Newly established International Sustainability Standards Board (ISSB) standards are about to be required in Singapore

Singapore regulators, the Accounting and Corporate Regulatory Authority (ACRA) and Singapore Exchange Regulation (SGX RegCo) announced that public and large private companies will be required provide climate disclosures aligned with the International Financial Reporting Standards (IFRS) recently published ISSB standards.

All companies listed in Singapore, including ones incorporated overseas, would be required to report in line with the ISSB Standards starting in fiscal year 2025, while non-listed companies with at least S$1 billion in revenues would be required to do so beginning in fiscal year 2027.

It is worth noting that Singapore at the moment only requires listed companies in specific sectors (e.g. finance, agriculture, food, forest products, and energy) to provide Taskforce on Climate-related Financial Disclosures (TCFD)-aligned climate reporting. All other listed companies are only required to apply TCFD on a "comply-or-explain" basis.