b'Climate ActionTerence Jeyaretnam is EYs Asia-Pacific Climate Change and Sustainability Services Leader. He is also a Technical Reference Group Member for the International Sustainability Standards Board and serves on the Australian Auditing and Assurance Standards Board (AuASB).Terence JeyaretnamGLOBAL ACCOUNTING STANDARDS FOR SUSTAINABILITY REPORTING FINALISED The International Sustainability Standards Board (ISSB) has released its first-ever global sustainability disclosure standards called IFRS S1 and IFRS S2. IFRS S1 sets out general requirements for disclosing sustainability-related financial information, andIFRS S2 focuses specifically on climate-related disclosures, detailing how companies should report on their climate-related risks and opportunitiesThese International Financial Reporting Standards will enhance transparency and reliability by establishing a standardised framework for reporting the impact of climate-related risks and opportunities on a companys future prospects.Now that the new sustainability standards have been issued, the ISSB will work with: jurisdictions like Australia, wishing to require incremental disclosures beyond the global baseline, companies by launching capacity-building initiatives to support effective implementation, and 21'