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Sustainability Reporting Standards entered into force after being published in the Official Gazette.
Public Oversight, Accounting and Auditing Standards Authority (KGK) published the Turkish Sustainability Reporting Standards, which determine the principles to be followed in sustainability reporting.
The standards are detailed under the headings TSRS S1 General Provisions on Disclosure of Sustainability-Related Financial Information and TSRS S2 Climate-Related Disclosures. In order to ensure international validity, TSRS S1 and TSRS 2 were derived from the IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures standards determined by the International Sustainability Standards Board (ISSB) and were opened to public opinion in November 2023.
The regulation will cover all banks except those within the Savings Deposit Insurance Fund. In addition, businesses whose asset values exceed 500 million TL, annual net sales revenue exceed 1 billion TL and the number of people they employ exceed 250 will also be required to comply with reporting standards.
Transitional period rules were also determined within the scope of the standards. Particularly during the initial implementation period, there will be no obligation to submit comparative information. Similarly, there will be no obligation to report Scope 3 emissions in the first two-year period.
You can access TSRS 1 and TSRS 2 standards here.
Sustainability Reporting with Questions and Answers
Source: ISO Green Blog
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