IFRS S1 and S2 Reporting

The International Sustainability Standards Board (ISSB) introduced IFRS S1 and S2 in June 2023, marking a significant step towards global sustainability reporting. These standards aim to provide a consistent framework for companies to disclose climate-related risks and opportunities, enhancing investor confidence and decision-making.
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Speeki is here to help you tackle your IFRS S1 and S2 reporting and disclosure compliance.

IFRS S1 & S2 is quickly becoming the international standard for sustainability reporting.

Speeki can serve as your complete IFRS S1 and S2 solution. Use the Speeki platform to prepare your entire sustainability programmes and produce the reports necessary for IFRS S1 and S2.

Need to file against multiple standards? That's fine with Speeki. You can report according to IFRS, CSRD, TCFD, and others.

IFRS S1

IFRS S1 sets the foundation for general sustainability-related disclosures. It requires companies to identify material sustainability-related risks and opportunities, disclose information about these risks and opportunities in a way that is relevant to investors, and consider industry-specific sustainability-related disclosures based on SASB Standards.

Essentially, IFRS S1 provides a broad framework for sustainability reporting, ensuring that companies disclose information relevant to investors' understanding of the company's prospects.

IFRS S2

IFRS S2 focuses specifically on climate-related disclosures. It builds upon IFRS S1 and requires companies to disclose information about climate-related risks and opportunities, use climate-related scenarios to assess the resilience of the company's strategy, and disclose metrics and targets related to climate-related risks and opportunities.

IFRS S2 incorporates the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), providing a clear pathway for companies to disclose climate-related information in a consistent and comparable manner.
While countries transition from TCFD into IFRS S1 & S2, Speeki provides solutions to both, simultaneously.

Speeki: your comprehensive solution to meet CSRD, ESRS, IFRS and more.

Speeki offers comprehensive support for all relevant and emerging disclosure standards while addressing the challenges of building your ESG and Sustainability programmes. We believe that most of you have never read an accounting standard and should not have to read an ESG and Sustainability standard either. Our focus at Speeki is to help you build your programmes within the platform and then allow you to extract that data into any format according to any standard.

Environmental issues covered by IFRS S1 and S2

IFRS S1 and S2 cover several environmental issues, each managed through separate programmes within the Speeki platform.

These include climate change, with a focus on nature and GHG emissions – using our GHG accounting tools to track your emissions.

Nature and biodiversity issues, such as pollution, resource scarcity, and biodiversity loss, are also addressed through specific programmes in Speeki.

Social issues covered by IFRS S1 and S2
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IFRS S1 and S2 address various social matters, all of which are covered within the Speeki platform.
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We have programmes set aside for workplace issues (labour practices), human rights, health and safety, supply chain management, and community relations.

Speeki has all of the above topics covered in the Speeki platform and you can build your programmes in the platform.

Governance issues covered by IFRS S1 and S2

IFRS S1 and S2 cover several governance aspects, including board diversity, executive compensation, anti-corruption, and data privacy.

Speeki encompasses all these issues, allowing you to build and document your entire corporate governance system, including board management, anti-bribery, privacy, and whistleblowing programmes.

General sustainability strategy covered in IFRS S1 and S2

Materiality: Implement and document your materiality assessment with Speeki. Future updates will include AI-generated assessments.
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Governance: Track sustainability governance using the platform's dedicated feature.
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Strategy: Outline your approach to sustainability-related risks and opportunities, including scenarios and targets.
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Risk management: Document your sustainability-related risk processes following ISO 31000 best practices.‍‍

Speeki offers solutions for your IFRS S1 and S2 reporting.

Speeki will help you streamline your reporting process with IFRS S1 and S2. Learn a little more here or connect with us for a demo.

What is IFRS S1 and S2?

IFRS S1 sets out general requirements for sustainability-related disclosures, while IFRS S2 specifically addresses climate-related disclosures. Both standards aim to provide investors with consistent, comparable, and reliable information about a company’s sustainability performance. Both are easily managed within the Speeki platform.

Why are IFRS S1 and S2 important for companies?

These IFRS S1 and S2 standards enhance investor confidence by providing transparent and comparable sustainability information. They also help companies manage sustainability risks and opportunities effectively. Using the Speeki platform automates much of your sustainability management.

How does IFRS S1 relate to other sustainability standards and how does Speeki meet this issue?

IFRS S1 references the SASB Standards for industry-specific disclosures, allowing companies to leverage existing frameworks. Speeki takes a 'programme' approach to sustainability and sustainability topics. That means that you can build any of your programmes in the platform and then report out in many different ways according to many different standards.

How does IFRS S2 align with the TCFD?

IFRS S2 is aligned with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations, providing a clear pathway for companies to disclose climate-related information. Speeki can handle both and report in any format, so if you are in a country that is likely to move from TCFD to IFRS S1 and S2, then Speeki is your ideal provider.

How does IFRS S1 define materiality in the context of sustainability?

IFRS S1 requires companies to assess the financial materiality of sustainability-related risks and opportunities, considering both quantitative and qualitative factors.

How does IFRS S2 address the issue of scope 3 emissions?

While not explicitly requiring disclosure of scope 3 emissions, IFRS S2 encourages companies to consider the materiality of indirect emissions and disclose relevant information. You can use the Speeki Carbon Lens module to build both Scope 1, 2, and 3 emissions according to the GHG protocol.

What are the key challenges companies may face in collecting and reporting the data required by IFRS S1 and S2?

Failing to use an automation platform like Speeki or choosing one that is ONLY focused on reporting. Speeki is a broader Sustainability Management System and allows you to build programmes across 20 different sustainability topics.

Build your programmes and report accordng to IFRS S1 and S2 with Speeki.

With support from AI and some very clever technology, we should be able to help you with your ESG and sustainability reporting.

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At Speeki, we recognise that sustainability reporting is more than a compliance requirement; it's an ongoing journey. Join us and experience the Speeki difference.