The International Sustainability Standards Board (ISSSB) has finalized its first two standards, one on climate-related disclosures and the other on general sustainability-related disclosures.

The standards were finalized after the ISSB released its proposed standards in March 2022 and incorporated feedback from around the world. The proposals, which drew more than 1,300 comments during the 120-day consultation period, are voluntary. Jurisdictions of individual nations can adopt the standards to make them binding for companies under their respective jurisdictions. Companies can also voluntarily adopt the standards.

Both standards fully incorporated the recommendations of the Financial Stability Board's Task Force on Climate-related Financial Disclosures (TCFD), Accounting Today reported.

With the issuance of the standards, the ISSB plans to work with jurisdictions and companies to support adoption, which is expected in 2024.

"Today represents the outcome of more than 18 months of intense work to deliver an inaugural set of sustainability disclosure standards for the global capital markets," ISSB chair Emmanuel Faber said in a statement. "The ISSB standards have been designed to help companies tell their sustainability story in a robust, comparable and verifiable manner. We have consulted closely with the market to ensure the standards are proportionate and will result in disclosures that are relevant for investment decision-making. We know that better information leads to better economic decisions. Today's publication is just the starting point as we consult on our future priorities, beyond climate."

The ISSB was created in November 2021 at the United Nations Climate Change Conference (COP26).