CA Sri Lanka among world's first to join global drive for ISSB Sustainability Standards adoption

SRI Lanka has been recognised among the first jurisdictions in the world, and in South Asia, to join the global drive to adopt the IFRS Sustainability Disclosure Standards (ISSB Standards).

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As part of this effort, the IFRS Foundation has released an initial set of 17 jurisdictional profiles, including Sri Lanka, offering capital markets greater transparency on how countries are aligning with the ISSB Standards. This also marks a significant milestone towards establishing a global baseline for sustainability disclosures.

The International Sustainability Standards Board (ISSB), under the IFRS Foundation, develops a global baseline for sustainability disclosures.

IFRS (International Financial Reporting Standards), widely adopted around the world, now incorporate sustainabilityrelated standards IFRS S1 and S2, or SLFRS S1 and S2 in the Sri Lankan context, issued by the ISSB to enable transparent, consistent, and comparable reporting to investors. These standards represent a significant step in embedding sustainability into mainstream financial reporting.

In Sri Lanka, the ISSB Standards are implemented by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), in its standing as the sole authority for setting accounting and auditing standards in the country. As the national standardsetter, CA Sri Lanka plays a pivotal role in aligning Sri Lanka's regulatory environment with international best practices.

Among 17 jurisdictions profiled globally in June by the IFRS Foundation, Sri Lanka has formally committed to fully adopting the ISSB Standards. By joining countries such as Australia, Bangladesh, Brazil, Chile, Ghana, Hong Kong SAR, Jordan, Kenya, Malaysia, Mexico, Nigeria, Pakistan, Chinese Taipei, Tanzania, Türkiye, and Zambia, CA Sri Lanka underscores the nation's commitment to strengthening sustainability-related disclosures, fostering market transparency, and attracting sustainable investment.