The Institute of Chartered Accountants of the Maldives (CA Maldives) has officially approved the adoption of the International Sustainability Standards Board (ISSB)’s Sustainability Disclosure Standards – IFRS S1 and IFRS S2.

These standards aim to enhance transparency and comparability of sustainability-related disclosures across entities. Their implementation in the Maldives will follow a phased approach, beginning 1 January 2026, with mandatory adoption for key sectors and voluntary adoption available for entities following IFRS for financial reporting.

Key Implementation Timeline:

• 2026: Mandatory for listed entities on the Main Board of the Maldives Stock Exchange, banks, other financial institutions, insurance companies, and large State-Owned Entities (total assets > MVR 1 billion).
• 2027: Other State-Owned Entities.
• 2028: Companies listed on Viyana (second board).
• 2029: Large private entities (revenue > MVR 100 million or net profit > MVR 20 million, and >100 employees).

Entities preparing financial statements under IFRS may voluntarily adopt the standards for periods beginning on or after 1 January 2026.

CA Maldives has invited stakeholders to submit feedback on the proposed implementation by 30 September 2025.

Key Takeaways

The adoption of IFRS S1 and S2 marks a pivotal shift in how sustainability is integrated into corporate reporting, bringing greater transparency, investor confidence, and strategic clarity. For businesses, this is not just about compliance; it’s about staying competitive in a rapidly evolving global landscape.

How QVL Can Help

QVL offers end-to-end support to help your organization navigate the transition smoothly, covering gap analysis to tailored disclosure templates and cross-functional training.