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ISSB Standards IFRS S1 and S2
IFRS S1 and IFRS S2 are the global baseline for sustainability and climate disclosure. In Qatar they are now mandatory for banks, insurers, listed companies and QFC firms.
What it is
The International Sustainability Standards Board issued IFRS S1 and IFRS S2 in June 2023, effective for periods beginning on or after 1 January 2024 where a jurisdiction adopts them.
IFRS S1 sets general requirements for sustainability-related financial disclosures. IFRS S2 covers climate: governance, strategy, risk management, metrics and targets, including Scope 1, 2 and 3 emissions and scenario analysis.
Disclosures sit in general purpose financial reports and cover the same reporting entity and period as the financial statements.
Who it applies to
- In Qatar: QFMA-regulated listed companies, QCB-regulated banks and insurers, and QFC Category A firms plus designated Category B firms.
- Suppliers and borrowers of those entities, who will be asked for emissions and risk data.
Key dates
| June 2023 | ISSB issues IFRS S1 and S2. |
|---|---|
| 1 Jan 2024 | Standards effective where adopted. |
| 1 Jan 2026 | Qatar requirements start for QFMA, QCB and QFCRA entities. |
What to do now
- Decide whether you will use the climate-first relief in year one.
- Set up Scope 1 and 2 measurement under the GHG Protocol, and a Scope 3 screening.
- Document how the board oversees climate risk, and test the strategy against at least one scenario.
Sources
- IFRS S1 General Requirements
- IFRS S2 Climate-related Disclosures
- IFRS Foundation, Qatar jurisdictional profile on use of ISSB Standards (updated June 2026)
Summary for orientation only, not legal advice. Always check the current text with the issuing authority.