The Ministry of Finance of the Republic of Kazakhstan continues systematic work on implementation of international standards for information disclosure in the field of sustainable development - IFRS S1 and S2. Today a meeting of the interdepartmental working group took place.

Reference: IFRSs S1 and S2 are new international reporting rules. Thanks to which the business will be obliged to disclose the impact of the company's activities on the environment and society, as well as what climate threats can affect the business itself.

The main issue on the agenda of the meeting was implementation of the Roadmap for the phased implementation of IFRS S1 and S2 in the Republic of Kazakhstan for 2027-2028. The document was prepared jointly with the United Nations Development Program and includes 37 activities that determine consistent steps to form a regulatory, institutional and methodological framework for the implementation of standards in Kazakhstan.

During the meeting, the working group considered the parameters of the future application of standards, including the definition of the date for the start of mandatory application of standards, the establishment of criteria and thresholds for the selection of organizations to be subject to requirements, the formation of approaches to the audit of reports prepared in accordance with IFRS S1 and S2, as well as the development of measures to ensure compliance with standards.

"The introduction of IFRS S1 and S2 will be an important stage in the development of Kazakhstan's corporate reporting system. This will improve the quality of the information disclosed, increase attention to sustainable development issues and create additional conditions for increasing the investment attractiveness of the country. We are committed to close interdepartmental interaction in order to offer practical solutions to business," - Vice  Minister of the Ministry of Finance Dauren Kengbeil commented on the results of the meeting.

Source : https://www.gov.kz/memleket/entities/minfin/press/news/details/1184782?lang=kk