IFRS Foundation confirms Hong Kong as one of the first jurisdiction to aim for full adoption of ISSB standards.
On June 12, the Hong Kong Special Administrative Region Government welcomed the International Financial Reporting Standards Foundation (IFRS Foundation) issuing the jurisdiction profile and confirming Hong Kong as one of the first jurisdictions to target full adoption of the International Sustainability Standards Board (ISSB) framework.
On June 12th, the Hong Kong Special Administrative Region Government welcomed the International Financial Reporting Standards Foundation (IFRS Foundation) issuing its jurisdiction profile, and confirmed Hong Kong as one of the first jurisdictions to aim for full adoption of the International Sustainability Standards Board (ISSB) standards. This demonstrates Hong Kong's commitment to enhancing capital market transparency for sustainable development, facilitating investment decisions for investors, and promoting global capital flow.
The Financial Secretary of Hong Kong, Paul Chan, stated: "The IFRS Foundation's confirmation of Hong Kong as one of the first jurisdictions aiming for full adoption of ISSB standards showcases Hong Kong's efforts and determination in supporting and promoting internationally consistent sustainable disclosure information. It also highlights Hong Kong's advantages in the sustainable finance sector, helping to cement Hong Kong's position as an international sustainable finance hub. As a leading international financial center, Hong Kong will continue to strive to align with international standards and promote best market practices."
The Hong Kong Institute of Certified Public Accountants released the Hong Kong Sustainability Disclosure Standards (HKSDS) last December, fully aligning with ISSB standards, which will be effective from August 1, 2025. The Hong Kong Treasury (HK Treasury) also launched the Hong Kong Sustainability Disclosure Roadmap in the same month, outlining the policy for public interest entities to adopt ISSB standards, and providing a clear path for large public interest entities to fully adopt ISSB standards no later than 2028. The HK Treasury will continue to collaborate with financial regulatory authorities and stakeholders in a comprehensive manner to promote the development of a comprehensive sustainable disclosure ecosystem in Hong Kong, supporting the implementation of the HKSDS.
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