The Government has welcomed the publication today of jurisdictional profiles by the International Financial Reporting Standards (IFRS) Foundation, with Hong Kong being confirmed as one of the first jurisdictions to set a target of fully adopting the IFRS Sustainability Disclosure (ISSB) Standards.
The Government said this demonstrates the city’s commitment to enhancing the transparency of information on sustainablity in capital markets, enabling investors to make informed investment decisions.
Secretary for Financial Services & the Treasury Christopher Hui said the IFRS Foundation’s confirmation affirms Hong Kong’s efforts and determination to support and promote a common international language on sustainability disclosures.
“It also demonstrates Hong Kong’s strengths in the field of sustainable finance, helping to consolidate Hong Kong’s position as an international sustainable finance hub.
“As a leading international financial centre, Hong Kong will continue to be at the forefront in aligning with international standards and promoting market best practices.”
The Hong Kong Institute of Certified Public Accountants published in December last year the Hong Kong Sustainability Disclosure Standards (Hong Kong Standards), which will be effective from August 1 this year. These standards are fully aligned with the ISSB Standards.
The Financial Services & the Treasury Bureau also launched, in December last year, a Roadmap on Sustainability Disclosure in Hong Kong, which sets out Hong Kong’s approach to requiring publicly accountable entities (PAEs) to adopt the ISSB Standards, and provides a well-defined pathway for large PAEs to fully adopt these standards no later than 2028.