB-aligned sustainability standards adoption – and, we trust, digital disclosures in due course.
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