HONG KONG - The Hong Kong Special Administrative Region government on Thursday welcomed the publication of jurisdictional profiles by the International Financial Reporting Standards Foundation (IFRS Foundation), which confirmed the SAR as one of the first jurisdictions to have set a target of fully adopting the International Financial Reporting Standards -- Sustainability Disclosure Standards (ISSB Standards).

The IFRS Foundation's move affirmed Hong Kong's efforts and determination in supporting and promoting a common international language in sustainability disclosures, said Secretary for Financial Services and the Treasury Christopher Hui Ching-yu.

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It also demonstrated Hong Kong's strengths in the field of sustainable finance, helping to consolidate Hong Kong's position as an international sustainable finance hub, he said.

"As a leading international financial center, Hong Kong will continue to be at the forefront in aligning with international standards and promoting market best practices," said Hui.

The Hong Kong Institute of Certified Public Accountants published last December the Hong Kong Sustainability Disclosure Standards that are fully aligned with the ISSB Standards to be effective from August 1. 

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In the same month last year, the Financial Services and the Treasury Bureau of the HKSAR government launched the Roadmap on Sustainability Disclosure in Hong Kong, which provided a well-defined pathway for large publicly accountable entities to fully adopt the ISSB Standards no later than 2028.