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Today, 17 jurisdictions have adopted ISSB standards.14 jurisdictions aim for complete adoption of ISSB standards,2 are adopting climate requirements, and 1 is partially incorporating the standards.16 others are in the process of adopting them, with the United Kingdom among them. Consult Deloitte's report, "Adoption of IFRS Sustainability Disclosure Standards by Jurisdiction" published in late August 2025for an overview of the current situation across all jurisdictions.
This UK consultation marks the final stage in evaluating the suitability of ISSB standards for adoption in the United Kingdom. Ensuring international comparability has been a key priority throughout the process, and the government has sought to minimize divergences from ISSB standards. It therefore proposes six minor amendments for their application.
The UK government launched a consultation on June 25, 2025, seeking views on the draft UK Sustainability Reporting Standards (UK SRS), which are based on the two standards published by the ISSB in June 2023. Open for12 weeks until September 17, 2025, the consultation was published alongside two other initiatives: the government's commitment to transition planning and proposals for oversight of sustainability assurance providers.
The consultation includes20 questions covering the endorsement of the standards in their current form, the costs and benefits they could bring, amendments proposed by the government based on TAC recommendations, as well as their applicability to large private companies and non-listed entities. It also explores practical aspects such as streamlining reporting requirements, handling calculations, transitional reliefs, reporting frequency, and the role of carbon credits.
The purpose of this consultation is to gather evidence on whether and how the UK should adopt the draft UK SRS. Responses will inform the government's decision on endorsement, with a view to publishing the final versions of UK SRS S1 and S2 in autumn 2025. It is important to note that any decision to introduce legal or regulatory requirements related to UK SRS will be assessed separately. This exercise represents the first phase of modernizing the UK corporate reporting framework, with the government working closely with the FCA and FRC to ensure consistency in sustainability reporting and assurance.
###1. Flexibility and Focus on Existing Processes
We advocated for flexibility in implementing UK SRS, emphasizing alignment with existing processes and practices.
WeeFin endorsed the "climate-first" approach and the proposed phased transitional relief, as they allow entities to consolidate internal processes, reduce operational pressures, and encourage voluntary adoption. These elements are consistent with current TCFD practices and reflect the progressive strategies adopted in other jurisdictions such as Canada, Australia, and Singapore, where reporting beyond climate disclosures is encouraged but not mandatory.
Flexibility also extends to the use of classification standards. For example, we support removing the requirement to use the Global Industry Classification Standard (GICS), allowing entities to rely on frameworks used internally. Similarly, in line with SASB documents, entities should have some latitude in their approach to sustainability reporting rather than being prescribed a single framework or method.
We emphasized the importance of reducing duplication and simplifying reporting processes. The UK SRS could serve as a single, comprehensive standard for climate and sustainability information, replacing or aligning with existing TCFD reports.
For financial actors, this reduces the need to collect data from multiple reporting regimes. Harmonizing formats and methodologies, including scopes and inclusions, would further simplify the reporting burden and allow for efficient integration of existing information.
We highlighted the need for greater transparency in sustainability disclosures. This includes promoting voluntary reporting, improving data freshness, and clarifying the treatment of carbon credits, which currently present reporting challenges.
We also suggested removing the IFRS S1 transitional relief that allows for delayed reporting in the first year, as aligning reporting with financial statements and existing practices enhances quality and consistency without imposing disproportionate burdens on UK entities.
We pointed out that revising comparative data for prior periods might not provide meaningful or decision-useful information. Repeated revisions create confusion and additional burden, as entities must track changes and assess implications in their reports. Moreover, most other disclosures do not require retrospective revisions.
Clarifications from the ISSB are also needed regarding the application of financed emissions requirements, exclusions of specific Scope 3 emissions categories, and carbon credit reporting. Ensuring data transparency and guidance on formulas will enhance the comparability and reliability of reporting.
Finally, we expressed strong support for the ISSB to provide additional globally aligned guidance, which would help ensure consistency, comparability, and reliability in sustainability reporting.
Clear guidance reduces uncertainty, supports high-quality disclosures, and would help entities implement UK SRS effectively.
Based on our responses, we emphasized the need for flexibility, alignment with existing processes, simplified reporting, greater transparency, clarification on data, and additional guidance from the ISSB to ensure consistent, high-quality sustainability disclosures. These measures aim to make implementation practical and meaningful for entities while supporting a "climate-first" approach.
We believe that adopting UK SRS S1 and S2 would bring significant benefits, including increased comparability between entities, reduced reporting burdens through streamlined disclosures, enhanced investor credibility and confidence, market advantages, strengthened UK strategic positioning, and improved risk management.
At the same time, adoption will involve costs such as staff training, familiarization with standards, new processes, data management, and third-party assurance. These costs are expected to be higher in the first year but could be mitigated through the use of functional technology platforms like WeeFin's.
Next steps will involve clarifying which entities will be required to publish the standards in the UK, establishing the timeline for reporting obligations, and ensuring a smooth, practical implementation process for all reporting entities.
To read our full consultation response, click here.
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