Singapore and Malaysia
The NSRF, issued by the Securities Commission Malaysia in September 2024, adopts IFRS S1 and S2 as Malaysia’s baseline sustainability disclosure standards. It phases in over three groups: the largest Main Market companies from FY2025, the rest of the Main Market from FY2026, and ACE Market plus large non-listed companies from FY2027.
| Group | Who | From |
|---|---|---|
| 1 | Main Market listed companies, market capitalisation RM2 billion and above | FY2025 |
| 2 | Remaining Main Market listed companies | FY2026 |
| 3 | ACE Market companies, and non-listed companies with group revenue of RM2 billion or more in each of the two preceding financial years | FY2027 |
External assurance is voluntary today. The stated aim is to mandate reasonable assurance — the same level as an audited financial statement, and a higher bar than limited assurance — on Scope 1 and Scope 2 emissions: Group 1 from reporting periods beginning on or after 1 January 2027, Group 2 from 2028, Group 3 from 2029. The framework says that timing is subject to further consultation.
The framework also carries transition reliefs, which run for the first two reporting periods for Groups 1 and 2 and the first three for Group 3. They let an early report cover climate alone, concentrate on principal business segments, and leave out Scope 3. Businesses outside the three groups may adopt the NSRF voluntarily.
Sources checked 27 September 2026