Page 40 - CMA Journal (Nov-Dec 2025)

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Judgment, Uncertainties & Errors (IFRS S1) 16. IFRS-S1(Para-27(a)): https://www.ifrs.org/issued-standards/ifrs-sustainability-s
tandards-navigator/ifrs-s1-general-requirements.html/content/dam/ifrs/publications/html
-standards-issb/english/2025/issued/issbs1/ AND IFRS-S2(Para-6(a)):
• Judgment: Organizations are mandated to present https://www.ifrs.org/issued-standards/ifrs-sustainability-standards-navigator/ifrs-s2-clima
te-related-disclosures/
judgments that could significantly affect 17. IFRS-S1(Para-27(b)): https://www.ifrs.org/issued-standards/ifrs-sustainability-standards-
sustainability reporting as well as those used in navigator/ifrs-s1-general-requirements.html/content/dam/ifrs/publications/html-standard
s-issb/english/2025/issued/issbs1/ AND IFRS-S2(Para-6(b)):
identifying and disclosing risks and opportunities https://www.ifrs.org/issued-standards/ifrs-sustainability-standards-navigator/ifrs-s2-clima
regarding sustainability³6. te-related-disclosures/
18. IFRS-S1(Para-28): https://www.ifrs.org/issued-standards/ifrs-sustainability-
standards-navigator/ifrs-s1-general-requirements.html/content/dam/ifrs/publications/ht
• Uncertainties: Organizations are mandated to ml-standards-issb/english/2025/issued/issbs1/ AND IFRS-S2(Para-8):
present uncertainties that could significantly affect https://www.ifrs.org/issued-standards/ifrs-sustainability-standards-navigator/ifrs-s2-clima
te-related-disclosures/
sustainability reporting. Retrospective adjustment 19. IFRS-S1(Para-29 to Para-42): https://www.ifrs.org/issued-standards/ifrs-sustainability-
for prior-period estimates is required when new standards-navigator/ifrs-s1-general-requirements.html/content/dam/ifrs/publications/ht
ml-standards-issb/english/2025/issued/issbs1/
information related to a prior period is identified. 20. IFRS-S2(Para-9 to Para-23): https://www.ifrs.org/issued-standards/ifrs-sustainability-
However, there is no need to restate comparatives standards-navigator/ifrs-s2-climate-related-disclosures/
21. IFRS-S1(Para-43): https://www.ifrs.org/issued-standards/ifrs-sustainability-
for a change in a forward-looking metric³7. standards-navigator/ifrs-s1-general-requirements.html/content/dam/ifrs/publications/ht
ml-standards-issb/english/2025/issued/issbs1/ AND IFRS-S2(Para-24):
• Errors: Disclosure should be consistent with the https://www.ifrs.org/issued-standards/ifrs-sustainability-standards-navigator/ifrs-s2-clima
te-related-disclosures/
definition under IAS-8. Hence, prior-period errors 22. IFRS-S1(Para-44): https://www.ifrs.org/issued-standards/ifrs-sustainability-
that are material should be corrected standards-navigator/ifrs-s1-general-requirements.html/content/dam/ifrs/publications/ht
ml-standards-issb/english/2025/issued/issbs1/ AND IFRS-S2(Para-25):
retrospectively³8. https://www.ifrs.org/issued-standards/ifrs-sustainability-standards-navigator/ifrs-s2-clima
te-related-disclosures/
Disclaimer: 23. IFRS-S2(Para-26): https://www.ifrs.org/issued-standards/ifrs-sustainability-standards-
navigator/ifrs-s2-climate-related-disclosures/
24. IFRS-S1(Para-45 to Para-46): https://www.ifrs.org/issued-standards/ifrs-sustainability-
The information in this article is for guidance only and standards-navigator/ifrs-s1-general-requirements.html/content/dam/ifrs/publications/ht
ml-standards-issb/english/2025/issued/issbs1/ AND IFRS-S2(Para-27 to Para-28):
should not be considered as professional, financial, or https://www.ifrs.org/issued-standards/ifrs-sustainability-standards-navigator/ifrs-s2-clima
legal advice. It provides an overview and interpretation te-related-disclosures/
25. IFRS-S1(Para-48 to Para-50): https://www.ifrs.org/issued-standards/ifrs-sustainability-
of IFRS S1 and S2 but does not contain all requirements of standards-navigator/ifrs-s1-general-requirements.html/content/dam/ifrs/publications/ht
the official standards. While accuracy is sought, no ml-standards-issb/english/2025/issued/issbs1/
26. IFRS-S1(Para-51 to Para-53): https://www.ifrs.org/issued-standards/ifrs-sustainability-
warranty is made regarding the completeness or standards-navigator/ifrs-s1-general-requirements.html/content/dam/ifrs/publications/ht
ml-standards-issb/english/2025/issued/issbs1/
reliability of the information. The views expressed by the
27. IFRS-S2(Para-29 to Para-32): https://www.ifrs.org/issued-standards/ifrs-sustainability-
authors are for elaboration purposes only and therefore standards-navigator/ifrs-s2-climate-related-disclosures/
do not represent the position of the IFRS Foundation. 28. IFRS-S2(Para-33 to Para-36): https://www.ifrs.org/issued-standards/ifrs-sustainability-
standards-navigator/ifrs-s2-climate-related-disclosures/
Readers are recommended to consult a qualified 29. IFRS-S1(Para-51 to Para-53): https://www.ifrs.org/issued-standards/ifrs-sustainability-
professional for advice on applying IFRS S1 and S2. standards-navigator/ifrs-s1-general-requirements.html/content/dam/ifrs/publications/ht
ml-standards-issb/english/2025/issued/issbs1/
30. CDSB Framework Application Guidance: https://www.ifrs.org/content/dam/ifrs/
Reference List: publications/cdsb/cdsb-framework-2022.pdf
31. IFRS-S1(Para-54 to Para-59): https://www.ifrs.org/issued-standards/ifrs-sustainability-
1. SECP: https://www.secp.gov.pk/wp-content/uploads/2025/01/Press-release-on-Jan-1.pdf standards-navigator/ifrs-s1-general-requirements.html/content/dam/ifrs/publications/ht
2. IFRS Foundation: https://www.ifrs.org/sustainability/knowledge-hub/introduction- to-issb- ml-standards-issb/english/2025/issued/issbs1/
and-ifrs-sustainability-disclosure-standards/ 32. IFRS-S1(Para-60 to Para-63): https://www.ifrs.org/issued-standards/ifrs-sustainability-
3. IFRS Foundation: https://www.ifrs.org/sustainability/value-reporting-foundation/ standards-navigator/ifrs-s1-general-requirements.html/content/dam/ifrs/publications/ht
ml-standards-issb/english/2025/issued/issbs1/
4. IFRS Foundation: https://www.ifrs.org/news-and-events/news/2022/01/ifrs-foundation-
completes-consolidation-of-cdsb-from-cdp/ 33. IFRS-S1(Para-64 to Para-69):
https://www.ifrs.org/issued-standards/ifrs-sustainability-standards-navigator/ifrs-s1-gener
5. IFRS Foundation: https://www.ifrs.org/sustainability/tcfd/
al-requirements.html/content/dam/ifrs/publications/html-standards-issb/english/2025/iss
6. GRI: https://www.globalreporting.org/about-gri/ ued/issbs1/
7. Image Source: 34. IFRS-S1(Para-70 to Para-71): https://www.ifrs.org/issued-standards/ifrs-sustainability-
https://medium.com/@hanaloop/ifrs-sustainability-disclosure-standards-b2917ed8b492 standards-navigator/ifrs-s1-general-requirements.html/content/dam/ifrs/publications/ht
8. IFRS-S1: https://www.ifrs.org/content/dam/ifrs/publications/pdf-standards-issb/ ml-standards-issb/english/2025/issued/issbs1/
english/2025/issued/part-a/issb-2023-a-ifrs-s1-general-requirements-for-disclosure-of-sust 35. IFRS-S1(Para-72 to Para-73): https://www.ifrs.org/issued-standards/ifrs-sustainability-
ainability-related-financial-information.pdf standards-navigator/ifrs-s1-general-requirements.html/content/dam/ifrs/publications/ht
9. IFRS-S2: https://www.ifrs.org/content/dam/ifrs/publications/pdf-standards-issb/ ml-standards-issb/english/2025/issued/issbs1/
english/2025/issued/part-a/issb-2025-a-ifrs-s2-climate-related-disclosures.pdf 36. IFRS-S1(Para-74 to Para-76): https://www.ifrs.org/issued-standards/ifrs-sustainability-
10. SASB Standards: https://navigator.sasb.ifrs.org/ standards-navigator/ifrs-s1-general-requirements.html/content/dam/ifrs/publications/ht
11. IFRS-S1(Para-11 to Para-16): https://www.ifrs.org/issued-standards/ifrs-sustainability- ml-standards-issb/english/2025/issued/issbs1/
standards-navigator/ifrs-s1-general-requirements.html/content/dam/ifrs/publications/ht 37. IFRS-S1(Para-77 to Para-82): https://www.ifrs.org/issued-standards/ifrs-sustainability-
ml-standards-issb/english/2025/issued/issbs1/ standards-navigator/ifrs-s1-general-requirements.html/content/dam/ifrs/publications/ht
ml-standards-issb/english/2025/issued/issbs1/
12. IFRS-S1(Para-17 to Para-19): https://www.ifrs.org/issued-standards/ifrs-sustainability-
standards-navigator/ifrs-s1-general-requirements.html/content/dam/ifrs/publications/ht 38. IFRS-S1(Para-83 to Para-86): https://www.ifrs.org/issued-standards/ifrs-sustainability-
ml-standards-issb/english/2025/issued/issbs1/ standards-navigator/ifrs-s1-general-requirements.html/content/dam/ifrs/publications/ht
ml-standards-issb/english/2025/issued/issbs1/
13. IFRS-S1(Para-20): https://www.ifrs.org/issued-standards/ifrs-sustainability-
standards-navigator/ifrs-s1-general-requirements.html/content/dam/ifrs/publications/ht
ml-standards-issb/english/2025/issued/issbs1/ About the Author: Rizwan Hameed Butt is a Fellow member of ICMA
14. IFRS-S1(Para-21 to Para-24): https://www.ifrs.org/issued-standards/ifrs-sustainability- and is currently working as Senior Director Internal Audit, Compliance
standards-navigator/ifrs-s1-general-requirements.html/content/dam/ifrs/publications/ht & Risk at Feroz Sons Laboratories Limited (a listed pharmaceutical
ml-standards-issb/english/2025/issued/issbs1/
company). He has over 28 years of working experience in various
15. IFRS-S1(Para-26): https://www.ifrs.org/issued-standards/ifrs-sustainability-
standards-navigator/ifrs-s1-general-requirements.html/content/dam/ifrs/publications/ht sectors i.e. pharma, telecom, oil and gas, and FMCG.
ml-standards-issb/english/2025/issued/issbs1/ AND IFRS-S2(Para-5):
https://www.ifrs.org/issued-standards/ifrs-sustainability-standards-navigator/ifrs-s2-clima
te-related-disclosures/
ICMA’s Chartered Management Accountant, Nov-Dec 2025

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