The Colombo Stock Exchange (CSE) organized a complimentary online workshop on June 23, 2026, focusing on the application of the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards. The event attracted over 410 participants, showcasing significant interest.
This workshop was a joint effort with the United Nations Sustainable Stock Exchange Initiative (UN SSE), the International Finance Corporation (IFC), and the IFRS Foundation. The International Sustainability Standards Board (ISSB) released the Sustainability Standards in June 2023, which include IFRS S1, titled “General Requirements for Sustainability-related Financial Information,” and IFRS S2, which addresses “Climate-related Disclosures.” These standards establish a new global framework for corporate disclosures related to sustainability for capital markets. The event was accessible to the public, with participants able to register through the CSE website.
The online workshop provided a valuable chance for attendees to interact with experts from the IFRS Foundation and UN SSE, who played a role in the development of these disclosure standards. The session included an interactive Q&A segment, offering a concise overview of the standards. This forum was particularly beneficial for corporations, allowing report creators and organizational oversight personnel to familiarize themselves with the ISSB Standards.
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During his opening remarks, CSE CEO Mr. Rajeeva Bandaranaike highlighted the importance of Sri Lanka’s proactive embrace of the ISSB Standards. He stated, “Through the IFRS S1 and S2, we can define clear criteria for how businesses identify, measure, and communicate sustainability-related risks and opportunities. These standards aim to bridge the information gap between companies and capital markets, thereby facilitating increased direct investment in resilient and sustainable enterprises.”
Mr. Bandaranaike also noted that adopting and implementing the ISSB Standards aligns with the CSE’s commitment to promoting a green economy in Sri Lanka. He added, “In addition to adopting the IFRS Sustainability Disclosure Standards, the CSE, in collaboration with its partners, has fostered a culture of sustainable finance within Sri Lanka’s capital markets, setting higher expectations for investors and issuers alike. Since the introduction of the 2024 GSS+ bond framework, LKR 82 billion has been raised.”
The workshop included modules on governance and leadership, strategy development and execution, risk management, finance and accounting, and sustainability and climate strategy. Participants gained practical knowledge on enhancing existing sustainability disclosure practices, applying ISSB Standards in accordance with sector-specific and regulatory requirements, and crafting sustainability-linked reports.
Sri Lanka was among the first 17 jurisdictions to adopt the ISSB Standards, issuing localized versions known as SLFRS S1 and SLFRS S2, effective from January 1, 2025. The phased implementation of these standards, scheduled from 2025 to 2030, is designed to accommodate businesses of various sizes. Starting in 2025, the first 100 listed companies on the CSE, determined by market capitalization as of January 1, 2025, were required to comply with the new sustainability standards. This requirement will extend to all entities listed on the Main Board of the CSE for financial years commencing on or after January 1, 2026. By 2027, all listed companies on the CSE, excluding those on the Empower Board, will be mandated to adhere to the standards for financial years beginning on or after January 1, 2027.
The training materials for this workshop were collaboratively developed by the UN SSE, IFRS Foundation, and IFC as part of its integrated ESG program, in partnership with the State Secretariat for Economic Affairs of Switzerland (SECO).
