Peru takes a significant step toward aligning with international standards by approving IFRS S1 “General Requirements for Sustainability-Related Financial Disclosures” and IFRS S2 “Climate-Related Disclosures.” This measure marks the beginning of a transformation in the way
companies report their performance, integrating sustainability as a key component of financial reporting.
What changes with this standard?
The resolution incorporates an international framework that requires companies to disclose relevant information on sustainability and climate risks, integrating it with traditional financial information.
This involves moving from voluntary or isolated reports to a standardized, comparable model aligned with international markets.
Who does it apply to?
The regulation is primarily aimed at public interest entities, including those with revenues equal to or greater than 2,300 UIT. Additionally, regulators such as the SMV and the SBS must issue specific guidelines for the entities under their supervision.
Impact on business management
More than an accounting change, this is a strategic shift. Companies must:
· Identify risks and opportunities related to sustainability
· Measure their financial impact associated with ESG factors
· Integrate this information into their corporate reports
This will require greater coordination among areas such as finance, risk, sustainability, and compliance.
A process that begins today
Although the standards take effect in 2029, effective adoption requires preparation starting now. Implementation will involve adjustments to systems, processes, and organizational culture.
In a global context where transparency is increasingly valued by investors and regulators, these standards become a key factor in competitiveness.
Conclusion
The adoption of IFRS S1 and S2 aligns Peru with international best practices in sustainability, raising the standard of corporate reporting and strengthening market confidence.
Source: ElPeruano