IFRS S1 and S2 · effective date and transition
IFRS S1 and S2 effective date: 1 January 2024, and what it does not mean
IFRS S1 and IFRS S2 are effective for annual reporting periods beginning on or after 1 January 2024, under their own Appendix E and Appendix C.
That date makes nobody report: a company applies the standards when its jurisdiction requires it, or when it chooses to.
This page sets out every IFRS date and first-year relief, then the UK’s own timing under the FCA’s rules.
The IFRS date
1 January 2024, for both standards at once
IFRS S1 ¶E1 reads: “An entity shall apply this Standard for annual reporting periods beginning on or after 1 January 2024.”
Earlier application is permitted, but an entity that applies IFRS S1 early must disclose that fact and apply IFRS S2 at the same time.
IFRS S2 ¶C1 is the mirror image, so neither standard can be adopted without the other.
The date is an IFRS date, and it binds a company only where a jurisdiction has made the standards part of its law or rules, or where the company applies them voluntarily.
It is never a UK date: the UK removed the effective date from both UK standards.
The trigger
Every relief runs from the date of initial application
The reliefs do not expire on a calendar date: they attach to a company’s first annual reporting period under the standards.
A company first applying IFRS S1 and S2 for a year beginning on 1 January 2027 therefore gets the first-year reliefs for 2027, not for 2024.
That is why jurisdictions that adopt late still offer the same reliefs, and why the UK left the length of its reliefs to the regulator.
“For the purposes of applying paragraphs E3–E6, the date of initial application is the beginning of the annual reporting period in which an entity first applies this Standard.”
IFRS S1 ¶E2; IFRS S2 ¶C2 says the same for ¶¶C3–C5.
First-year reliefs
Six reliefs, quoted to the paragraph
Each relief is optional, and each one used must be disclosed where the standard says so.
| Relief | What it permits | Condition or limit | Paragraph |
|---|---|---|---|
| No comparatives | No comparative information in the first annual reporting period | None — no disclosures are required for any period before initial application | S1 ¶E3 · S2 ¶C3 |
| Later timing | Report the sustainability disclosures after the financial statements | With the next half-year or second-quarter interim report; if that report is voluntary, within nine months as well; with no interim report, within nine months of the year end | S1 ¶E4(a)–(c) |
| Climate first | Disclose only climate-related risks and opportunities, applying S1 only as it relates to climate | First annual reporting period only, and the entity “shall disclose that fact” | S1 ¶E5 |
| Comparatives after climate first | No climate comparatives in year one; no non-climate comparatives in year two | Only for an entity that used ¶E5 | S1 ¶E6(a)–(b) |
| Measurement method | Keep a method other than the GHG Protocol Corporate Standard | Only if used in the period immediately before initial application; first year only | S2 ¶C4(a) |
| No Scope 3 | Omit Scope 3 emissions, including financed emissions | First annual reporting period only | S2 ¶C4(b) |
How long each lasts
One year under IFRS, longer where a regulator says so
Under IFRS, the climate-first and Scope 3 reliefs each last one year.
The UK standards carry the same reliefs with no time limit at all, because Annex A removed the reference to the first annual reporting period and said their availability would be set by legislation or regulation.
The FCA then set them for listed companies: two years for non-climate UK SRS S1 matters and one year for Scope 3.
The UK measurement-method relief kept its first-period limit, so the three UK reliefs do not all behave alike.
The 2027 date
The December 2025 amendments, from 1 January 2027
The targeted amendments to IFRS S2 were issued on 11 December 2025 and apply to annual reporting periods beginning on or after 1 January 2027 (¶C1B).
Earlier application is permitted, and an entity that applies them early must disclose that fact.
A company that already applied IFRS S2 restates its comparatives for the amendments, unless that is impracticable (¶C6).
UK SRS S2 was issued after the amendments and already contains the amended text, including ¶¶29A–29C, so a UK preparer meets them from its first UK SRS report.
The four changes — Category 15, classification systems, the GHG Protocol relief and global warming potentials — are set out on the IFRS S2 amendments.
The tool beside this text shows which S2 reliefs are open in a given year under IFRS S2, under UK SRS S2 used voluntarily, and under the FCA’s rules.
Which reliefs are open?
Answer both to see the reliefs.
Rules: IFRS S2 ¶¶C1B, C3, C4 (December 2025 text); UK SRS S2 ¶¶C1, C3–C6, B59A and UK SRS S1 ¶73A (DBT response, Annex A); FCA PS26/19 ¶¶3.14, 3.16, 3.20, 3.23.
Year 1 means the first period you apply the text (for the FCA rules, the period beginning on or after 1 January 2027).
Nothing is stored or sent.
Is it mandatory?
The effective date is not a reporting obligation
Jurisdictions set their own effective years; the IFRS Foundation’s September 2026 table groups them like this.
| First reporting year | Jurisdictions, as the IFRS Foundation lists them |
|---|---|
| 2025 | Australia, Bangladesh, EU, Hong Kong SAR*, Malaysia, Mexico, Pakistan, Singapore, Sri Lanka, Tanzania, Türkiye (2024), Zambia |
| 2026 | Brazil*, Jordan*, Philippines, Qatar, Chinese Taipei |
| 2027 | Chile, Ghana, Indonesia, Kazakhstan*, Japan, Kenya, Rwanda, South Korea, Thailand |
| 2028 or later | Honduras, Mongolia*, New Zealand*, Nigeria*, Oman*, Panama, Peru, Uganda, Zimbabwe* |
| To be determined | Bolivia, Canada, China, Costa Rica, El Salvador, Ethiopia, Kyrgyzstan, Nepal, Switzerland, United Kingdom*, Uzbekistan |
The table was presented on 28–29 September 2026, so it predates the FCA’s final rules of 30 September and still lists the United Kingdom as “to be determined”.
The EU is listed although EU companies report under the ESRS rather than IFRS S1 and S2, so a row in the table is not a statement that companies there apply the ISSB texts.
Each jurisdiction’s status, and the difference between adopting a standard and requiring it, is on ISSB adoption by jurisdiction.
UK timing
UK listed companies: periods beginning on or after 1 January 2027
The FCA’s final rules apply UK SRS S1 and S2 to companies in UKLR 6, 14, 15, 16 and 22 for accounting periods beginning on or after 1 January 2027, with first reporting in 2028 (PS26/19 ¶3.12).
The date of initial application is the beginning of the annual reporting period that begins on or after 1 January 2027 but before 1 January 2028, unless the company is an early adopter (¶3.18).
The reliefs are non-disclosure of non-climate UK SRS S1 matters for two years and of Scope 3 for one year, both from initial application (¶3.14), plus the alternative measurement method for one year if it was used immediately before (¶3.16).
A company using a relief states that it does so in its annual financial report, and that statement does not engage the explain rules (¶3.20).
For periods beginning in 2028 the Scope 3 relief has expired, and from 1 January 2029 the climate-first relief has too (¶¶3.23–3.24).
Nothing becomes mandatory when a relief ends: each disclosure moves to comply or explain.
UK SRS S1 removed the IFRS timing relief in ¶E4 altogether, and the FCA keeps the disclosures in the annual financial report, which DTR 4.1.3R requires within four months of the year end.
The calculator beside this text works out a company’s first periods from its year end, and the full UK timetable is on the UK SRS timeline.
Your first three periods · PS26/19
- Period beginning 1 January 2027
to 31 December 2027
First period under the rules. Climate disclosures under UK SRS S2, or explain. Both reliefs available: state that you use them, no further explanation needed.
- Period beginning 1 January 2028
to 31 December 2028
The one-year Scope 3 relief has run out. Scope 3 is comply or explain like everything else. The UK SRS S1 relief beyond climate is still available.
- Period beginning 1 January 2029
to 31 December 2029
Both reliefs have run out. Every UK SRS S1 and S2 disclosure is comply or explain. Nothing becomes mandatory.
The first annual financial report under the rules covers the period ending 31 December 2027, so it is published after that date, in 2028.
For a calendar year these are the dates in FCA PS26/19 ¶¶3.12, 3.23 and 3.24.
Twelve-month periods assumed.
Frequently asked
Effective dates, answered
When are IFRS S1 and S2 effective?
For annual reporting periods beginning on or after 1 January 2024, with earlier application permitted (IFRS S1 ¶E1, IFRS S2 ¶C1).
An entity applying either early must disclose that it does so and apply the other standard at the same time.
The December 2025 amendments to IFRS S2 apply to annual reporting periods beginning on or after 1 January 2027 (¶C1B).
Are IFRS S1 and S2 mandatory from 1 January 2024?
No. The effective date is the earliest date from which the standards can apply under IFRS; it binds no company on its own.
A company must apply them only where a jurisdiction, regulator or exchange requires it, from the date that authority sets.
The IFRS Foundation’s September 2026 table shows companies in 12 jurisdictions reporting for the 2025 reporting year.
What is the climate-first relief?
In the first annual reporting period in which an entity applies IFRS S1, it may disclose information on climate-related risks and opportunities only, applying S1 only so far as it relates to climate, and it must disclose that it is doing so (IFRS S1 ¶E5).
It then need not give comparatives on climate in the first year, or on other topics in the second (¶E6).
Is Scope 3 required in the first year of IFRS S2?
No. IFRS S2 ¶C4(b) permits an entity not to disclose Scope 3 greenhouse gas emissions, including financed emissions, in the first annual reporting period in which it applies the standard.
It may keep using that relief when presenting the first year as comparative information later (¶C5).
Can the first ISSB report come after the annual report?
Yes, in the first year only.
IFRS S1 ¶E4 lets the entity report its sustainability-related financial disclosures with its next half-year or second-quarter interim report, or within nine months of the year end if it publishes no interim report.
UK SRS S1 removed this relief, and under the FCA’s rules a UK listed company’s disclosures stay in the annual financial report.
When do the December 2025 IFRS S2 amendments apply?
For annual reporting periods beginning on or after 1 January 2027, with earlier application permitted if disclosed (IFRS S2 ¶C1B).
A company that already applied IFRS S2 adjusts its comparatives for the amendments unless that is impracticable (¶C6).
UK SRS S2, issued in February 2026, already contains the amended text, with no separate effective date.
When does UK SRS apply to UK listed companies?
For accounting periods beginning on or after 1 January 2027, with first reporting in 2028, on a comply-or-explain basis (FCA PS26/19 ¶3.12).
The reliefs are Scope 3 for one year and non-climate UK SRS S1 matters for two years from initial application (¶3.14).
From periods beginning on or after 1 January 2029 both have expired, and every disclosure is comply or explain.
Do UK SRS S1 and S2 have an effective date?
No. The UK removed the effective dates from both standards, and removed the time limits on the climate-first and Scope 3 reliefs, leaving when and for how long they apply to legislation or regulation.
For listed companies the FCA’s rules now set those dates.
Can a UK listed company adopt UK SRS before 2027?
Yes.
A company with a period beginning before 1 January 2027 may keep the TCFD-aligned rules or report against UK SRS as an early adopter, and an early adopter can use the same transitional reliefs (PS26/19 ¶3.19).
Sources
Primary sources
Every figure, date and status on this page traces to the instrument’s owner.
Secondary commentary is never the source for a number.
- IFRS FoundationIFRS S1, full text — Appendix E Effective date and transition
¶¶E1–E6: effective date, date of initial application, comparatives, timing and climate-first reliefs.
- IFRS FoundationIFRS S2, full text (December 2025) — Appendix C Effective date and transition
¶¶C1–C6: effective date, the December 2025 amendments, comparatives, Scope 3 and measurement-method reliefs.
- IFRS FoundationIFRS S1 — Navigator page
Effective for annual reporting periods beginning on or after 1 January 2024.
- IFRS FoundationIFRS S2 — Navigator page
Effective for annual reporting periods beginning on or after 1 January 2024; amended December 2025.
- IFRS FoundationISSB issues targeted amendments to IFRS S2 (11 December 2025)
Effective for reporting periods beginning on or after 1 January 2027, early application permitted.
- IFRS FoundationWorld Standard-setters Conference 2026 — Application of IFRS S1 and IFRS S2 (PDF)
“When to expect ISSB-based disclosures by jurisdictional effective dates”.
- IFRS FoundationWorld Standard-setters Conference 2026
Held in London on 28 and 29 September 2026.
- Department for Business and TradeUK SRS S1 and UK SRS S2 (25 February 2026)
Issued for voluntary use; no effective date in either standard.
- Department for Business and TradeUK SRS S1 (PDF) — ¶¶E1–E5 and 73A
The untimed climate-first relief and its price: no assertion of compliance with UK SRS S1.
- Department for Business and TradeUK SRS S2 (PDF) — ¶¶C1–C6
The untimed Scope 3 relief and the first-period measurement-method relief.
- Department for Business and TradeConsultation response (PDF), Annex A
“The availability of this relief will, instead, be specified in legislation or regulation.”
- Financial Conduct AuthorityPS26/19 final rules (30 September 2026)
Comply or explain for accounting periods beginning on or after 1 January 2027, first reporting in 2028.
- Financial Conduct AuthorityPS26/19 (PDF), ¶¶3.12, 3.14, 3.16, 3.18–3.20, 3.23 and 3.24
The UK timing, the reliefs, early adopters and the relief statement.
- FCA HandbookDTR 4.1.3R
The annual financial report within four months of the year end.
Continue reading
Read next
ISSB reporting requirements in the UK
What a UK company must report, and when it uses ISSB directly.
IFRS Sustainability Disclosure Standards
The whole ISSB family, adoption and the UK route.
IFRS S1 and S2
The two standards side by side.
Adoption by jurisdiction
Where companies report on ISSB Standards, and from which year.
IFRS S2 amendments
The four greenhouse gas changes that apply from 2027.
UK SRS deadline
When the first UK SRS reports are due, by year end.
UK SRS timeline
Every UK SRS date from consultation to the end of the reliefs.