MSL Business School · For students sitting exams

Developments in Sustainability

Everything you need to know about sustainability reporting for your exam, in one place: the key points of IFRS S1, IFRS S2 and IPSASB SRS 1, Ghana's deadlines, and what the standard setters are working on now.

Start with your exam, open the standard you need, then test yourself with the flashcards and the self-check. Every point links to the official source it was checked against.

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ISSB, IPSASB and Ghana

Your exam

Which exam are you sitting?

Choose your exam body to see the papers that test sustainability reporting, and open the key points for each one.

ICAG

  • 3.1 Corporate Reporting

    IFRS S1 and IFRS S2 at Level 2, and who must adopt in Ghana and from when.

    IFRS S1 key pointsIFRS S2 key pointsGhana roadmap key points

  • 2.1 Financial Reporting

    How sustainability matters affect the financial statements.

  • 2.5 Public Sector Accounting and Finance

    Sustainability reporting requirements for public sector entities.

    IPSASB SRS 1 key points

  • 3.2 Advanced Audit and Assurance

    Assurance on sustainability reports. ISAE 3000 and ISAE 3410 are examinable at Level 2, so know limited compared with reasonable assurance.

    Ghana roadmap key points

What the syllabus says

IFRS S1 and IFRS S2 are listed in 3.1 Corporate Reporting at Level 2, a working knowledge sufficient to apply them in straightforward circumstances. Area E of that paper, which covers ESG issues, sustainability reporting, contemporary issues and ethics, carries 15% of the marks.

2.1 Financial Reporting covers how sustainability matters affect the financial statements. 2.5 Public Sector Accounting and Finance asks you to discuss sustainability reporting requirements for public sector entities. 3.2 Advanced Audit and Assurance covers assurance on sustainability reports.

ICAG updates its list of examinable standards as standards become effective. We have not found an updated list on ICAG's website since the 2024 to 2029 syllabus, so check with ICAG before your sitting. The November 2026 sitting runs from 2 to 6 November 2026.

Source: Professional Qualification Syllabus 2024 to 2029; Notice to all students: November 2026 CA Professional Examinations

CIMA

  • F2 Advanced Financial Reporting

    Sustainability reporting. CIMA's announcement says the new scope includes disclosures under IFRS S1 and S2; check the F2 syllabus for the detail.

    IFRS S1 key pointsIFRS S2 key points

  • F3 Financial Strategy

    Sustainability in financing decisions and green finance.

  • P1 Management Accounting

    Environmental costing. This page does not cover costing techniques.

What the syllabus says

CIMA's 2026 upgrade adds sustainability to three subjects: Sustainability Reporting in F2 Advanced Financial Reporting, sustainability in financing decisions and green finance in F3 Financial Strategy, and environmental costing in P1 Management Accounting. CIMA's announcement describes the new scope as including disclosures under IFRS S1 and S2.

The new content has been in the objective tests since January 2025 and is examined in the case study exams for all pathways from the May 2026 sitting. Check the CGMA syllabus and exam blueprint for your sitting on the AICPA and CIMA website.

Source: CGMA Professional Qualification Upgrade 2026, for candidates; News: CIMA CGMA Professional Qualification receives upgrade for 2026

ACCA

What the syllabus says

For September 2026 to June 2027, the examinable documents are those issued by 31 August 2025. IFRS S1 is examinable in Financial Reporting and in both versions of Strategic Business Reporting. IFRS S2 is examinable in Strategic Business Reporting only.

In SBR International, only the high-level differences between the ESRS and the ISSB Standards are examinable. In SBR Ireland, ESRS 1, ESRS 2 and ESRS E1 Climate Change are examinable in full. The December 2025 amendments to IFRS S2 were issued after the cut-off and are not on this list.

Source: Examinable documents for FR and SBR, September 2026 to June 2027

Key points

Exam key points, standard by standard

Each standard on one screen: what you must know, the numbers and dates to remember, and the traps examiners set.

ISSBIn effectFrom 1 January 2024

IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information

The baseline standard. It sets the general requirements for disclosing sustainability-related financial information, so that investors and lenders can see how sustainability-related risks and opportunities could affect the entity's prospects.

Must know for the exam

  1. Objective: disclose information about the entity's sustainability-related risks and opportunities that is useful to primary users of general purpose financial reports in making decisions about providing resources to the entity.
  2. Primary users are existing and potential investors, lenders and other creditors.
  3. Scope: all sustainability-related risks and opportunities that could reasonably be expected to affect the entity's cash flows, its access to finance or its cost of capital over the short, medium or long term.
  4. Core content in four areas: governance, strategy, risk management, and metrics and targets.
  5. Materiality: information is material if omitting, misstating or obscuring it could reasonably be expected to influence the decisions that primary users make on the basis of those reports.
  6. The disclosures cover the same reporting entity and the same reporting period as the related financial statements, and are published at the same time.
  7. Connected information: the entity explains the links between its sustainability-related risks and opportunities, and between them and the information in its financial statements.
  8. To identify its risks and opportunities, the entity must refer to and consider the applicability of the disclosure topics in the SASB Standards.
  9. An entity may describe its disclosures as complying with IFRS Sustainability Disclosure Standards only if it complies with all of their requirements, and it must make an explicit and unreserved statement of compliance.

Key numbers and dates

Issued
June 2023
Effective
Annual periods beginning on or after 1 January 2024
Early application
Permitted, if IFRS S2 is applied at the same time and the fact is disclosed
Comparatives
Not required in the first year of application
Timing relief
First year only: may report after the financial statements, with the next half-year interim report (within nine months of the year end if that report is voluntary), or within nine months if there is no interim report
Climate-first relief
First year only: may report on climate alone, and must say so

Exam traps

  • IFRS S1 is not only about climate. It covers all sustainability-related risks and opportunities. Climate is dealt with in detail in IFRS S2.
  • Materiality is judged from the point of view of primary users, that is investors, lenders and other creditors, not wider stakeholders.
  • An entity cannot apply IFRS S1 early on its own. It must apply IFRS S2 at the same time and disclose that it has done so.
  • The ISSB's effective date does not by itself make the Standards compulsory. They apply where a jurisdiction requires them or an entity chooses to apply them. In Ghana, ICAG's roadmap sets the dates.

Examined in. ICAG 3.1 Corporate Reporting, ACCA Financial Reporting and Strategic Business Reporting. CIMA F2 Advanced Financial Reporting covers sustainability reporting; check the F2 syllabus for the detail.

Checked against: IFRS S1, full text of the Standard; IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information

Open the full timeline entry, with every date

ISSBIn effectFrom 1 January 2024

IFRS S2 Climate-related Disclosures

The climate standard. It requires disclosure of climate-related risks and opportunities, using the same four core content areas as IFRS S1, and sets out how to measure and disclose greenhouse gas emissions.

Must know for the exam

  1. It covers climate-related physical risks, climate-related transition risks and climate-related opportunities.
  2. Physical risks can be acute, from events such as storms, floods and droughts, or chronic, from longer-term shifts in climate patterns such as rising temperatures and sea levels.
  3. Transition risks arise from efforts to move to a lower-carbon economy, such as changes in policy, law, technology and markets, and reputational risk.
  4. Strategy disclosures include the entity's climate resilience, assessed using climate-related scenario analysis that suits the entity's circumstances.
  5. Greenhouse gas emissions: absolute gross Scope 1, Scope 2 and Scope 3 emissions, in metric tonnes of carbon dioxide equivalent, measured under the Greenhouse Gas Protocol Corporate Standard (2004), unless a jurisdictional authority or an exchange on which the entity is listed requires a different method, or the first-year relief applies.
  6. Scope 2 emissions are disclosed on a location-based basis, with information about any contractual instruments that users need to understand them.
  7. Cross-industry metrics cover seven areas: greenhouse gas emissions, transition risks, physical risks, climate-related opportunities, capital deployment, internal carbon prices and remuneration.
  8. Industry-based metrics: the entity must refer to and consider the applicability of the ISSB's industry-based guidance on implementing IFRS S2.
  9. Targets: the entity discloses its climate-related targets, including any greenhouse gas emissions target, whether it is a gross or net target, and any planned use of carbon credits to meet a net target.
  10. Transition plans: the entity discloses any climate-related transition plan it has, including the key assumptions and dependencies behind it.

Key numbers and dates

Issued
June 2023
Effective
Annual periods beginning on or after 1 January 2024, with the same early application rule as IFRS S1
Scope 3 relief
First year only: Scope 3 emissions, including financed emissions, need not be disclosed
Method relief
First year only: may keep a measurement method other than the Greenhouse Gas Protocol used in the year before
Comparatives
Both reliefs may continue to be used for the comparative figures in later years
Amended
December 2025 greenhouse gas amendments apply from 1 January 2027

Exam traps

  • The Scope 3 relief applies to the first year only. From the second year the entity must disclose its current Scope 3 emissions, although it need not add Scope 3 to the first-year comparatives.
  • Financed emissions are part of Scope 3, in Category 15 (investments), so the first-year Scope 3 relief also covers them.
  • Scope 2 is disclosed on a location-based basis. Information about contractual instruments, such as renewable energy certificates, is given in addition, not instead.
  • The December 2025 amendments to IFRS S2 are not on ACCA's list of examinable documents for September 2026 to June 2027.

Examined in. ICAG 3.1 Corporate Reporting, ACCA Strategic Business Reporting. CIMA F2 Advanced Financial Reporting covers sustainability reporting; check the F2 syllabus for the detail.

Checked against: IFRS S2 Climate-related Disclosures, full text of the Standard; Amendments to Greenhouse Gas Emissions Disclosures (Amendments to IFRS S2)

Open the full timeline entry, with every date

ISSBIssued, not yet in effectAmendments from 1 January 2027

What the ISSB has issued and is working on since IFRS S1 and S2

Since issuing IFRS S1 and IFRS S2, the ISSB has issued one set of amendments to IFRS S2 and is working on the SASB Standards, nature-related disclosures and workforce-related disclosures.

Must know for the exam

  1. Amendments to Greenhouse Gas Emissions Disclosures were issued on 11 December 2025. They apply to annual periods beginning on or after 1 January 2027, and earlier application is permitted.
  2. Under the amendments, an entity may limit its disclosure of Category 15 (investments) emissions to financed emissions, and may use an industry classification system other than the Global Industry Classification Standard for financed emissions.
  3. The amendments also clarify the relief where a jurisdiction or exchange requires a method other than the Greenhouse Gas Protocol, and add a similar relief for global warming potential values.
  4. No amendment to IFRS S1 has been issued or proposed as at the date of this page.
  5. Enhancing the SASB Standards: exposure drafts in July 2025 and March 2026 have closed. The ISSB estimates the final amendments from the July 2025 proposals for June 2027.
  6. Nature-related disclosures: the ISSB plans to propose requirements as an IFRS Practice Statement that complements IFRS S1 and IFRS S2. It has announced an exposure draft for a 120-day consultation ending on 19 February 2027.
  7. Workforce-related disclosures, formerly human capital, is a research project. No requirements have been proposed.

Key numbers and dates

Amendments issued
11 December 2025
Amendments effective
Annual periods beginning on or after 1 January 2027
Nature consultation
Announced to run for 120 days, ending on 19 February 2027
SASB final amendments
Estimated for June 2027 by the ISSB work plan
Workforce
Project direction expected in December 2026

Exam traps

  • The nature requirements are planned as an IFRS Practice Statement, not as a new IFRS S3.
  • The greenhouse gas amendments change IFRS S2 only. IFRS S1 has not been amended.
  • A research project such as workforce has no proposals yet, so there is nothing to apply or comment on.

Examined in. Current developments for ICAG 3.1. The amendments are not examinable for ACCA September 2026 to June 2027. For CIMA F2, check CIMA's examinable documents.

Checked against: ISSB issues targeted amendments to IFRS S2 to support implementation; ISSB agrees on the proposed way forward for nature-related disclosures; ISSB work plan

Open the full timeline entry, with every date

IPSASBIssued, not yet in effectFrom 1 January 2028

IPSASB SRS 1 Climate-related Disclosures

The IPSASB's first sustainability reporting standard. It requires governments and other public sector entities to disclose climate-related risks and opportunities that affect their own operations.

Must know for the exam

  1. Issued on 29 January 2026, after SRS Exposure Draft 1 of October 2024.
  2. It applies to annual reporting periods beginning on or after 1 January 2028. Earlier application is permitted and must be disclosed.
  3. It covers the entity's own operations. The climate-related outcomes of public policies are being dealt with in a second standard that is still being developed.
  4. It is aligned with IFRS S2 and draws on IFRS S1 for its general requirements, with changes for the public sector.
  5. Information is material if omitting, misstating or obscuring it could reasonably be expected to influence the discharge of accountability by the entity, or the decisions of primary users: service recipients and resource providers. The disclosures cover risks and opportunities that could affect the entity's long-term fiscal sustainability.
  6. It uses the term operational model where IFRS S2 uses business model.
  7. There is a rebuttable presumption that the entity uses the Greenhouse Gas Protocol.
  8. It can be applied whatever basis the entity uses for its financial statements.

Key numbers and dates

Exposure draft
31 October 2024, comments closed 28 February 2025
Issued
29 January 2026
Effective
Annual periods beginning on or after 1 January 2028
Comparatives
Not required in the first year
First report
May be published within nine months of the year end
Scope 3 relief
No Scope 3 emissions for the first three years

Exam traps

  • SRS 1 covers the entity's own operations only, not the climate outcomes of its public policies.
  • SRS 1 is not IPSAS 51. IPSAS 51 is a financial reporting standard on natural resources held for conservation.
  • Issued by the IPSASB does not mean required in Ghana. ICAG has not formally set a mandatory reporting date for government and not-for-profit organisations.
  • The Scope 3 relief in SRS 1 lasts three years, longer than the one-year relief in IFRS S2.

Examined in. ICAG 2.5 Public Sector Accounting and Finance.

Checked against: IPSASB SRS 1, Climate-related Disclosures (PDF); IPSASB issues first ever public sector standard for climate-related disclosures

Open the full timeline entry, with every date

GhanaIssued, not yet in effectMandatory from 1 January 2027

Ghana: ICAG's adoption and assurance roadmaps

ICAG has adopted IFRS S1 and IFRS S2 for Ghana in phases: significant public interest entities from 2027 and other mandatory adopters from 2028, with assurance phased in a year after reporting.

Must know for the exam

  1. ICAG adopts reporting standards under section 127(5)(b) of the Companies Act, 2019 (Act 992). It approved the phased roadmap on 28 March 2024.
  2. Significant public interest entities must apply IFRS S1 and IFRS S2 for periods beginning on or after 1 January 2027. They are listed entities, non-listed regulated entities, specifically banks, insurance companies, corporate trustees and registered pension schemes, public limited companies, holding companies of public or regulated entities, and companies in upstream oil and gas, mining, oil and gas refining, automobile production, cement and non-renewable power generation.
  3. Other mandatory adopters, the remaining companies under Act 992, must apply them for periods beginning on or after 1 January 2028.
  4. Non-mandatory companies are encouraged but not required to adopt. The size test is annual revenue of not more than GHS50 million in the last two consecutive years, or total assets of GHS40 million in the preceding year, with no public accountability.
  5. ICAG has not formally set a mandatory reporting date for government and not-for-profit organisations. Its August 2026 assurance roadmap shows government organisations from 1 January 2028, the IPSASB's effective date for SRS 1.
  6. The ISSB's transition reliefs apply in Ghana. ICAG did not extend them.
  7. The disclosures sit after the directors' report and before the auditor's report, are signed by two directors and the Chief Sustainability Officer or another person designated for that role, and are published at the same time as the financial statements.
  8. Assurance must be given by a Certified Sustainability Assurance Practitioner, licensed by ICAG and working through a Licensed Sustainability Assurance Firm, under ISSA 5000.
  9. The Bank of Ghana's climate risk directive has applied to banks since 1 January 2026.

Key numbers and dates

Significant public interest entities
Report from 1 January 2027. Limited assurance from 1 January 2028. Reasonable assurance on all disclosures from 1 January 2031
Other mandatory adopters
Report from 1 January 2028. Limited assurance from 1 January 2029. Reasonable assurance on all disclosures from 1 January 2032
Government and not-for-profit
Not formally set; assurance roadmap shows 1 January 2028 for government
Limited assurance excludes
Scope 3 emissions, climate resilience assessments and scenario analysis, and transition plans, for the first assurance phase
Bank of Ghana directive
Banks from 1 January 2026. Specialised deposit-taking and non-bank financial institutions from 1 January 2027

Exam traps

  • For a 31 December year end, the first mandatory year for a significant public interest entity is the year ending 31 December 2027, not 2026.
  • Assurance starts one year after reporting for each group: 2028 for significant public interest entities and 2029 for other mandatory adopters.
  • Do not state 1 January 2028 as a fixed reporting date for government organisations. It appears in ICAG's August 2026 assurance roadmap, but ICAG has not issued a revised adoption roadmap confirming it.
  • The Ghana Stock Exchange ESG manual recommends the GRI Standards and proposes mandatory ESG topics for listed companies. It does not replace ICAG's roadmap, under which listed entities are significant public interest entities.

Examined in. ICAG 3.1 Corporate Reporting and 3.2 Advanced Audit and Assurance.

Checked against: IFRS Sustainability Disclosure Adoption Roadmap for Ghana; International Sustainability Standards Assurance (ISSA) 5000 Implementation Roadmap; Climate-Related Financial Risk Directive

Open the full timeline entry, with every date

Ghana deadlines

When must your organisation report?

Choose the type of organisation and the month its financial year ends. The finder gives the first period it must report on under IFRS S1 and S2, and the first period that needs assurance.

Dates assume a twelve-month financial year ending in December. A first period that starts on or after the date in the rules is the one caught.

Significant public interest entity

Listed company

First period you must report on
1 January 2027 to 31 December 2027
First period that needs limited assurance
1 January 2028 to 31 December 2028

Also for this organisation

  • Ghana Stock ExchangeThe exchange's ESG Disclosures Guidance Manual of August 2022 recommends the GRI Standards and lists ESG topics it proposes as mandatory for listed companies. It sits alongside ICAG's roadmap.Source: ESG Disclosures Guidance Manual

Significant public interest entity

Bank

First period you must report on
1 January 2027 to 31 December 2027
First period that needs limited assurance
1 January 2028 to 31 December 2028

Also for this organisation

  • Bank of GhanaThe Climate-Related Financial Risk Directive applies from 1 January 2026. Banks disclose climate-related financial risks in the directors' report and the annual report, taking IFRS S2 into account, and submit a climate-related transition plan each year with their ICAAP.Source: Climate-Related Financial Risk Directive

Significant public interest entity

Insurer or pension scheme

First period you must report on
1 January 2027 to 31 December 2027
First period that needs limited assurance
1 January 2028 to 31 December 2028

Also for this organisation

Significant public interest entity

Public limited company, holding company or company in a listed industry

First period you must report on
1 January 2027 to 31 December 2027
First period that needs limited assurance
1 January 2028 to 31 December 2028
  • Who is coveredPublic limited companies, holding companies of public or regulated entities, and companies in upstream oil and gas, mining, oil and gas refining, automobile production, cement and non-renewable power generation.Source: IFRS Sustainability Disclosure Adoption Roadmap for Ghana

Bank of Ghana directive

Other Bank of Ghana regulated institution

  • Bank of GhanaThe Climate-Related Financial Risk Directive applies from 1 January 2027 to specialised deposit-taking institutions and non-bank financial institutions, with IFRS S2 aligned climate disclosures expected by December 2027.Source: Climate-Related Financial Risk Directive
  • Reporting under IFRS S1 and S2ICAG's roadmap names only banks, insurance companies, corporate trustees and registered pension schemes as regulated significant public interest entities, which report from 1 January 2027. A specialised deposit-taking or non-bank financial institution is one only if it is listed, a public limited company or a holding company of a public or regulated entity. Otherwise it is an other mandatory adopter, reporting from 1 January 2028. Check how ICAG classifies your institution.Source: IFRS Sustainability Disclosure Adoption Roadmap for Ghana

Other mandatory adopter

Other company under the Companies Act

First period you must report on
1 January 2028 to 31 December 2028
First period that needs limited assurance
1 January 2029 to 31 December 2029

Non-mandatory company

Smaller company with no public accountability

  • Reporting under IFRS S1 and S2Encouraged but not required. The size test is annual revenue of not more than GHS50 million in the last two consecutive years, or total assets of GHS40 million in the preceding year, with no public accountability.Source: IFRS Sustainability Disclosure Adoption Roadmap for Ghana

Not yet confirmed

Government or not-for-profit organisation

Every significant public interest entity

Revise

Flashcards

Read the question, say your answer, then turn the card. Mark the ones you knew and go back over the rest.

  1. What are the four core content areas of IFRS S1 and IFRS S2?

    Governance, strategy, risk management, and metrics and targets.

  2. Who are the primary users under IFRS S1?

    Existing and potential investors, lenders and other creditors.

  3. From when do IFRS S1 and IFRS S2 apply?

    Annual reporting periods beginning on or after 1 January 2024. Earlier application is permitted if both are applied together and the fact is disclosed.

  4. When is sustainability information material under IFRS S1?

    When omitting, misstating or obscuring it could reasonably be expected to influence the decisions primary users make on the basis of general purpose financial reports.

  5. What are the first-year reliefs in IFRS S1?

    No comparatives; the disclosures may be published after the financial statements; and the entity may report on climate alone, if it says so.

  6. Which standards must an entity refer to when identifying its sustainability-related risks and opportunities?

    It must refer to and consider the applicability of the disclosure topics in the SASB Standards.

  7. What are the first-year reliefs in IFRS S2?

    The entity may keep a measurement method other than the Greenhouse Gas Protocol, and need not disclose Scope 3 emissions, including financed emissions.

  8. Define Scope 1, Scope 2 and Scope 3 emissions.

    Scope 1: direct emissions from sources the entity owns or controls. Scope 2: indirect emissions from the energy it buys and consumes. Scope 3: all other indirect emissions in its value chain.

  9. What are the two kinds of climate-related physical risk?

    Acute risks, from events such as storms and floods, and chronic risks, from longer-term shifts such as rising temperatures and sea levels.

  10. Name the seven cross-industry metric areas in IFRS S2.

    Greenhouse gas emissions, transition risks, physical risks, climate-related opportunities, capital deployment, internal carbon prices and remuneration.

  11. On what basis are Scope 2 emissions disclosed under IFRS S2?

    Location-based, with information about any contractual instruments that users need to understand them.

  12. When do the December 2025 greenhouse gas amendments to IFRS S2 apply?

    Annual periods beginning on or after 1 January 2027, with earlier application permitted.

  13. In what form does the ISSB plan to issue nature-related requirements?

    As an IFRS Practice Statement that complements IFRS S1 and IFRS S2.

  14. What does IPSASB SRS 1 cover?

    Climate-related risks and opportunities that affect a public sector entity's own operations. Public policy outcomes are in a second standard still being developed.

  15. From when does IPSASB SRS 1 apply?

    Annual reporting periods beginning on or after 1 January 2028. It was issued on 29 January 2026.

  16. How long is the Scope 3 relief in SRS 1?

    The first three years, compared with one year in IFRS S2.

  17. Which term does SRS 1 use in place of business model?

    Operational model.

  18. From when must significant public interest entities in Ghana apply IFRS S1 and S2?

    Periods beginning on or after 1 January 2027. For a 31 December year end, the year ending 31 December 2027.

  19. From when must other mandatory adopters in Ghana apply IFRS S1 and S2?

    Periods beginning on or after 1 January 2028.

  20. Where do the sustainability disclosures sit in a Ghanaian annual report?

    After the directors' report and before the auditor's report, signed by two directors and the Chief Sustainability Officer or another person designated for that role.

  21. Who may give assurance on sustainability reports in Ghana?

    A Certified Sustainability Assurance Practitioner, licensed by ICAG and working through a Licensed Sustainability Assurance Firm, under ISSA 5000.

  22. When does limited assurance start for significant public interest entities, and what is excluded?

    Periods beginning on or after 1 January 2028. Scope 3 emissions, climate resilience assessments and scenario analysis, and transition plans are excluded at first.

  23. From when does the Bank of Ghana's climate risk directive apply to banks?

    1 January 2026. Specialised deposit-taking and non-bank financial institutions follow from 1 January 2027.

  24. What is the difference between limited and reasonable assurance?

    Reasonable assurance reduces engagement risk to an acceptably low level and gives a positive opinion that the information is prepared in accordance with the criteria. Limited assurance involves less work and concludes whether anything has come to the practitioner's attention suggesting the information is materially misstated.

Practise

Self-check before your paper

One question at a time. Choose an answer, check it and read why, then move on. At the end you see your score and can try the ones you missed again.

From when do IFRS S1 and IFRS S2 apply?
A company wants to apply IFRS S1 early. What else must it do?
In its first year of applying IFRS S2, which disclosure may a bank leave out?
In its first year, an entity reports only on climate under the climate-first relief. What must it do?
From when do the December 2025 greenhouse gas amendments to IFRS S2 apply?
A listed Ghanaian bank has a 31 December year end. What is its first mandatory year under ICAG's roadmap?
Where do the sustainability disclosures sit in a Ghanaian annual report?
Under ICAG's assurance roadmap, when does limited assurance begin for significant public interest entities?
What effective date does the IPSASB set for SRS 1?
What does IPSASB SRS 1 cover?
From when does the Bank of Ghana's climate risk directive apply to banks?
Which of these is not one of the four core content areas of IFRS S1 and IFRS S2?
Who are the primary users of general purpose financial reports under IFRS S1?
On what basis does IFRS S2 require Scope 2 emissions to be disclosed?
A flood damages a company's factory. Under IFRS S2, what kind of risk is this?
A bank applies IFRS S2 for the first time in 2027 and uses the Scope 3 relief. What must it disclose for Scope 3 in its 2028 report?
Which term does IPSASB SRS 1 use in place of business model?
A Ghanaian private company is not a significant public interest entity and is above the size threshold. From when must it apply IFRS S1 and IFRS S2?
Which disclosures are left out of the first limited assurance phase for significant public interest entities in Ghana?

At a glance

Where things stand

Select any line to open the full entry, with its key dates and official sources.

  • In effect
  • Issued, not yet in effect
  • Open for comment
  • Comment period closed
  • In research or development

Time machine

What was in force on a given date?

Move the slider or pick a date. Every entry in the timeline updates to show its stage on that day. Use it to check the position at your exam date or at a reporting date in a question.

0In effect
0Issued, not yet in effect
0Open for comment
0Closed or in research

Every development

The full timeline

Every source was checked on 19 October 2026 unless another date is shown.

Who issued it
Stage

  1. IPSASBIn research or development

    Climate-related Disclosures: Public Policy Outcomes

    The IPSASB's second climate standard, on the climate-related outcomes of public policies. It is still being developed.

    What you need to know

    • It grew out of the public policy proposals in SRS Exposure Draft 1, which the IPSASB separated from SRS 1 in June 2025.
    • In March 2026 the IPSASB refocused it on disclosures about the climate-related outcomes of all public policies.
    • At its September 2026 meeting in Accra the IPSASB continued its deliberations. It plans to review an updated draft final pronouncement in December 2026.
    • Its effective date and transition provisions are still being deliberated.

    Key dates

    1. Separated from SRS 1 as a second phase
    2. Refocused on the climate-related outcomes of all public policies
    3. Accra meeting reported; updated draft due in December 2026

    Sources

  2. ISSBIn research or development

    Workforce-related Disclosures (formerly human capital)

    A research project on risks and opportunities linked to an entity's workforce. No requirements have been proposed.

    What you need to know

    • The ISSB began research on human capital in April 2024, at the same time as its nature research.
    • In September 2026 the project was renamed Workforce-related Disclosures. It remains a research project.
    • The ISSB work plan shows the next step as deciding the project direction, expected in December 2026.

    Key dates

    1. Research project begins
    2. Renamed Workforce-related Disclosures

    Sources

  3. GhanaIn effect

    Ghana's carbon market framework

    Ghana's framework for international carbon markets under Article 6 of the Paris Agreement, run through the Carbon Market Office at the Environmental Protection Agency.

    What you need to know

    • The framework was released on 15 December 2022. The Carbon Market Office acts as Ghana's designated national authority for the Article 6.4 mechanism.
    • The August 2026 progress report states that, as of mid-2026, Ghana had authorised 11 projects for international transfer, totalling 12.7 million tonnes of carbon dioxide equivalent.
    • The same report says carbon market regulations for 2026 have been drafted and are under legal review by the Attorney-General, before going to Parliament. We have found no record that they have been made since.

    Key dates

    1. Framework released
    2. Progress report: 11 projects authorised; regulations drafted

    Sources

  4. GhanaIssued, not yet in effect

    ICAG ISSA 5000 implementation roadmap: assurance of sustainability reports

    Sustainability reports prepared in Ghana under the IFRS sustainability standards must be assured by a Certified Sustainability Assurance Practitioner, with assurance phased in from 2028.

    What you need to know

    • Issued by the Council of ICAG on 17 August 2026.
    • Assurance must be given by a Certified Sustainability Assurance Practitioner, licensed by ICAG and working through a Licensed Sustainability Assurance Firm, under ISSA 5000 and the IESBA sustainability ethics standards.
    • Significant public interest entities: limited assurance for periods beginning on or after 1 January 2028, excluding Scope 3 emissions, climate resilience assessments and scenario analysis, and transition plans; reasonable assurance with limited assurance on Scope 3 from 1 January 2029 to 31 December 2030; reasonable assurance on all disclosures from 1 January 2031.
    • Other mandatory adopters: limited assurance from 1 January 2029; reasonable assurance with limited assurance on Scope 3 from 1 January 2030 to 31 December 2031; reasonable assurance on all from 1 January 2032.
    • ICAG states that ISSA 5000 applies to periods beginning on or after 15 December 2026.
    • The assurance report sits immediately before the sustainability report in the annual report.
    • Certification is open to audit and non-audit professionals, and ICAG will publish a register of practitioners and firms.

    For your exam. ICAG 3.2 Advanced Audit and Assurance covers assurance on sustainability reports. Know the difference between limited and reasonable assurance and the phasing dates.

    Key dates

    1. Assurance roadmap issued by ICAG Council
    2. Limited assurance begins for significant public interest entities
    3. Reasonable assurance begins for significant public interest entities, with limited assurance on Scope 3
    4. Reasonable assurance on all disclosures for significant public interest entities

    Sources

  5. GhanaIn research or development

    ICAG roadmap: government and not-for-profit organisations

    ICAG has not formally set a mandatory reporting date for government and not-for-profit organisations. Its August 2026 assurance roadmap shows government organisations from 1 January 2028, but no revised adoption roadmap confirms it.

    What you need to know

    • ICAG's 2024 roadmap says its Council will decide the mandatory date for these entities when the IPSASB issues its standards.
    • The IPSASB issued SRS 1 on 29 January 2026.
    • ICAG's August 2026 assurance roadmap shows government organisations against 1 January 2028, followed by review and alignment with IPSASB standards. We have not found a revised ICAG adoption roadmap confirming that date, so check with ICAG.
    • On 11 February 2026 the ICAG Council issued a notice summarising SRS 1, but it did not adopt SRS 1 or set a mandatory date for Ghana.

    Key dates

    1. Roadmap leaves the date to be set after the IPSASB issues standards
    2. IPSASB issues SRS 1
    3. Assurance roadmap lists government organisations against 1 January 2028

    Sources

  6. ISSBComment period closed

    Enhancing the SASB Standards

    The ISSB is revising the industry-based SASB Standards, which IFRS S1 requires entities to refer to when identifying their sustainability-related risks and opportunities.

    What you need to know

    • On 3 July 2025 the ISSB published two exposure drafts. One proposed amendments to the SASB Standards: a comprehensive review of nine priority industries and targeted amendments to 41 others. The other proposed matching amendments to the ISSB's industry-based guidance on applying IFRS S2. Comments closed on 30 November 2025.
    • On 26 March 2026 it proposed amendments to three more SASB Standards: Agricultural Products; Meat, Poultry and Dairy; and Electric Utilities and Power Generators. Comments closed on 24 July 2026.
    • On 22 July 2026 the ISSB decided to enhance the six SASB Standards in the Technology and Communications sector and to begin preparing an exposure draft.
    • The ISSB work plan estimates the final amendments from the July 2025 exposure drafts for June 2027, and its discussion of feedback on the March 2026 proposals for December 2026. The ISSB says its expected dates are estimates and may change.

    Key dates

    1. Two exposure drafts published
    2. Comment period closes
    3. Exposure draft on three more industries published
    4. ISSB decides to enhance the six Technology and Communications standards
    5. Comment period on the three industries closes

    Sources

  7. ISSBIn research or development

    Nature-related Disclosures

    The ISSB plans to propose nature-related disclosure requirements in the form of an IFRS Practice Statement that would complement IFRS S1 and IFRS S2.

    What you need to know

    • The ISSB began research on biodiversity, ecosystems and ecosystem services in April 2024.
    • In April 2026 it agreed to propose the requirements as an IFRS Practice Statement. The ISSB Chair said applying it would have the full effect of an ISSB Standard for companies that apply it.
    • The ISSB has announced an exposure draft for a 120-day consultation ending on 19 February 2027, to be launched on or about 22 October 2026. Until it is published, nothing is open for comment.
    • In June 2026 the ISSB tentatively decided that the Practice Statement would permit entities to refer to and consider the metrics of the Taskforce on Nature-related Financial Disclosures, where they help meet the objective of IFRS S1 and do not conflict with ISSB requirements.

    Key dates

    1. Research project begins
    2. ISSB agrees to propose an IFRS Practice Statement

    Sources

  8. IPSASBIssued, not yet in effect

    IPSASB SRS 1 Climate-related Disclosures

    The IPSASB's first sustainability reporting standard, for governments and other public sector entities. It covers climate-related risks and opportunities that affect the entity's own operations.

    What you need to know

    • Proposed in SRS Exposure Draft 1, published on 31 October 2024. Comments closed on 28 February 2025.
    • In June 2025 the IPSASB split the project. SRS 1 covers the entity's own operations. Public policy outcomes moved to a second standard, which is still being developed.
    • Approved in December 2025 and issued on 29 January 2026. It applies to annual reporting periods beginning on or after 1 January 2028. Earlier application is permitted and must be disclosed.
    • It is aligned with IFRS S2 and draws on IFRS S1 for its general requirements, with public sector changes. Information is material if it could reasonably be expected to influence the discharge of accountability by the entity or the decisions of primary users, who are service recipients and resource providers. It uses operational model where IFRS S2 uses business model.
    • There is a rebuttable presumption that the entity uses the Greenhouse Gas Protocol.
    • Reliefs: no comparatives in the first year; the first report may be published within nine months of the year end; no Scope 3 emissions for the first three years. An entity that uses the Scope 3 relief may continue to use it when presenting that information as comparatives in later years.
    • It can be applied whatever basis the entity uses for its financial statements. It is not endorsed by the ISSB.

    For your exam. ICAG paper 2.5 asks you to discuss sustainability reporting requirements for public sector entities. SRS 1 is the international standard to use as your reference point.

    Key dates

    1. SRS Exposure Draft 1 published
    2. Comment period closes
    3. SRS 1 issued
    4. Effective for annual periods beginning on or after this date

    Sources

  9. IPSASBIssued, not yet in effect

    IPSAS 51 Tangible Natural Resources Held for Conservation

    A financial reporting standard, not a sustainability standard, on accounting for natural resources such as land, trees and water that governments hold to preserve or protect.

    What you need to know

    • Issued on 22 January 2026. It applies to annual financial statements for periods beginning on or after 1 January 2028. Earlier application is permitted.
    • It is an IPSAS financial reporting standard, not an IPSASB SRS sustainability standard. It also points to guidance in other IPSAS that applies to natural resources held for other purposes.

    Key dates

    1. IPSAS 51 issued
    2. Effective for periods beginning on or after this date

    Sources

  10. GhanaIn effect

    Bank of Ghana Climate-Related Financial Risk Directive

    Requires banks and other regulated financial institutions to manage and disclose their climate-related financial risks, taking IFRS S2 into account.

    What you need to know

    • Issued in November 2024. It applies to banks, specialised deposit-taking institutions, financial holding companies, mortgage finance companies, leasing companies and development finance institutions.
    • Effective from 1 January 2026 for banks and from 1 January 2027 for specialised deposit-taking institutions and non-bank financial institutions.
    • Institutions must disclose climate-related financial risks in the directors' report of their audited financial statements and in the annual report, taking into account IFRS S2 and ICAG's adoption approach.
    • The directive's roadmap expects IFRS S2 aligned climate disclosures by December 2026 for banks, or on ICAG's timeline, and by December 2027 for the other institutions.
    • Institutions must develop climate-related transition plans and submit them to the Bank of Ghana each year with their ICAAP.

    Key dates

    1. Directive issued
    2. Effective for banks
    3. Effective for specialised deposit-taking and non-bank financial institutions

    Sources

  11. ISSBIssued, not yet in effect

    Amendments to Greenhouse Gas Emissions Disclosures (Amendments to IFRS S2)

    Targeted amendments that ease specific application challenges in the greenhouse gas requirements of IFRS S2. Issued in December 2025, effective from 1 January 2027.

    What you need to know

    • Proposed in an exposure draft on 28 April 2025. Comments closed on 27 June 2025.
    • Issued on 11 December 2025. They apply to annual reporting periods beginning on or after 1 January 2027, and earlier application is permitted.
    • An entity may limit its disclosure of Category 15 (investments) emissions to financed emissions.
    • An entity may use an industry classification system other than the Global Industry Classification Standard when disaggregating financed emissions.
    • They clarify the relief where a jurisdiction or exchange requires a method other than the Greenhouse Gas Protocol, and add a similar relief for the global warming potential values used.
    • The ISSB also issued consequential amendments to the financed emissions metrics in three SASB Standards on the same day.
    • A proposed update to the ISSB digital taxonomy for these amendments was open for comment until 28 September 2026. The taxonomy adds no new requirements.

    For your exam. ACCA's list for September 2026 to June 2027 includes only documents issued by 31 August 2025, so these amendments are not on it. Know them for current practice and for later sittings.

    Key dates

    1. Exposure draft published
    2. Comment period closes
    3. Amendments issued
    4. Effective for annual periods beginning on or after this date

    Sources

  12. GhanaIssued, not yet in effect

    ICAG roadmap: other mandatory adopters

    All other companies under the Companies Act, 2019 that are not significant public interest entities or small non-mandatory companies must apply IFRS S1 and IFRS S2 for periods beginning on or after 1 January 2028.

    What you need to know

    • Other mandatory adopters are companies under Act 992 other than significant public interest entities, government organisations and non-mandatory companies.
    • Non-mandatory companies are encouraged but not required to adopt. The size test is annual revenue of not more than GHS50 million in the last two consecutive years, or total assets of GHS40 million in the preceding year, with no public accountability.
    • They may adopt voluntarily before 2028.

    Key dates

    1. ICAG approves the phased roadmap
    2. Mandatory for periods beginning on or after this date

    Sources

  13. GhanaIssued, not yet in effect

    ICAG roadmap: significant public interest entities

    Under ICAG's adoption roadmap, significant public interest entities must apply IFRS S1 and IFRS S2 for periods beginning on or after 1 January 2027. Until then, adoption is voluntary.

    What you need to know

    • ICAG adopts reporting standards under section 127(5)(b) of the Companies Act, 2019 (Act 992). It announced adoption of IFRS S1 and IFRS S2 in 2023 and approved a phased roadmap on 28 March 2024.
    • Voluntary phase: periods beginning on or after 1 January 2024 through periods ending on or before 31 December 2026.
    • Significant public interest entities are entities listed on a recognised exchange in Ghana; non-listed regulated entities, specifically banks, insurance companies, corporate trustees and registered pension schemes; public limited companies; holding companies of public or regulated entities; and companies in upstream oil and gas, mining, oil and gas refining, automobile production, cement and non-renewable power generation.
    • The ISSB's transition reliefs apply in Ghana. ICAG did not extend them.
    • The disclosures sit in the annual report after the directors' report and before the auditor's report, are signed by two directors and the Chief Sustainability Officer or another person designated for that role, and are published at the same time as the financial statements.
    • An entity may describe its disclosures as complying with the IFRS sustainability standards only if it complies with all of their requirements.
    • The IFRS Foundation's Ghana profile, updated June 2025, records Ghana as permitting the ISSB Standards with a target of full adoption, with no modifications.

    For your exam. In ICAG 3.1 Corporate Reporting, be ready to state who must adopt, from when, and where the disclosures sit in the annual report.

    Key dates

    1. Voluntary adoption phase begins
    2. ICAG approves the phased roadmap; mandatory adoption fixed for 2027
    3. Mandatory for periods beginning on or after this date

    Sources

  14. ISSBIn effect

    IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information

    The baseline standard. It requires an entity to disclose information about all sustainability-related risks and opportunities that could reasonably be expected to affect its prospects.

    What you need to know

    • Issued by the ISSB in June 2023. It applies to annual reporting periods beginning on or after 1 January 2024.
    • Earlier application is permitted, but an entity that applies IFRS S1 early must disclose that fact and apply IFRS S2 at the same time.
    • No comparative information is required in the first annual reporting period in which the entity applies the Standard.
    • Timing relief, first year only: the sustainability disclosures may be published after the financial statements. They must then be published with the next half-year interim report, or within nine months of the year end if the entity does not publish an interim report. If it publishes an interim report voluntarily, they go with that report but no later than nine months after the year end.
    • Climate-first relief, first year only: the entity may report on climate-related risks and opportunities alone. If it does, it must say so. In the second year it need not give comparatives for the topics other than climate.
    • No amendment to IFRS S1 has been issued or proposed as at the date of this page.

    For your exam. Know the effective date, the rule that early application of one Standard means applying both, and each first-year relief. These are favourite short questions.

    Key dates

    1. Issued by the ISSB
    2. Effective for annual periods beginning on or after this date

    Sources

  15. ISSBIn effect

    IFRS S2 Climate-related Disclosures

    The climate standard. It sets out what an entity must disclose about its climate-related risks and opportunities, including its greenhouse gas emissions.

    What you need to know

    • Issued by the ISSB in June 2023. It applies to annual reporting periods beginning on or after 1 January 2024, with the same early application rule as IFRS S1.
    • First-year relief on method: an entity that used a method other than the Greenhouse Gas Protocol before it first applied IFRS S2 may keep using that method in the first year.
    • First-year relief on Scope 3: an entity need not disclose its Scope 3 greenhouse gas emissions in the first year. This includes financed emissions for entities in asset management, commercial banking or insurance.
    • Both reliefs may continue to be used for the comparative figures shown in later years.
    • The Standard was amended in December 2025. See the separate entry on the greenhouse gas amendments, which apply from 1 January 2027.

    For your exam. Expect questions on the two first-year reliefs and on how they carry into the comparatives in year two.

    Key dates

    1. Issued by the ISSB
    2. Effective for annual periods beginning on or after this date

    Sources

  16. IPSASBIn effect

    Reporting Sustainability Program Information: Amendments to RPGs 1 and 3

    Non-authoritative guidance that helps governments report on their sustainability programmes using the IPSASB's Recommended Practice Guidelines 1 and 3.

    What you need to know

    • Issued on 9 May 2023. The updates took effect when published.
    • RPG 1 covers reporting on the long-term sustainability of an entity's finances. RPG 3 covers reporting service performance information.
    • This is guidance, not a standard. It does not require any disclosure.

    For your exam. RPG 1 is listed at Level 2 in the IPSAS part of the ICAG syllabus appendix.

    Key dates

    1. Issued and effective when published

    Sources

  17. GhanaIn effect

    Ghana Stock Exchange ESG manual and SEC green bond guidelines

    Capital market guidance and rules on ESG reporting and green bonds. The GSE manual recommends GRI and proposes mandatory ESG topics for listed companies; the SEC guidelines govern green bond issues.

    What you need to know

    • The Ghana Stock Exchange published its ESG Disclosures Guidance Manual in August 2022. It recommends the GRI Standards.
    • The IFRS Foundation's Ghana profile notes that the exchange permits listed entities to use the GRI Standards for ESG reporting. Listed entities are also significant public interest entities under ICAG's roadmap.
    • The SEC's Securities Industry (Green Bond) Guidelines 2024 follow the ICMA Green Bond Principles and took effect immediately on issue.

    Key dates

    1. GSE ESG Disclosures Guidance Manual published

    Sources

  18. GhanaIn effect

    NPRA investment guidelines: ESG factors for pension schemes

    Pension schemes should take environmental, social and governance factors into account in their investment decisions.

    What you need to know

    • Gazetted on 14 September 2021.
    • The guidelines say schemes should incorporate ESG factors in the investment decision-making process. This is guidance on investment, not a disclosure requirement.
    • Up to 5% of a scheme's assets in Government of Ghana green bonds does not count toward the cap on government securities, and up to 5% in corporate green bonds does not count toward the cap on corporate debt.

    Key dates

    1. Guidelines gazetted

    Sources

Glossary

Terms you should be able to explain

ISSB
The International Sustainability Standards Board, set up by the IFRS Foundation. It issues the IFRS Sustainability Disclosure Standards, including IFRS S1 and IFRS S2.
IPSASB
The International Public Sector Accounting Standards Board. It issues IPSAS for public sector financial reporting and, since January 2026, IPSASB SRS standards for public sector sustainability reporting.
Scope 1, 2 and 3 emissions
Scope 1 is direct emissions from sources the entity owns or controls. Scope 2 is indirect emissions from generating the electricity, steam, heating or cooling that it buys or acquires and consumes. Scope 3 is all other indirect emissions in its value chain, upstream and downstream.
Financed emissions
The part of the emissions of investees and borrowers that is attributed to an entity's loans and investments. They form part of its Scope 3 emissions, in Category 15 (investments). IFRS S2 asks for extra detail on them from entities in asset management, commercial banking or insurance.
Transition relief
A temporary concession that eases first-time application of a standard, such as leaving out comparatives or Scope 3 emissions in the first year.
SASB Standards
Industry-based standards, now maintained by the ISSB. IFRS S1 requires an entity to refer to and consider their disclosure topics when identifying its sustainability-related risks and opportunities.
Significant public interest entity
In ICAG's roadmap, the first group required to adopt IFRS S1 and IFRS S2 in Ghana, including listed entities, banks, insurers, pension schemes, public limited companies and companies in specified extractive and heavy industries.
Limited and reasonable assurance
Reasonable assurance is a high, but not absolute, level of assurance with a positive conclusion. Limited assurance involves less work and gives a lower level of assurance, usually stated as nothing having come to the practitioner's attention.
ISSA 5000
The IAASB's International Standard on Sustainability Assurance 5000, General Requirements for Sustainability Assurance Engagements. It covers limited and reasonable assurance on sustainability information and is effective for periods beginning on or after 15 December 2026.
Certified Sustainability Assurance Practitioner
A practitioner certified and licensed by ICAG to give assurance on sustainability reports in Ghana, working through a Licensed Sustainability Assurance Firm.
IFRS Practice Statement
A form of pronouncement used by the IFRS Foundation's boards. The IASB has issued Practice Statements on management commentary and on materiality judgements. The ISSB plans to issue its nature-related requirements in this form, to complement IFRS S1 and IFRS S2 without changing their requirements.
ITMO
An internationally transferred mitigation outcome: an emissions reduction transferred between countries under Article 6 of the Paris Agreement.

How this page stays current

Checked against the official sources

Every entry is checked against the official publications of the ISSB, the IPSASB, ICAG and Ghana's regulators, which are linked under each entry. MSL reviews the whole page at least once a month and again before each ICAG sitting.

Planned dates, such as an expected exposure draft, are described as plans until the body publishes. If this page passes its review date, a notice appears at the top and you should check the linked sources before relying on it.

Edition history
  • . First edition, checked against the official sources linked on this page.