HKFRS S1 - General Requirements for Sustainability Disclosure

1. OBJECTIVE AND SCOPE

1.1 Objective (Paragraphs 1-4)

The objective of HKFRS S1 is to require an entity to disclose information about its sustainability-related risks and opportunities that is useful to primary users of general purpose financial reports in making decisions relating to providing resources to the entity.

Key Concepts:

• Information about sustainability-related risks and opportunities is useful because an entity's ability to generate cash flows over the short, medium and long term is inextricably linked to interactions between the entity and its stakeholders, society, the economy and the natural environment throughout the entity's value chain.
• The entity and the resources and relationships throughout its value chain form an interdependent system in which the entity operates.
• Dependencies on resources/relationships and impacts on those resources/relationships give rise to sustainability-related risks and opportunities.

Core Requirement (Paragraph 3):

An entity shall disclose information about all sustainability-related risks and opportunities that could reasonably be expected to affect the entity's cash flows, its access to finance or cost of capital over the short, medium or long term. For the purposes of this Standard, these risks and opportunities are collectively referred to as 'sustainability-related risks and opportunities that could reasonably be expected to affect the entity's prospects'.

1.2 Scope (Paragraphs 5-9)

Requirement	Details
-------------	---------
Application	An entity shall apply this Standard in preparing and reporting sustainability-related financial disclosures in accordance with HKFRS Sustainability Disclosure Standards
Exclusions	Sustainability-related risks and opportunities that could NOT reasonably be expected to affect an entity's prospects are outside the scope
Other Standards	Other HKFRS Sustainability Disclosure Standards specify information required about specific sustainability-related risks and opportunities
Financial Statements	May apply HKFRS Sustainability Disclosure Standards irrespective of whether related financial statements are prepared under HKFRS Accounting Standards or other GAAP
Not-for-profit entities	May need to amend descriptions used for particular items of information

2. CONCEPTUAL FOUNDATIONS (Paragraphs 10-24)

2.1 Qualitative Characteristics (Paragraph 10)

Fundamental Qualitative Characteristics:

• Relevance - Information must be capable of making a difference in decisions
• Faithful Representation - Information must be complete, neutral and accurate

Enhancing Qualitative Characteristics:

• Comparability
• Verifiability
• Timeliness
• Understandability

2.2 Fair Presentation (Paragraphs 11-16)

A complete set of sustainability-related financial disclosures shall present fairly all sustainability-related risks and opportunities that could reasonably be expected to affect an entity's prospects.

Requirements for Fair Presentation:

1. Apply paragraphs B1-B12 to identify sustainability-related risks and opportunities
2. Provide relevant information about those risks and opportunities
3. Provide faithful representation - complete, neutral and accurate depiction
4. Disclose information that is comparable, verifiable, timely and understandable
5. Disclose additional information if compliance with specifically applicable requirements is insufficient

Materiality (Paragraph 14):

Materiality is an entity-specific aspect of relevance based on the nature or magnitude, or both, of the items to which the information relates, in the context of the entity's sustainability-related financial disclosures.

2.3 Materiality (Paragraphs 17-19)

An entity shall disclose material information about the sustainability-related risks and opportunities that could reasonably be expected to affect the entity's prospects.

Definition of Material Information:

In the context of sustainability-related financial disclosures, information is material if omitting, misstating or obscuring that information could reasonably be expected to influence decisions that primary users of general purpose financial reports make on the basis of those reports, which include financial statements and sustainability-related financial disclosures and which provide information about a specific reporting entity.

2.4 Reporting Entity (Paragraph 20)

An entity's sustainability-related financial disclosures shall be for the same reporting entity as the related financial statements.

2.5 Connected Information (Paragraphs 21-24)

Types of Connections Required:

1. Connections between items to which information relates (e.g., between various sustainability-related risks and opportunities)
2. Connections between disclosures:

• Within sustainability-related financial disclosures (governance, strategy, risk management, metrics and targets)
• Across sustainability-related financial disclosures and other general purpose financial reports (e.g., related financial statements)

Specific Requirements:

• Identify the financial statements to which sustainability-related financial disclosures relate
• Data and assumptions shall be consistent with corresponding data and assumptions used in preparing related financial statements (to the extent possible)
• When currency is specified, use the presentation currency of related financial statements

3. CORE CONTENT (Paragraphs 25-53)

3.1 Overview

Unless another HKFRS Sustainability Disclosure Standard permits or requires otherwise, an entity shall provide disclosures about:

Component	Description
-----------	-------------
Governance	Governance processes, controls and procedures used to monitor and manage sustainability-related risks and opportunities
Strategy	Approach used to manage sustainability-related risks and opportunities
Risk Management	Processes used to identify, assess, prioritise and monitor sustainability-related risks and opportunities
Metrics and Targets	Performance in relation to sustainability-related risks and opportunities, including progress towards targets

3.2 Governance (Paragraphs 26-27)

Objective: Enable users to understand the governance processes, controls and procedures an entity uses to monitor, manage and oversee sustainability-related risks and opportunities.

Disclosure Requirements:

(a) Governance Body or Individual Oversight:

• Identify the governance body(s) or individual(s) responsible
• How responsibilities are reflected in terms of reference, mandates, role descriptions
• How the body determines whether appropriate skills and competencies are available
• How and how often the body is informed about sustainability-related risks and opportunities
• How the body takes into account sustainability-related risks and opportunities when overseeing strategy, major transactions, and risk management
• How the body oversees setting of targets and monitors progress, including whether performance metrics are included in remuneration policies

(b) Management's Role:

• Whether role is delegated to a specific management-level position or committee
• How oversight is exercised over that position or committee
• Whether management uses controls and procedures to support oversight
• How these controls and procedures are integrated with other internal functions

3.3 Strategy (Paragraphs 28-42)

Objective: Enable users to understand an entity's strategy for managing sustainability-related risks and opportunities.

Five Key Areas of Disclosure:

1. Sustainability-related risks and opportunities (paragraphs 30-31)

• Describe risks and opportunities that could reasonably be expected to affect prospects
• Specify time horizons (short, medium or long term)
• Explain how the entity defines these time horizons

1. Business model and value chain (paragraph 32)

• Current and anticipated effects on business model and value chain
• Where in the business model and value chain risks and opportunities are concentrated

1. Strategy and decision-making (paragraph 33)

• How the entity has responded and plans to respond
• Progress against previously disclosed plans
• Trade-offs considered between risks and opportunities

1. Financial position, financial performance and cash flows (paragraphs 34-40)

• Current financial effects
• Anticipated financial effects over short, medium and long term
• Quantitative and qualitative information required

1. Resilience (paragraphs 41-42)

• Capacity to adjust to uncertainties arising from sustainability-related risks
• Qualitative and quantitative assessment of resilience

Financial Effects - Relief Provisions (Paragraphs 38-40):

An entity need not provide quantitative information about current or anticipated financial effects if:

• Those effects are not separately identifiable; OR
• The level of measurement uncertainty is so high that resulting quantitative information would not be useful; OR
• The entity does not have the skills, capabilities or resources to provide that quantitative information

If relief is used, the entity shall:

• Explain why quantitative information is not provided
• Provide qualitative information about those financial effects
• Provide quantitative information about combined financial effects (unless not useful)

3.4 Risk Management (Paragraphs 43-44)

Objective: Enable users to:

• Understand processes to identify, assess, prioritise and monitor sustainability-related risks and opportunities
• Assess the entity's overall risk profile and risk management process

Disclosure Requirements:

(a) Sustainability-related risks processes:

• Inputs and parameters used
• Whether and how scenario analysis is used
• How nature, likelihood and magnitude of effects are assessed
• Whether and how risks are prioritised relative to other types of risk
• How risks are monitored
• Whether and how processes have changed compared with previous period

(b) Sustainability-related opportunities processes

(c) Integration with overall risk management process

3.5 Metrics and Targets (Paragraphs 45-53)

Objective: Enable users to understand an entity's performance in relation to sustainability-related risks and opportunities, including progress towards targets.

Required Metrics (Paragraph 46):

For each sustainability-related risk and opportunity:

• Metrics required by applicable HKFRS Sustainability Disclosure Standard
• Metrics the entity uses to measure and monitor that risk or opportunity and its performance

Industry-based Metrics (Paragraph 48):

Metrics disclosed by an entity applying paragraphs 45-46 shall include metrics associated with particular business models, activities or other common features that characterise participation in an industry.

Metrics from Other Sources (Paragraph 49):

If a metric is taken from a source other than HKFRS Sustainability Disclosure Standards, identify the source and the metric taken.

Entity-developed Metrics (Paragraph 50):

Disclose:

• How the metric is defined
• Whether it is absolute, relative or qualitative
• Whether validated by a third party
• Method used to calculate, inputs, limitations and significant assumptions

Targets (Paragraph 51):

For each target, disclose:

• Metric used to set and monitor the target
• Specific quantitative or qualitative target
• Period over which target applies
• Base period
• Milestones and interim targets
• Performance against target and trend analysis
• Any revisions and explanations

Consistency (Paragraph 52):

The definition and calculation of metrics, including metrics used to set the entity's targets and monitor progress towards reaching them, shall be consistent over time.

4. GENERAL REQUIREMENTS (Paragraphs 54-73)

4.1 Sources of Guidance (Paragraphs 54-59)

Identifying Sustainability-related Risks and Opportunities:

Priority	Source
----------	--------
Required	HKFRS Sustainability Disclosure Standards
Required to refer to	SASB Standards (disclosure topics)
May refer to	CDSB Framework Application Guidance, other standard-setting bodies, same industry/geographical region entities

Identifying Applicable Disclosure Requirements:

In the absence of a specifically applicable HKFRS Sustainability Disclosure Standard:

• Apply judgement to identify information that is relevant and faithfully represents the risk or opportunity
• Required to refer to SASB Standards metrics
• May refer to CDSB Framework Application Guidance, other standard-setting bodies, same industry/geographical region entities
• May refer to GRI Standards and European Sustainability Reporting Standards (Appendix C)

Disclosure of Sources (Paragraph 59):

• Identify specific standards, pronouncements, industry practice and other sources applied
• Identify industry(s) specified in sources applied

4.2 Location of Disclosures (Paragraphs 60-63)

• Required as part of general purpose financial reports
• Could be included in management commentary or similar report
• May be in same location as information required by regulators
• Must be clearly identifiable and not obscured
• May be included by cross-reference to another report (subject to conditions in paragraphs B45-B47)

4.3 Timing of Reporting (Paragraphs 64-69)

An entity shall report its sustainability-related financial disclosures at the same time as its related financial statements. The entity's sustainability-related financial disclosures shall cover the same reporting period as the related financial statements.

Key Requirements:

• Normally 12-month period (52-week period permitted)
• If period is longer or shorter, disclose the period, reason, and that amounts are not entirely comparable
• Update disclosures if information about conditions existing at end of reporting period is received after period end but before authorisation
• Disclose post-reporting period events if non-disclosure could influence decisions
• No mandate for interim reporting, but if required or elected, apply paragraph B48

4.4 Comparative Information (Paragraphs 70-71)

Unless another HKFRS Sustainability Disclosure Standard permits or requires otherwise, an entity shall disclose comparative information in respect of the preceding period for all amounts disclosed in the reporting period.

• Also disclose comparative information for narrative and descriptive information if useful
• Amounts may relate to metrics and targets or current and anticipated financial effects

4.5 Statement of Compliance (Paragraphs 72-73)

An entity whose sustainability-related financial disclosures comply with all the requirements of HKFRS Sustainability Disclosure Standards shall make an explicit and unreserved statement of compliance.

Exemptions:

• Law or regulation prohibits disclosure (paragraph B33)
• Commercially sensitive information about sustainability-related opportunities (paragraphs B34-B37)

Using these exemptions does not prevent asserting compliance.

5. JUDGEMENTS, UNCERTAINTIES AND ERRORS (Paragraphs 74-86)

5.1 Judgements (Paragraphs 74-76)

An entity shall disclose information to enable users of general purpose financial reports to understand the judgements, apart from those involving estimations of amounts, that the entity has made in the process of preparing its sustainability-related financial disclosures and that have the most significant effect on the information included in those disclosures.

Examples of Judgements:

• Identifying sustainability-related risks and opportunities
• Determining which sources of guidance to apply
• Identifying material information
• Assessing whether an event or change in circumstances is significant

5.2 Measurement Uncertainty (Paragraphs 77-82)

An entity shall disclose information to enable users of general purpose financial reports to understand the most significant uncertainties affecting the amounts reported in its sustainability-related financial disclosures.

Requirements:

• Identify amounts subject to high level of measurement uncertainty
• Disclose sources of measurement uncertainty
• Disclose assumptions, approximations and judgements made

Examples of Information to Disclose:

• Nature of assumption or source of uncertainty
• Sensitivity of disclosed amount to methods, assumptions and estimates
• Expected resolution of uncertainty and range of reasonably possible outcomes
• Explanation of changes made to past assumptions

5.3 Errors (Paragraphs 83-86)

An entity shall correct material prior period errors by restating the comparative amounts for the prior period(s) disclosed unless it is impracticable to do so.

Definition: Prior period errors are omissions from and misstatements in sustainability-related financial disclosures for one or more prior periods arising from failure to use, or misuse of, reliable information that:

• Was available when disclosures were authorised for issue
• Could reasonably be expected to have been obtained and considered

Distinction: Corrections of errors are distinguished from changes in estimates.

6. APPENDICES

Appendix A - Defined Terms

Term	Definition
------	------------
Business model	An entity's system of transforming inputs through its activities into outputs and outcomes that aims to fulfil strategic purposes and create value
Disclosure topic	A specific sustainability-related risk or opportunity based on activities conducted by entities within a particular industry
General purpose financial reports	Reports that provide financial information about a reporting entity useful to primary users in making decisions relating to providing resources
Impracticable	Applying a requirement is impracticable when an entity cannot apply it after making every reasonable effort
Material information	Information is material if omitting, misstating or obscuring it could reasonably be expected to influence primary users' decisions
Primary users	Existing and potential investors, lenders and other creditors
Reporting entity	An entity that is required, or chooses, to prepare general purpose financial statements
Scenario analysis	A process for identifying and assessing a potential range of outcomes of future events under conditions of uncertainty
Sustainability-related financial disclosures	A particular form of general purpose financial reports providing information about sustainability-related risks and opportunities
Value chain	The full range of interactions, resources and relationships related to a reporting entity's business model and the external environment

Appendix B - Application Guidance

Key Application Guidance Areas:

1. Sustainability-related risks and opportunities (B1-B12)

• Risks arise from interactions between entity and stakeholders, society, economy and natural environment
• Resources and relationships can be natural, manufactured, intellectual, human, social or financial
• Use all reasonable and supportable information available without undue cost or effort
• Reassess scope on occurrence of significant event or change in circumstances

1. Materiality (B13-B37)

• Entity-specific assessment
• Consider both quantitative and qualitative factors
• For possible future events, consider potential effects, range of outcomes and likelihood
• Low-probability, high-impact outcomes may be material individually or in combination
• Reassess materiality judgements at each reporting date
• Do not obscure material information
• Aggregation and disaggregation considerations

1. Connected information (B39-B44)

• Explain connections between disclosures
• Avoid unnecessary duplication
• Disclose significant differences between data and assumptions used

1. Cross-references (B45-B47)

• Information must be available on same terms and at same time
• Complete set must not be less understandable
• Clearly identify report and explain how to access

1. Comparative information (B49-B59)

• Revise comparative amounts for estimates when new information provides evidence of circumstances that existed
• Exception for forward-looking metrics
• If metric is redefined, disclose revised comparative amount unless impracticable

Appendix C - Sources of Guidance

In the absence of a specifically applicable HKFRS Sustainability Disclosure Standard, an entity may refer to:

• Global Reporting Initiative (GRI) Standards
• European Sustainability Reporting Standards (ESRS)

Appendix D - Qualitative Characteristics

Fundamental Characteristics:

1. Relevance - Predictive value and confirmatory value
2. Faithful Representation - Complete, neutral, accurate

Enhancing Characteristics:

1. Comparability - Enables identification of similarities and differences
2. Verifiability - Knowledgeable observers could reach consensus
3. Timeliness - Available in time to influence decisions
4. Understandability - Clear and concise

Appendix E - Effective Date and Transition

Effective Date:

• Annual reporting periods beginning on or after 1 August 2025
• Earlier application permitted (must also apply HKFRS S2 at same time)

Transition Reliefs:

Relief	Details
--------	---------
Comparative information	Not required in first year of application
Timing of reporting	May report after related financial statements (within 9 months or with next interim report)
Climate-only focus	May disclose only climate-related risks and opportunities in first year
Comparative information for climate-only	Not required in first year; for other sustainability topics, not required in second year

KEY TAKEAWAYS SUMMARY

Topic	Key Point
-------	-----------
Objective	Disclose information about sustainability-related risks and opportunities useful to primary users
Scope	All risks and opportunities that could reasonably be expected to affect prospects
Core Content	Governance, Strategy, Risk Management, Metrics and Targets
Materiality	Entity-specific; omit, misstate or obscure could influence decisions
Connected Information	Links between risks/opportunities and between disclosures
Sources of Guidance	HKFRS SDS required; SASB Standards required to consider; others permitted
Timing	Same time as related financial statements
Comparative Information	Required for preceding period (relief in first year)
Statement of Compliance	Explicit and unreserved if all requirements met
Effective Date	1 August 2025

# ---

# 繁體中文部分

HKFRS S1 - 可持續發展相關財務信息披露的一般要求

全面學習筆記

1. 目標與範圍

1.1 目標（第1-4段）

HKFRS S1的目標是要求實體披露有關其可持續發展相關風險與機遇的信息，這些信息對主要使用者在作出與向實體提供資源相關的決策時有用。

關鍵概念：

• 有關可持續發展相關風險與機遇的信息之所以有用，是因為實體在短期、中期和長期內產生現金流的能力，與實體及其利益相關者、社會、經濟和自然環境在整個價值鏈中的互動密不可分。
• 實體及其整個價值鏈中的資源和關係形成了一個實體運營所在的相互依存系統。
• 對這些資源和關係的依賴以及對這些資源和關係的影響，產生了實體的可持續發展相關風險與機遇。

核心要求（第3段）：

實體應披露所有可合理預期會影響實體短期、中期或長期現金流量、融資渠道或資本成本的可持續發展相關風險與機遇的信息。就本準則而言，這些風險與機遇統稱為「可合理預期會影響實體前景的可持續發展相關風險與機遇」。

1.2 範圍（第5-9段）

要求	詳情
------	------
應用	實體應在根據HKFRS可持續發展披露準則編製和報告可持續發展相關財務披露時應用本準則
排除	不能合理預期會影響實體前景的可持續發展相關風險與機遇不在範圍內
其他準則	其他HKFRS可持續發展披露準則規定了有關特定可持續發展相關風險與機遇所需披露的信息
財務報表	無論相關財務報表是根據HKFRS會計準則還是其他GAAP編製，均可應用HKFRS可持續發展披露準則
非營利實體	可能需要修改特定信息項目的描述

2. 概念基礎（第10-24段）

2.1 質量特徵（第10段）

基本質量特徵：

• 相關性 - 信息必須能夠在決策中產生差異
• 真實反映 - 信息必須完整、中立和準確

增強質量特徵：

• 可比性
• 可驗證性
• 及時性
• 可理解性

2.2 公允列報（第11-16段）

一套完整的可持續發展相關財務披露應公允列報所有可合理預期會影響實體前景的可持續發展相關風險與機遇。

公允列報的要求：

1. 應用第B1-B12段來識別可持續發展相關風險與機遇
2. 提供有關這些風險與機遇的相關信息
3. 提供真實反映 - 完整、中立和準確的描述
4. 披露可比、可驗證、及時和可理解的信息
5. 如果遵守具體適用的要求不足夠，則披露額外信息

2.3 重要性（第17-19段）

實體應披露有關可合理預期會影響實體前景的可持續發展相關風險與機遇的重要信息。

重要信息的定義：

就可持續發展相關財務披露而言，如果遺漏、錯誤陳述或模糊該信息可合理預期會影響通用目的財務報告的主要使用者基於這些報告（包括財務報表和可持續發展相關財務披露，並提供有關特定報告實體的信息）作出的決策，則該信息是重要的。

2.4 報告實體（第20段）

實體的可持續發展相關財務披露應與相關財務報表針對同一報告實體。

2.5 關聯信息（第21-24段）

所需關聯類型：

1. 信息所涉及項目之間的關聯（例如，各種可持續發展相關風險與機遇之間的關聯）
2. 披露之間的關聯：

• 在可持續發展相關財務披露內部（治理、戰略、風險管理、指標和目標）
• 在可持續發展相關財務披露與實體發布的其他通用目的財務報告之間（例如，相關財務報表）

具體要求：

• 確定可持續發展相關財務披露所涉及的財務報表
• 數據和假設應與編製相關財務報表時使用的相應數據和假設保持一致（在可能的情況下）
• 當指定貨幣時，使用相關財務報表的列報貨幣

3. 核心內容（第25-53段）

3.1 概述

除非其他HKFRS可持續發展披露準則在特定情況下允許或要求另行處理，否則實體應提供有關以下方面的披露：

組成部分	描述
----------	------
治理	實體用於監控和管理可持續發展相關風險與機遇的治理流程、控制措施和程序
戰略	實體用於管理可持續發展相關風險與機遇的方法
風險管理	實體用於識別、評估、優先排序和監控可持續發展相關風險與機遇的流程
指標和目標	實體在可持續發展相關風險與機遇方面的表現，包括在實現目標方面的進展

3.2 治理（第26-27段）

目標： 使使用者能夠了解實體用於監控、管理和監督可持續發展相關風險與機遇的治理流程、控制措施和程序。

披露要求：

(a) 治理機構或個人監督：

• 識別負責的治理機構或個人
• 責任如何反映在職權範圍、授權、職責描述中
• 機構如何確定是否具備或將發展適當的技能和能力
• 機構如何以及多頻繁地獲知可持續發展相關風險與機遇
• 機構在監督戰略、重大交易和風險管理時如何考慮可持續發展相關風險與機遇
• 機構如何監督目標的設定和進展監控，包括績效指標是否納入薪酬政策

(b) 管理層的角色：

• 角色是否委派給特定的管理層職位或委員會
• 如何對該職位或委員會行使監督
• 管理層是否使用控制措施和程序來支持監督
• 這些控制措施和程序如何與其他內部職能整合

3.3 戰略（第28-42段）

目標： 使使用者能夠了解實體管理可持續發展相關風險與機遇的戰略。

五個關鍵披露領域：

1. 可持續發展相關風險與機遇（第30-31段）

• 描述可合理預期會影響前景的風險與機遇
• 指定時間範圍（短期、中期或長期）
• 解釋實體如何定義這些時間範圍

1. 業務模式和價值鏈（第32段）

• 對業務模式和價值鏈的當前和預期影響
• 風險與機遇在業務模式和價值鏈中的集中位置

1. 戰略和決策（第33段）

• 實體如何應對和計劃應對
• 先前披露計劃的進展
• 考慮到的風險與機遇之間的權衡

1. 財務狀況、財務業績和現金流量（第34-40段）

• 當前財務影響
• 短期、中期和長期的預期財務影響
• 需要定量和定性信息

1. 韌性（第41-42段）

• 適應可持續發展相關風險帶來的不確定性的能力
• 韌性的定性和定量評估

財務影響的豁免規定（第38-40段）：

實體無需提供當前或預期財務影響的定量信息，如果：

• 這些影響無法單獨識別；或
• 計量不確定性水平如此之高，以致產生的定量信息無用；或
• 實體不具備提供該定量信息的技能、能力或資源

如果使用豁免，實體應：

• 解釋為何不提供定量信息
• 提供有關這些財務影響的定性信息
• 提供合併財務影響的定量信息（除非無用）

3.4 風險管理（第43-44段）

目標： 使使用者能夠：

• 了解識別、評估、優先排序和監控可持續發展相關風險與機遇的流程
• 評估實體的整體風險概況和風險管理流程

披露要求：

(a) 可持續發展相關風險流程：

• 使用的輸入和參數
• 是否以及如何使用情景分析
• 如何評估影響的性質、可能性和程度
• 風險是否以及如何相對於其他類型風險進行優先排序
• 如何監控風險
• 流程與上一期間相比是否以及如何變化

(b) 可持續發展相關機遇流程

(c) 與整體風險管理流程的整合

3.5 指標和目標（第45-53段）

目標： 使使用者能夠了解實體在可持續發展相關風險與機遇方面的表現，包括在實現目標方面的進展。

所需指標（第46段）：

對於每個可持續發展相關風險與機遇：

• 適用的HKFRS可持續發展披露準則要求的指標
• 實體用於計量和監控該風險或機遇及其表現的指標

行業指標（第48段）：

實體應用第45-46段披露的指標應包括與特定業務模式、活動或其他表徵行業參與的共同特徵相關的指標。

來自其他來源的指標（第49段）：

如果指標來自HKFRS可持續發展披露準則以外的來源，請識別來源和所採用的指標。

實體自訂指標（第50段）：

披露：

• 指標如何定義
• 是絕對指標、相對指標還是定性指標
• 是否經第三方驗證
• 計算方法、輸入、限制和重大假設

目標（第51段）：

對於每個目標，披露：

• 用於設定和監控目標的指標
• 具體的定量或定性目標
• 目標適用的期間
• 基準期間
• 里程碑和中期目標
• 目標績效和趨勢分析
• 任何修訂和解釋

一致性（第52段）：

指標的定義和計算，包括用於設定實體目標和監控實現目標進展的指標，應隨時間保持一致。

4. 一般要求（第54-73段）

4.1 指引來源（第54-59段）

識別可持續發展相關風險與機遇：

優先級	來源
--------	------
必須	HKFRS可持續發展披露準則
必須參考	SASB準則（披露主題）
可以參考	CDSB框架應用指引、其他準則制定機構、同行業/地理區域實體

識別適用的披露要求：

在沒有具體適用的HKFRS可持續發展披露準則的情況下：

• 運用判斷來識別相關且真實反映風險或機遇的信息
• 必須參考SASB準則指標
• 可以參考CDSB框架應用指引、其他準則制定機構、同行業/地理區域實體
• 可以參考GRI準則和歐洲可持續發展報告準則（附錄C）

4.2 披露位置（第60-63段）

• 作為通用目的財務報告的一部分要求
• 可以包含在管理層評論或類似報告中
• 可以與監管機構要求的信息位於同一位置
• 必須清晰可辨且不被模糊
• 可以通過交叉引用包含在另一份報告中（須符合第B45-B47段的條件）

4.3 報告時間（第64-69段）

實體應在與其相關財務報表相同的時間報告其可持續發展相關財務披露。實體的可持續發展相關財務披露應涵蓋與相關財務報表相同的報告期間。

關鍵要求：

• 通常為12個月期間（允許52週期間）
• 如果期間更長或更短，披露期間、原因以及金額不完全可比的事實
• 如果在報告期結束後但在授權發布前收到關於報告期末存在條件的資訊，則更新披露
• 如果不披露可能影響決策，則披露報告期後事項
• 無中期報告強制要求，但如果要求或選擇，則應用第B48段

4.4 比較信息（第70-71段）

除非其他HKFRS可持續發展披露準則允許或要求另行處理，否則實體應就報告期間披露的所有金額披露前一期間的比較信息。

• 如果有用，也應披露敘述性和描述性可持續發展相關財務信息的比較信息
• 金額可能涉及指標和目標或當前和預期的財務影響

4.5 合規聲明（第72-73段）

其可持續發展相關財務披露符合HKFRS可持續發展披露準則所有要求的實體應作出明確且無保留的合規聲明。

豁免：

• 法律或法規禁止披露（第B33段）
• 關於可持續發展相關機遇的商業敏感信息（第B34-B37段）

使用這些豁免不會阻止主張合規。

5. 判斷、不確定性和錯誤（第74-86段）

5.1 判斷（第74-76段）

實體應披露信息，以使通用目的財務報告的使用者能夠了解實體在編製其可持續發展相關財務披露過程中作出的、對該等披露中包含的信息具有最重大影響的判斷（涉及金額估計的判斷除外）。

判斷示例：

• 識別可持續發展相關風險與機遇
• 確定應用哪些指引來源
• 識別重要信息
• 評估事件或情況變化是否重大

5.2 計量不確定性（第77-82段）

實體應披露信息，以使通用目的財務報告的使用者能夠了解影響其可持續發展相關財務披露中報告金額的最重大不確定性。

要求：

• 識別具有高度計量不確定性的金額
• 披露計量不確定性的來源
• 披露所作的假設、近似值和判斷

需要披露的信息示例：

• 假設或不確定性來源的性質
• 披露金額對方法、假設和估計的敏感性
• 不確定性的預期解決方案和合理可能結果的範圍
• 對過去假設所作變更的解釋

5.3 錯誤（第83-86段）

除非不可行，否則實體應通過重述所披露的前期比較金額來更正重大的前期錯誤。

定義： 前期錯誤是實體一個或多個前期的可持續發展相關財務披露中的遺漏和錯誤陳述，源於未能使用或誤用可靠信息，這些信息：

• 在該等披露授權發布時可用
• 可合理預期已在編製該等披露時獲得並考慮

區別： 錯誤的更正與估計變更不同。

6. 附錄

附錄A - 定義術語

術語	定義
------	------
業務模式	實體通過其活動將輸入轉化為輸出和結果的系統，旨在實現實體的戰略目的並為實體創造價值
披露主題	基於特定行業內實體進行的活動的特定可持續發展相關風險或機遇
通用目的財務報告	提供有關報告實體的財務信息，對主要使用者作出與提供資源相關的決策有用的報告
不可行	當實體在作出一切合理努力後仍無法應用某項要求時，該要求的應用即為不可行
重要信息	如果遺漏、錯誤陳述或模糊該信息可合理預期會影響主要使用者的決策，則該信息是重要的
主要使用者	現有和潛在投資者、貸款人和其他債權人
報告實體	被要求或選擇編製通用目的財務報表的實體
情景分析	在不確定條件下識別和評估未來事件潛在結果範圍的過程
可持續發展相關財務披露	提供有關可持續發展相關風險與機遇信息的特定形式的通用目的財務報告
價值鏈	與報告實體的業務模式和外部環境相關的全部互動、資源和關係範圍

附錄B - 應用指引

關鍵應用指引領域：

1. 可持續發展相關風險與機遇（B1-B12）

• 風險源於實體與利益相關者、社會、經濟和自然環境之間的互動
• 資源和關係可以是自然、製造、智力、人力、社會或財務
• 使用所有無需過度成本或努力即可獲得的合理且可支持的信息
• 在發生重大事件或情況重大變化時重新評估範圍

1. 重要性（B13-B37）

• 實體特定評估
• 考慮定量和定性因素
• 對於可能的未來事件，考慮潛在影響、結果範圍和可能性
• 低概率、高影響結果可能單獨或組合起來是重要的
• 在每個報告日期重新評估重要性判斷
• 不要模糊重要信息
• 匯總和分解考慮因素

1. 關聯信息（B39-B44）

• 解釋披露之間的關聯
• 避免不必要的重複
• 披露所用數據和假設之間的顯著差異

1. 交叉引用（B45-B47）

• 信息必須以相同條款和同時提供
• 完整套件不得降低可理解性
• 清晰識別報告並解釋如何訪問

1. 比較信息（B49-B59）

• 當新信息提供存在情況的證據時，修訂估計的比較金額
• 前瞻性指標的例外
• 如果指標被重新定義，披露修訂後的比較金額，除非不可行

附錄C - 指引來源

在沒有具體適用的HKFRS可持續發展披露準則的情況下，實體可以參考：

• 全球報告倡議組織（GRI）準則
• 歐洲可持續發展報告準則（ESRS）

附錄D - 質量特徵

基本特徵：

1. 相關性 - 預測價值和確認價值
2. 真實反映 - 完整、中立、準確

增強特徵：

1. 可比性 - 能夠識別相似性和差異
2. 可驗證性 - 知識淵博的獨立觀察者可以達成共識
3. 及時性 - 及時可用以影響決策
4. 可理解性 - 清晰簡潔

附錄E - 生效日期和過渡

生效日期：

• 2025年8月1日或之後開始的年度報告期間
• 允許提前應用（必須同時應用HKFRS S2）

過渡性寬免：

寬免	詳情
------	------
比較信息	首次應用年度不要求
報告時間	可在相關財務報表之後報告（9個月內或與下一中期報告一起）
僅限氣候	首次應用年度可僅披露氣候相關風險與機遇
僅限氣候的比較信息	首次應用年度不要求；其他可持續發展主題在第二年度不要求

關鍵要點總結

主題	關鍵點
------	--------
目標	披露對主要使用者有用的可持續發展相關風險與機遇信息
範圍	所有可合理預期會影響前景的風險與機遇
核心內容	治理、戰略、風險管理、指標和目標
重要性	實體特定；遺漏、錯誤陳述或模糊可能影響決策
關聯信息	風險/機遇之間的聯繫以及披露之間的聯繫
指引來源	HKFRS SDS必須；SASB準則必須考慮；其他允許
時間	與相關財務報表同時
比較信息	需要前一期間（首次應用年度有寬免）
合規聲明	如果滿足所有要求，則明確且無保留
生效日期	2025年8月1日

50 Multiple Choice Questions (MCQs)

Q1. What is the primary objective of HKFRS S1?

A. To require entities to prepare financial statements in accordance with HKFRS

B. To require disclosure of information about sustainability-related risks and opportunities useful to primary users

C. To mandate climate-related disclosures only

D. To replace HKFRS Accounting Standards

Answer: B

Q2. According to HKFRS S1, sustainability-related risks and opportunities that could reasonably be expected to affect an entity's prospects include those affecting:

A. Only the entity's cash flows

B. Only the entity's access to finance

C. Only the entity's cost of capital

D. The entity's cash flows, access to finance or cost of capital over the short, medium or long term

Answer: D

Q3. Which of the following is NOT a fundamental qualitative characteristic of useful sustainability-related financial information?

A. Relevance

B. Faithful representation

C. Comparability

D. Both A and B are fundamental

Answer: C

Q4. Fair presentation requires an entity to provide:

A. Only quantitative information

B. A complete, neutral and accurate depiction of sustainability-related risks and opportunities

C. Information that is favourable to the entity

D. Only information required by law

Answer: B

Q5. Information is material if:

A. It exceeds a specific monetary threshold

B. Omitting, misstating or obscuring it could reasonably be expected to influence primary users' decisions

C. It relates to climate change

D. It is required by regulators

Answer: B

Q6. An entity's sustainability-related financial disclosures shall be for:

A. A different reporting entity than the related financial statements

B. The same reporting entity as the related financial statements

C. Only the parent company

D. Only subsidiaries

Answer: B

Q7. Which of the following is NOT one of the four core content areas required by HKFRS S1?

A. Governance

B. Strategy

C. Audit procedures

D. Metrics and targets

Answer: C

Q8. The objective of governance disclosures is to enable users to understand:

A. The entity's financial performance

B. The governance processes, controls and procedures used to monitor and manage sustainability-related risks and opportunities

C. The entity's market share

D. The entity's dividend policy

Answer: B

Q9. Which of the following must be disclosed about the governance body responsible for sustainability-related risks and opportunities?

A. Their names and addresses

B. How responsibilities are reflected in terms of reference and mandates

C. Their personal financial interests

D. Their educational background

Answer: B

Q10. The strategy disclosures must include information about:

A. Only current effects of risks and opportunities

B. Only anticipated effects of risks and opportunities

C. Both current and anticipated effects of risks and opportunities

D. Neither current nor anticipated effects

Answer: C

Q11. An entity need not provide quantitative information about current or anticipated financial effects if:

A. The entity chooses not to

B. The effects are not separately identifiable

C. The entity is small

D. The entity is in the service industry

Answer: B

Q12. The objective of risk management disclosures is to enable users to understand:

A. The entity's marketing strategy

B. The processes to identify, assess, prioritise and monitor sustainability-related risks and opportunities

C. The entity's hiring practices

D. The entity's product pricing

Answer: B

Q13. Which of the following must be disclosed about risk management processes?

A. The names of risk managers

B. Whether and how scenario analysis is used

C. The entity's insurance policies

D. The entity's legal disputes

Answer: B

Q14. Metrics disclosed by an entity shall include:

A. Only metrics required by HKFRS Sustainability Disclosure Standards

B. Only metrics the entity develops internally

C. Metrics associated with particular business models, activities or other common features that characterise participation in an industry

D. Only financial metrics

Answer: C

Q15. If a metric is taken from a source other than HKFRS Sustainability Disclosure Standards, the entity shall:

A. Not disclose it

B. Identify the source and the metric taken

C. Obtain permission from the source

D. Modify the metric

Answer: B

Q16. For each target, the entity shall disclose:

A. Only the target amount

B. The metric used, the specific target, the period, base period, milestones, performance and any revisions

C. Only the target period

D. Only performance against the target

Answer: B

Q17. The definition and calculation of metrics shall be:

A. Changed every year

B. Consistent over time

C. Approved by shareholders

D. Audited by external auditors

Answer: B

Q18. In identifying sustainability-related risks and opportunities, an entity shall apply:

A. Only HKFRS Sustainability Disclosure Standards

B. HKFRS Sustainability Disclosure Standards and shall refer to SASB Standards

C. Only SASB Standards

D. Only GRI Standards

Answer: B

Q19. In the absence of a specifically applicable HKFRS Sustainability Disclosure Standard, an entity shall:

A. Not disclose any information

B. Apply judgement to identify relevant information that faithfully represents the risk or opportunity

C. Use only financial data

D. Consult with regulators

Answer: B

Q20. An entity shall report its sustainability-related financial disclosures:

A. At any time during the year

B. At the same time as its related financial statements

C. Within 6 months of year-end

D. Within 3 months of year-end

Answer: B

Q21. If an entity changes the end of its reporting period and provides disclosures for a period longer or shorter than 12 months, it shall disclose:

A. Nothing additional

B. The period covered, the reason, and that amounts are not entirely comparable

C. Only the reason

D. Only the period covered

Answer: B

Q22. An entity whose sustainability-related financial disclosures comply with all requirements of HKFRS Sustainability Disclosure Standards shall:

A. Make an explicit and unreserved statement of compliance

B. Obtain regulatory approval

C. Publish in a newspaper

D. File with the stock exchange

Answer: A

Q23. An entity is relieved from disclosing information otherwise required if:

A. The entity considers it unimportant

B. Law or regulation prohibits the entity from disclosing that information

C. The entity's management decides not to

D. The information is negative

Answer: B

Q24. An entity shall disclose information to enable users to understand:

A. Only the entity's profits

B. The judgements made in preparing sustainability-related financial disclosures that have the most significant effect

C. Only the entity's losses

D. Only the entity's market share

Answer: B

Q25. An entity shall correct material prior period errors by:

A. Ignoring them

B. Restating the comparative amounts for the prior period(s) disclosed unless impracticable

C. Disclosing them in a footnote

D. Adjusting current period amounts

Answer: B

Q26. Prior period errors arise from:

A. Changes in estimates

B. Failure to use or misuse of reliable information that was available and could reasonably be expected to have been obtained

C. Changes in accounting policies

D. Changes in management

Answer: B

Q27. HKFRS S1 is effective for annual reporting periods beginning on or after:

A. 1 January 2024

B. 1 August 2025

C. 1 January 2026

D. 1 December 2024

Answer: B

Q28. In the first year of applying HKFRS S1, an entity:

A. Must provide full comparative information

B. Is not required to provide comparative information

C. Must provide comparative information for climate only

D. Must provide comparative information for all sustainability topics

Answer: B

Q29. In the first year of application, an entity is permitted to:

A. Disclose only climate-related risks and opportunities

B. Disclose only financial information

C. Not disclose anything

D. Disclose only governance information

Answer: A

Q30. Connected information requires an entity to:

A. Provide information in a manner that enables users to understand connections between items and between disclosures

B. Connect all disclosures to financial statements only

C. Provide only narrative information

D. Provide only quantitative information

Answer: A

Q31. Data and assumptions used in preparing sustainability-related financial disclosures shall be:

A. Different from those used in financial statements

B. Consistent with corresponding data and assumptions used in preparing related financial statements to the extent possible

C. Approved by the board

D. Verified by external auditors

Answer: B

Q32. When currency is specified, the entity shall use:

A. Any currency it chooses

B. The presentation currency of its related financial statements

C. US Dollars

D. Hong Kong Dollars

Answer: B

Q33. The resilience disclosure requires:

A. Only qualitative assessment

B. Only quantitative assessment

C. Qualitative and, if applicable, quantitative assessment of resilience

D. Neither qualitative nor quantitative assessment

Answer: C

Q34. An entity may include information by cross-reference if:

A. The cross-referenced information is available on the same terms and at the same time

B. The entity chooses to

C. The information is in a different language

D. The information is not material

Answer: A

Q35. If an entity identifies new information about an estimated amount disclosed in the preceding period, it shall:

A. Ignore the new information

B. Disclose a revised comparative amount reflecting the new information, the difference, and reasons

C. Only disclose the difference

D. Only disclose the reasons

Answer: B

Q36. An entity need not disclose a revised comparative amount for a forward-looking metric if:

A. The entity chooses not to

B. It is impracticable to do so

C. The metric is not material

D. The entity is small

Answer: B

Q37. If a metric is redefined, the entity shall:

A. Not disclose the change

B. Disclose a revised comparative amount unless impracticable, explain the changes and reasons

C. Only explain the changes

D. Only disclose the reasons

Answer: B

Q38. The SASB Standards are organised by:

A. Country

B. Industry

C. Company size

D. Risk type

Answer: B

Q39. Each SASB Standard contains:

A. Only metrics

B. Industry descriptions, disclosure topics, metrics, technical protocols and activity metrics

C. Only disclosure topics

D. Only technical protocols

Answer: B

Q40. In the absence of a specifically applicable HKFRS Sustainability Disclosure Standard, an entity may refer to:

A. Only SASB Standards

B. GRI Standards and European Sustainability Reporting Standards

C. Only CDSB Framework

D. Only industry practice

Answer: B

Q41. Verifiability means:

A. Information is verified by external auditors

B. Various knowledgeable and independent observers could reach consensus that a depiction is a faithful representation

C. Information is approved by the board

D. Information is published

Answer: B

Q42. Timeliness means:

A. Information is published annually

B. Information is available to decision-makers in time to be capable of influencing their decisions

C. Information is published quarterly

D. Information is published monthly

Answer: B

Q43. Understandability requires that sustainability-related financial information shall be:

A. Complex and detailed

B. Clear and concise

C. Long and comprehensive

D. Technical and specialised

Answer: B

Q44. An entity shall not obscure material information. Examples of obscuring include:

A. Clearly distinguishing material information

B. Using vague or unclear language

C. Providing clear explanations

D. Using tables and graphs

Answer: B

Q45. An entity shall reassess its materiality judgements:

A. Only when required by regulators

B. At each reporting date

C. Every five years

D. Only when there is a change in management

Answer: B

Q46. If law or regulation prohibits disclosure of information otherwise required, the entity shall:

A. Not disclose anything

B. Identify the type of information not disclosed and explain the source of the restriction

C. Disclose the information anyway

D. Obtain a legal opinion

Answer: B

Q47. The exemption for commercially sensitive information applies to:

A. Sustainability-related risks

B. Sustainability-related opportunities only

C. All sustainability-related information

D. Financial information only

Answer: B

Q48. If an entity uses the commercially sensitive information exemption, it shall:

A. Not disclose anything

B. Disclose the fact that it has used the exemption and reassess at each reporting date

C. Obtain regulatory approval

D. Disclose the information after one year

Answer: B

Q49. An entity is prohibited from using the commercially sensitive exemption for:

A. Sustainability-related risks

B. Sustainability-related opportunities

C. Financial information

D. Governance information

Answer: A

Q50. The complete set of sustainability-related financial disclosures shall present fairly:

A. Only climate-related risks

B. All sustainability-related risks and opportunities that could reasonably be expected to affect an entity's prospects

C. Only financial risks

D. Only opportunities

Answer: B