Four parallel tracks of activity from the UK Technical Advisory Committee's first recommendation to the proposed in-force date. Reading by row shows what each regulator did and when; reading by column shows the cluster of activity in early 2026.
Last verified 12 May 2026 · Footnotes link to primary sources
202420262027202820292025
DBT
Standards publisher · private companies
12 May 2026
25 Jun 2025Consultation opens[1]
17 Sep 2025Closes · 209 responses[2]
25 Feb 2026UK SRS S1, S2 published[3]
FCA
Listed-company regulator · CP26/5
12 May 2026
30 Jan 2026CP26/5 published[4]
20 Mar 2026Consultation closes[5]
Autumn 2026Policy Statement[6]
FRC
Assurance · TAC and PIC secretariat
12 May 2026
Dec 2024TAC initial advice[7]
12 Nov 2025ISSA (UK) 5000 issued[8]
26 Jan 2026TAC final letter to DBT[9]
15 Dec 2026ISSA (UK) 5000 effective[8]
Effect
Proposed mandatory application
12 May 2026
1 Jan 2027UK SRS S2 in force[10]
1 Jan 2028Scope 3 relief ends[10]
1 Jan 2029S1 deferral ends[10]
DBT events
FCA events
FRC events
Mandatory effect (proposed)
Future / proposed (hollow marker)
Reading guide. The horizontal "now" line shows the date the page was last verified. Hollow markers and italic labels indicate future events that are proposed but not yet legally binding — they depend on the FCA's autumn 2026 Policy Statement or on separate DBT regulation. The clustering of events around February 2026 is genuine: in a five-week window the FCA opened CP26/5 (30 Jan), the TAC sent its final letter to DBT (26 Jan), and DBT published the final standards (25 Feb).
Primary sources
[1]DBT, "Consultation on Exposure Drafts of UK Sustainability Reporting Standards" — published 25 June 2025, closed 17 September 2025. gov.uk consultation page
[2]DBT Government Response, paragraph 1.6 — 209 responses (170 online survey, 39 by email; 199 organisations, 10 individuals). Government Response · web version
[3]DBT publication of final UK SRS S1 and S2 — 25 February 2026. Standards available for voluntary use immediately; no effective date clauses. DBT publication page
[4]FCA Consultation Paper CP26/5 — "Aligning listed issuers' sustainability disclosures with international standards", published 30 January 2026. FCA CP26/5 landing page
[5]FCA CP26/5 consultation closed — 20 March 2026. Substantive submissions from Norges Bank Investment Management, the Quoted Companies Alliance, the Investment Association and Big Four assurance firms. Norges Bank IM response
[6]FCA Policy Statement — expected autumn 2026, per CP26/5 timetable. Final rules subject to Policy Statement; could adopt, modify, or delay the proposals.
[7]UK Sustainability Disclosure Technical Advisory Committee (TAC) — initial endorsement recommendations to DBT, December 2024. Hosted by the FRC. FRC · TAC page
[8]FRC, ISSA (UK) 5000 — sustainability assurance standard published 12 November 2025, effective for engagements covering periods beginning on or after 15 December 2026. FRC · ISSA (UK) 5000
[9]TAC supplementary written recommendations to the Secretary of State for Business and Trade — 26 January 2026. Addressed financed emissions and incorporation of ISSB December 2025 amendments to IFRS S2. FRC · TAC endorsement project
[10]FCA CP26/5, Chapter 8 (Implementation and transitional arrangements) — proposed in-force date 1 January 2027 for UK SRS S2 (UKLR 6, 16, 22); one-year optional Scope 3 deferral; two-year optional S1 deferral. All dates subject to Policy Statement. CP26/5 full text (PDF)
25 February 2026
UK SRS S1 and S2 published by Department for Business and Trade, available for immediate voluntary use
The story of UK SRS begins at COP26 in Glasgow in November 2021, where the IFRS Foundation announced the creation of the International Sustainability Standards Board (ISSB).
The ISSB was established to develop a global baseline of sustainability disclosure standards focused on the information needs of investors and capital markets.
Its creation responded to a fragmented landscape of voluntary frameworks — TCFD, SASB, GRI, CDP —
that made cross-company comparison difficult and imposed overlapping reporting burdens.
Key ISSB Publication
In June 2023, the ISSB published its first two standards: IFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information) and IFRS S2 (Climate-related Disclosures).
These represented the global baseline that individual jurisdictions could adopt, adapt, or build upon according to their own legislative frameworks.
In October 2023, the Task Force on Climate-related Financial Disclosures (TCFD) was formally disbanded. Its monitoring responsibilities were transferred to the ISSB,
marking the end of TCFD as a standalone framework and the beginning of the transition to mandatory, standards-based sustainability reporting globally. For a detailed comparison of the old and new frameworks, see our guide on TCFD vs UK SRS.
From Global Standards to UK Endorsement
Sustainability Reporting Standards · Where it stands
Where the FCA process currently stands
UK SRS S2 is not yet mandatory for any company. The Financial Conduct Authority's CP26/5 process moves through five sequential stages — three are complete, two remain. Until the Policy Statement is issued, mandatory dates are FCA proposals, not law.
Last verified 12 May 2026
✓
Consultation Paper published
30 Jan 2026Completed
The FCA published CP26/5: Aligning listed issuers' sustainability disclosures with international standards, proposing to replace the existing TCFD-aligned Listing Rules with rules requiring in-scope listed companies to apply UK SRS S2 from 1 January 2027 and UK SRS S1 on a comply-or-explain basis.
The seven-week consultation drew responses from listed companies, institutional investors, accounting and assurance bodies, and trade associations. Material substantive submissions arrived from large asset managers and pension funds — several with positions notably stronger than the FCA proposals.
The FCA is reviewing consultation responses and preparing its final Policy Statement. Three outcomes are possible: adopt the proposals as drafted; modify them in light of consultation feedback (most likely on Scope 3 treatment, S1 sunset date, secondary-listing scope, or assurance requirements); or delay the timeline. The FCA has stated the Policy Statement is expected in autumn 2026 — typically September through November.
If the Policy Statement adopts the proposed timeline, the new UKLR rules would apply to accounting periods beginning on or after 1 January 2027 for in-scope listed companies (UKLR 6, 16, and 22 in full; UKLR 14 and 15 with a flexible disclose-home-jurisdiction-requirements approach). The existing TCFD-aligned rules would be deleted.
The 1 January 2027 date is when the rules would come into force — applied to accounting periods beginning on or after that date. The first mandatory UK SRS S2 reports would appear in the annual reports published around six months after each in-scope company's year-end. A December year-end company would publish in spring 2028; an April year-end would publish in mid-2028.
Sequence inferred from FCA CP26/5 implementation provisions in Chapter 8
All future-dated stages are subject to the FCA's final Policy Statement and to any further regulatory developments. Mandatory dates are FCA proposals, not law, until the Policy Statement is issued and the rules made.
Over 40 jurisdictions committed to aligning with the ISSB standards following their publication. The UK moved early.
The Financial Reporting Council (FRC) formed a UK Technical Advisory Committee (TAC) to assess whether IFRS S1 and S2 were suitable for the UK market without modification, or whether UK-specific amendments were needed.
The TAC published its final report in December 2025, recommending endorsement of the ISSB standards with six minor UK-specific amendments.
The UK government conducted a formal consultation between June and September 2025. For the full detail of how ISSB standards were adapted for the UK, see UK SRS vs IFRS S1 and S2.
UK SRS Publication
On 25 February 2026, the Department for Business and Trade published UK SRS S1 and S2. Both standards are available for voluntary use immediately.
Mandatory application begins from financial years starting on or after 1 January 2027. See the full UK SRS mandatory timeline for all key dates.
The Six UK-Specific Amendments
TCFD to UK SRS S2 Transition
Interactive comparison of requirements across the four-pillar framework
TCFD (Current)
Board oversight (voluntary)
Principles-based recommendations for board oversight of climate-related risks and opportunities
Voluntary principles
Requirements
Describe board oversight of climate risks/opportunities
Describe management's role in assessing climate risks/opportunities
General governance arrangements disclosure
UK SRS S2 (From 2027)
Mandatory governance disclosures
Detailed requirements for governance body identification, skills assessment, and decision-making processes
Mandatory detailed
Requirements
Identity and responsibility of oversight body (S2 para 5)
Skills and competencies assessment (S2 para 6)
Information flow and reporting processes (S2 para 7)
Strategic integration and trade-offs (S2 para 8)
Target oversight and performance monitoring
Based on TCFD Final Report (June 2017) and UK SRS S2 Final Standard (DBT, February 2026)
UK SRS is not a wholesale rewrite of the ISSB standards. It follows the global baseline closely, with six targeted amendments:
Single materiality approach — UK SRS uses financial materiality only, not the double materiality approach adopted by the EU
Scope 3 relief extension — Comply-or-explain until 1 January 2028, extended from IFRS baseline
UK legal framework alignment — Integration with Companies Act reporting and Strategic Report requirements
Proportionality provisions — Enhanced comply-or-explain mechanisms for smaller entities
Safe harbour clarifications — UK-specific forward-looking information protections under section 463
What UK SRS Contains
UK SRS S1 establishes the general requirements for sustainability-related financial disclosures.
It defines the materiality framework, the connectivity principle, and the disclosure requirements for all material sustainability topics. S1 applies on a comply-or-explain basis from financial years beginning on or after 1 January 2029.
UK SRS S2 covers climate-related disclosures specifically. It requires reporting on governance, strategy, risk management,
and metrics and targets related to climate risks and opportunities. S2 is proposed mandatory from January 2027.
Both standards use the four-pillar disclosure framework inherited from TCFD — Governance, Strategy, Risk Management, and Metrics and Targets —
but expand the requirements significantly within each pillar. For a detailed comparison, see TCFD vs UK SRS.
Why UK SRS Matters
Sustainability Reporting Standards · Reference Data
UK SRS by the numbers
Nine canonical figures that anchor the UK Sustainability Reporting Standards regime — every figure pinned to a primary source. The framing on this page sits behind every other reference page on the site.
Last verified 12 May 2026 · Updates as regulators publish new figures
DBT · Published
25 Feb2026
Standards published by the Department for Business and Trade
UK SRS S1 (General Requirements) and UK SRS S2 (Climate-related Disclosures) released for voluntary use immediately, alongside the Government Response to the consultation.
DBT · UK SRS S1 and S2 publication
FCA · CP26/5 scope
~500companies
UK-listed companies proposed in scope of mandatory UK SRS S2 from 2027
Approximately 500 issuers across UKLR 6 (Commercial), 16 (Non-equity), and 22 (Transition). UKLR 14 (Secondary) and 15 (Depositary Receipts) — around 40 more — face a flexible disclose-home-jurisdiction approach.
FCA · CP26/5 PDF · Chapter 3
DBT · Consultation
209responses
Submissions to the DBT consultation on the UK SRS exposure drafts
170 via online survey, 39 by direct email submission. 199 from organisations, 10 from individuals. 68% supported the four originally-proposed amendments.
Government Response · paras 1.6–1.7
UK SRS S2 · Architecture
4pillars
The TCFD four-pillar disclosure architecture, retained in UK SRS S2
Governance, Strategy, Risk Management, and Metrics and Targets. The structural foundation carried directly from TCFD (2017, disbanded 2023) — but disclosure requirements within each pillar are substantially enhanced.
UK SRS S2 · Paragraphs 5–37 · TCFD Recommendations
UK SRS S2 · Scope 3
15categories
GHG Protocol Scope 3 categories disclosable where material
From purchased goods (Cat 1) to investments (Cat 15). Comply-or-explain under FCA proposals; one-year deferral available; proposed mandatory from January 2028.
Jurisdictions adopting or moving to adopt ISSB Standards
Forty-plus jurisdictions covering approximately 60% of global market capitalisation, 60% of global GDP, and 40%+ of global greenhouse gas emissions. Latest additions: Ethiopia and Peru (Feb 2026).
IFRS Foundation · ISSB Update · April 2026
Practitioner consensus
12–18months
Typical preparation window for full UK SRS S2 compliance
KPMG, PwC, Deloitte, and EY implementation studies converge on this range for a mid-cap listed company to build the data infrastructure, materiality assessment, quantitative scenario analysis, and disclosure drafting needed.
KPMG · CP26/5 implementation analysis
UK SRS · UK-specific
6+provisions
UK-specific provisions modifying the ISSB baseline standards
Four originally proposed plus additional final-version changes: paragraph B59A added, effective dates removed, ISSB December 2025 amendments incorporated.
Government Response · Chapters 1–2
FRC · Assurance
15 Dec2026
ISSA (UK) 5000 sustainability assurance standard effective date
The FRC's UK adaptation of the IAASB international sustainability assurance standard. Covers both limited and reasonable assurance, applicable regardless of underlying reporting framework.
FRC · ISSA (UK) 5000
UK SRS represents a fundamental shift from voluntary, framework-based sustainability reporting to mandatory, standards-based disclosure.
For the approximately 500 primary-listed companies in the initial scope, this means sustainability reporting moves from best practice to legal obligation.
Companies should start with a gap analysis to understand how their current reporting compares to the new requirements.
For investors, it means comparable, reliable sustainability data across the UK listed market. For the broader economy, it means the UK aligns with the global ISSB baseline.
As highlighted by PwC's analysis of the UK SRS endorsement, the standards bring the UK into line with over 40 jurisdictions adopting the ISSB framework.
For further context, see BDO's overview of UK sustainability reporting requirements.