Singapore proposes mandatory ISSB-aligned climate reporting from FY2025

Singapore's ACRA and SGX RegCo opened consultation on mandatory ISSB-aligned climate reporting for all listed issuers from FY2025 and large non-listed companies from FY2027. The move shows how jurisdictions are operationalising ISSB standards, signalling the direction Indian climate-disclosure regulation may follow.

Singapore's Accounting and Corporate Regulatory Authority (ACRA) and SGX RegCo opened a public consultation, from July 6 to September 30, 2023, on Sustainability Reporting Advisory Committee recommendations. These propose mandatory ISSB-aligned climate-related disclosures for all listed issuers from financial year 2025, including overseas-incorporated entities, business trusts and REITs, and for large non-listed companies with annual revenue of at least $1 billion from FY2027. A 2027 review may extend reporting to non-listed companies with revenue of at least $100 million by approximately FY2030, aligned with the Singapore Green Plan 2030.

The recommendations affect all listed issuers, large non-listed companies above the $1 billion revenue threshold, their directors and officers, who would bear legal responsibility for the disclosures. Companies must report using local standards mirroring ISSB requirements, though complex disclosures such as Scope 3 emissions may be delayed one or two years. External assurance on Scope 1 and Scope 2 emissions becomes required from FY2027 for listed issuers and FY2029 for large non-listed companies, provided by ACRA-registered audit firms or accredited testing, inspection and certification firms.

Affected companies should participate in the consultation before the September 30, 2023 deadline and prepare ISSB-aligned reporting systems ahead of FY2025 for listed issuers and FY2027 for large non-listed companies, including assurance readiness for Scope 1 and 2 emissions. CRDs must follow financial-statement reporting and filing timelines. Indian companies and regulators should monitor Singapore's operationalisation of ISSB standards, threshold-based phasing and assurance timelines as a comparator for how India's own climate-disclosure framework may evolve toward global alignment.

Key figure — Large non-listed threshold: annual revenue of at least $1 billion