UK Sustainability Standards (UK SRS S1 & S2) - Practical Implications for Financial Reporting

Introduction

The UK Sustainability Reporting Standards UK SRS S1 and S2 have now been finalised and issued by the Financial Reporting Council. These standards will become mandatory for listed entities for accounting periods beginning on or after 1 January 2027.

Even if mandatory adoption is not extended beyond listed companies, many organisations - particularly SMEs within listed companies’ value chains - are likely to encounter these requirements in practice or adopt them as best practice.

This updated live virtual classroom seminar will help accountants and auditors understand the key requirements of the new standards and explore their practical implications for financial reporting, including potential impacts on SME financial statements.

What You Will Learn

This live and interactive session will cover the following:

• Overview of the new UK Sustainability Reporting Standards:
• Summary of UK SRS S1 and S2
• Scope, applicability and implementation timeline
• Relationship with existing sustainability and climate frameworks
• New disclosure requirements for sustainability and climate
• Changes to existing UK reporting requirements:
• How the new standards interact with current UK company law reporting
• Expanded requirements for Greenhouse Gas (GHG) emissions disclosures
• Implications for financial statements:
• Accounting implications of sustainability-related risks
• Impact on asset valuation, fair value measurements and impairment testing
• Organisation-wide impact of sustainability reporting:
• Integrating sustainability data across departments
• The role of finance teams beyond the sustainability report
• Implications for SMEs within the value chain

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.