Sustainability Reporting Standards to enter into force on January 1, 2025

Below, we share the most relevant points of the standards, which are of particular interest to private companies:

The rules are divided into two:

• NIS A-1 Conceptual Framework for Sustainability Reporting Standards: it establishes the basis for the development of particular SRSs and their application in the preparation and disclosure of an entity's sustainability information, as well as the quality requirements to be met by the information.
• NIS B-1, Core Sustainability Indicators (IBSO): 30 indicators (16 in environmental matters, 6 in social matters and 8 in governance matters) that represent universally applicable metrics that aim to provide a clearer understanding of an entity's sustainability status, and that allow the entity to begin to identify and measure its related risks and opportunities, and consequently, to implement the necessary infrastructure to manage them, as well as to deliver information that meets the needs of the users.

These two standards constitute the first round of local sustainability standards for private entities. The Mexican Council of Financial Reporting and Sustainability Standards is already contemplating a second round to issue thematic standards focused on disclosures of risks and opportunities related to sustainability, risk management systems, as well as sustainability strategies and governance. In addition, they represent the first step towards convergence with IFRS-S.

At Forvis Mazars, we can help you on your sustainability journey. If you need advice on how to apply the Sustainability Reporting Standards, do not hesitate to contact us.