Core Viewpoint - The Hong Kong Special Administrative Region government welcomes the IFRS Foundation's recognition of Hong Kong as one of the first jurisdictions aiming to fully adopt the ISSB standards, highlighting its commitment to enhancing transparency in sustainable finance and facilitating global capital flow [1] Group 1: Government Initiatives - The Financial Secretary of Hong Kong, Paul Chan, stated that the recognition by the IFRS Foundation demonstrates Hong Kong's efforts and determination in supporting international sustainable disclosure standards [1] - The Hong Kong Institute of Certified Public Accountants released the Hong Kong Sustainable Disclosure Standards, which will take effect on August 1, 2025 [1] - The Hong Kong Financial Services and the Treasury Bureau has introduced a roadmap for sustainable disclosure, outlining the requirement for public interest entities to adopt ISSB standards by 2028 [1] Group 2: Implementation Timeline - The timeline for the implementation of the sustainable disclosure standards includes mandatory reporting for large public interest entities starting January 1, 2025, and the expected effective date for the Hong Kong standards is August 1, 2025 [2][3] - The Hong Kong Stock Exchange is consulting the market on mandatory compliance with the Hong Kong standards for sustainable reporting [3] - The ISSB standards are set to take effect in January 2025, with the Hong Kong Institute of Certified Public Accountants aiming to publish local certification and ethical standards by the end of 2025 [3]