Group 1 - The Ministry of Finance has issued the "Guidelines for the Application of the Basic Standards for Corporate Sustainable Disclosure (Trial)" which includes eight key areas such as value chain, information relevance, and sustainable risk assessment [1] - The "Interim Regulations on Accounting Treatment of Local Government Special Bonds" have been established to enhance the management mechanism and strengthen the full-process management of special bonds, effective from January 1, 2026 [2][3] - The new regulations emphasize the accounting treatment for enterprises receiving special bond funds, ensuring that the economic substance of these transactions is accurately reflected in financial statements [3] Group 2 - The Shanghai Stock Exchange has revised its self-regulatory guidelines for listed companies, significantly simplifying the filing documents and reducing the number of documents required by over 50% [4] - The revised guidelines aim to improve the user-friendliness of announcement formats and streamline the regulatory process for listed companies [4] Group 3 - The latest publication from Ernst & Young provides general information and is not intended to serve as professional advice in accounting, tax, or legal matters [5] - The publication emphasizes the importance of consulting with advisors for specific opinions [5] Group 4 - The International Accounting Standards Board has released amendments to International Financial Reporting Standard 19, as noted in the latest issue of "International Financial Reporting Standards Development Dynamics" [6]

Core Viewpoint - The Ministry of Finance has released the "Guidelines for the Application of the Corporate Sustainability Disclosure Standards - Basic Standards (Trial)" to enhance the disclosure of sustainability impact information by enterprises, allowing voluntary implementation before specific requirements are established [1][2]. Group 1: Sustainability Disclosure Requirements - The guidelines emphasize the importance of disclosing significant sustainability impact information that is not covered by specific articles, focusing on the actual or potential economic, social, and environmental impacts of corporate activities [1][2]. - The core elements of disclosure outlined in Articles 18 to 23 focus on sustainable risks and opportunities, which are crucial for basic users of sustainability information who are directly affected by the financial effects of corporate development [2][3]. Group 2: Governance and Strategic Implications - The establishment of sustainability committees at the board level reflects the management of sustainable risks and opportunities, as well as corporate social responsibility [2]. - Long-term goals set by enterprises, such as carbon reduction plans, not only address sustainable risks but also contribute positively to environmental impacts [2]. Group 3: Additional Disclosure for Broader Information Needs - Enterprises are required to supplement disclosures regarding sustainability impacts that are not included in the sustainable risks and opportunities, catering to the information needs of users beyond basic sustainability information users [3].

欢迎扫描下方二维码关注： 关于印发《〈企业可持续披露准则——基本准则（试行）〉应用指南》的通知 财会〔2025〕21号 《企业可持续披露准则——基本准则（试行）》应用指南 一、关于价值链 《企业可持续披露准则——基本准则（试行）》（以下简称本准则）第四条规定，企业开展可持续信息披露应当考虑价值链情况。 （一）价值链范围确定的原则。 企业可持续风险、机遇和影响不仅源自企业自身的经营活动，还源自上下游价值链活动。企业获取价值链信息需要从其不控制或者不具 有所有者权益的各方收集，导致获取必要信息以确定其价值链的范围具有很大挑战。本准则未规定企业需要考虑的价值链范围，企业应 当以向可持续信息基本使用者提供可合理预期会影响企业发展前景的重要信息为依据，合理确定价值链范围。为减轻负担，本准则允许 企业使用 相称性原则 确定与每项可持续风险、机遇和影响有关的价值链的范围，包括价值链广度和构成。 （二）价值链中风险、机遇和影响范围的重新评估。 企业在发生重大事件或者情况发生重大变化时，应当重新评估其整个价值链中所有受影响的可持续风险、机遇和影响的范围。此类重大 事件或者情况的重大变化通常包括： 国务院有关部委、有关直属机构， ...

Group 1 - The Ministry of Finance and the Ministry of Ecology and Environment have jointly released the "Corporate Sustainable Disclosure Guidelines No. 1 - Climate (Trial) (Draft for Comments)," marking significant progress in the establishment of sustainable information disclosure standards in China [1][2] - The draft aims to standardize the disclosure of climate-related risks, opportunities, and impacts by companies, providing essential information to investors, creditors, and other stakeholders for economic decision-making [1][2] - The climate guidelines are the first specific guidelines following the release of the basic guidelines, indicating a rapid advancement in the overall work of sustainable disclosure standards [2][3] Group 2 - The climate guidelines consist of six chapters and 47 specific provisions, aligning with the four core elements of sustainable information outlined in the basic guidelines [3][4] - Companies are required to disclose both qualitative and quantitative information regarding the financial impacts of climate-related risks and opportunities, including current and expected future effects [3][4] - The draft allows for certain exemptions in information disclosure, such as national secrets or commercially sensitive information, and provides flexibility in the level of detail required [4] Group 3 - The draft aligns with international standards, particularly the ISSB's climate-related disclosure standards (S2), while also considering China's unique circumstances [5][6] - The overall approach of the Ministry of Finance is to create a unified national sustainable disclosure standard that reflects international best practices while being tailored to China's context [5][6] - Companies, especially those listed in Hong Kong, are encouraged to prepare for climate-related disclosures in line with the new guidelines, as they will be required to comply with similar standards starting in the 2025 fiscal year [6][7] Group 4 - Specific industries, including finance, electricity, steel, coal, oil, fertilizer, aluminum, hydrogen, cement, and automotive, are urged to pay particular attention to the climate guidelines [7] - The Ministry of Finance is working on developing application guidelines for these industries, which will be released after the climate guidelines are finalized [7]