As a seasoned sustainability practitioner and ex-sustainability consultant, my approach to date has always been to figure out new standards myself without investing in formal training. I have for a long time felt that once you understand and can apply GRI, you can probably figure out any other smaller reporting standard through just giving it a go. This has been my approach with UNGC, SASB, WEF Stakeholder Capitalism Metrics, and others.

However, the sustainability reporting world has significantly changed in the last few years and I began wondering if my ‘just muscle through it’ approach may no longer be serving me. A lot has changed: standards have consolidated, we have clear materiality categories (financial and double), and now we’re having to prepare regulatory submissions rather than voluntary reports. The stakes are higher, and I finally decided it’s time to invest in new skills and properly join this new sustainability reporting world.

I started with IFRS, because not only is it quickly taking over many jurisdictions as the reporting standard of choice, but I personally feel its approach is a very compelling one for business. It’s all about business resilience, and who doesn’t want to ensure their business is resilient? So last week I attended Earth Academy’s Advanced Masterclass on IFRS S1 and S2 sustainability reporting standards, and here’s my honest take on whether it was worth breaking my own rule.

What is the Earth Academy Advanced IFRS Masterclass?

 

This is a 10-hour live Zoom course, spread over two half-days at €700. It’s run by two experienced practitioners – Shivani Rajpal, who spent many years at GRI, and Lorinda Niemeyer, who’s been in the sustainability world for over 25 years. There were about 10 of us participating, from a handful of different countries, including UK, US, Netherlands, and UAE. Some were in-house sustainability specialists, while others were consultants. It was clear that a few folks had attended Earth Academy courses in the past. 

Shivani and Lorinda’s depth of experience became apparent quickly – besides thorough knowledge of the IFRS S1 and S2 sustainability reporting standards, they provided a lot of reflections on how and why the standards were shaped the way they were, how they related to other standards like ESRS and GRI, and gave practical implementation advice – “here’s what the standard says, but here’s what companies usually do in practice”, which was probably most valuable for me.

The first half day focused on S1 and the second half day focused on S2, with a ‘bringing it all together’ wrap up in the last hour.

The format was simple – Shivani and Lorinda went through the sections and wording of the standard, then explained in their own words and experience what the requirement meant in practice. They provided real examples for many of the sections, and gave useful implementation advice you could only really get from someone who has done it.

It was a lot to take in, and they broke up the dense content with quizzes to test attendees’ knowledge throughout, and group exercises that helped us apply what we learned using a real company’s disclosure.

Another element I enjoyed was the relaxed format – attendees felt comfortable interrupting to ask any and all kinds of questions, and we genuinely ended up having a few interesting discussions that made me reflect on much more than just sustainability reporting. It felt like spending time with a really knowledgeable and wise sustainability mentor. Others’ questions were often interesting and not something I would have thought to ask myself, so hearing others’ thought processes and the trainers’ responses to them also really enhanced my experience.

Who is this IFRS S1 S2 training for?

 

In the training we had a mix of in-house sustainability practitioners and consultants supporting clients with sustainability reporting. Many were already familiar with ESRS and GRI, and wanted to understand if/how IFRS may be different. Many quoted that their motivation for taking the course is the shift from voluntary to mandatory reporting, and wanting to have a proper understanding of the IFRS S1 and S2 sustainability reporting standards.

The content was pitched at about an intermediate level – it’s not a course for someone who has never done any reporting or is completely new to sustainability. That said, it was not overwhelming and the trainers had a manageable pace, they frequently stopped to check everyone was with them and at several points covered some basic ground information (like going through what Scopes 1 – 3 are, for example), just in case someone wasn’t familiar.

To benefit from the course, you certainly don’t need to already know ESRS or GRI, but you should be familiar at a high level with concepts like materiality.

What does the IFRS S1 and S2 masterclass cover?

 

The trainers first provided useful context upfront – how have all the different reporting bodies consolidated, what’s under which part now, and how the different standards now relate to each other. Of course we went over how S1 relates to S2, how they are applied and in practice what reporting can look like.

Then most of the course is structured in a straightforward way – the trainers took us through both standards from the beginning to end, showing us the official wording on the slides and adding their own explanations, examples, and stressing important points that may otherwise be missed by just reading the standards.

Some areas we spent more time on than others – the deep dives that I found most useful included:

Financial materiality –

We really honed in on what this means and what the materiality process can look like.

Climate risk identification and integration into a company risk management process –

The trainers really brought this to life, and I learned a number of new things about how climate risks actually translate into company-level risks. Knowledge I gained here will definitely help me engage with my own Finance team.

Climate scenario analysis –

To be honest I did not fully appreciate the purpose of this previously. The way Lorinda brought it to life really hit home with me, and I saved the visual from the presentation to use in my own internal sustainability presentations later.

Some concepts of S1 were new to me, while others were similar to GRI concepts and a useful reminder – like connected information, fundamental and enhancing characteristics, what to do if you don’t have the information to report, and the rules around what can be omitted and what cannot be.

We also discussed other elements like what is the latest on assurance standards and expectations, how governments are implementing the IFRS standards and how this may create variations from the pure published versions, what the requirements are for fully complying with the standards, and more.

What I found most valuable

 

Strategic clarity around sustainability and reporting –

The course gave me a good understanding of how to implement IFRS S1 and S2 standards, but more importantly it cleaned up my figurative map of how to approach sustainability strategy and reporting for my organization overall. Previously I was a bit confused about what to do with GRI, for example (is it completely dead now?), how transition planning, TCFD and SASB fit into all this, and how to balance all the different standards that do still exist. Now I feel much more clear and confident about what to hang my sustainability strategy on, why and how.

Nuggets of practical implementation advice –

There were a few specific practical points the trainers mentioned which I will take away and use in my own reporting.

Clear sense of the purpose of the standards –

Aside from the detailed requirements, the providers really instilled in us what the consumers of the IFRS S1 and S2 disclosures actually are looking for. Understanding this context clearly is invaluable in being able to apply the standards well.

Others’ questions –

The diversity of experience in the room, from different sectors, different sizes of companies, different geographies – really provided for great questions. They are things I wouldn’t have thought to ask, but really benefited from hearing the responses.

Focused time to deep dive into the standard –

It’s really difficult to find the time to read through these types of standards yourself. It becomes boring very quickly, and you simply lose motivation. So a live session where you have a bit of peer pressure to stay on camera and stay focused, and someone is talking through it in an engaging and interesting way, was brilliant for giving me the motivation to get through it.

Detailed slide deck with real company examples –

We got a copy of the deck, which was purposefully detailed so we have a good reference material to take away, with specific company examples to reference later if needed. The course was also recorded, which I found valuable in case you do zone out for any part of it and want to revisit it later.

Limitations and what to know before you sign up

 

Before signing up, ensure you do have at least a foundational understanding of sustainability and reporting, otherwise there is a chance you could feel a bit lost. The pace was manageable, but it was certainly a lot to take in, especially in 5 consecutive hours.

Make sure you clear your schedule, and can properly focus, otherwise you will miss out on the full benefits of the course.

And also, it goes by quickly – so ensure you have a plan to maintain your knowledge. Take notes, bookmark the examples, and ensure that you have a tangible way to translate the knowledge you’ve gained into long-term practical benefits for your role.

How does Earth Academy IFRS training compare to alternatives?

 

If you’re like me, and prefer someone to walk you live through dense content in a concentrated amount of time, the Earth Academy IFRS S1 and S2 Masterclass is probably the top choice for you at the moment. This is actually why I went for it originally – it was easy to fit into my schedule and did not require me to exercise any self control to complete work in my own time.

The London Reporting Academy’s IFRS S1 and S2 Sustainability Reporting Standards Course looks very similar in content to Earth Academy’s masterclass, but is self-paced via an e-learning platform. The more expensive tier does offer a few hours with a mentor, so it could be a good option for you if you want to digest the content in your own time, while getting some dedicated one-on-one time with an expert to talk through it and ask questions.

There are also some free options you should definitely know about.

The IFRS Foundation offers a free e-learning course on their website, so you can hear it from the original source.

If you’d like a free live training, you may be able to request or access this from your local stock exchange.

The new Sustainability Reporting Academy (previously CSRD Institute) also has a free basic IFRS intro training.

Deloitte also offers free IFRS e-learnings.

These free options are worth checking out first, if you’re not sure whether you need to know IFRS too deeply. If you’re after basic awareness, they will likely do the job.

On the other hand, if you would like to become an expert, there’s a next level of depth you could go after, which is the FSA I and II certifications. Earth Academy partners with IFRS Foundation to provide prep courses for these. Check them out here.

Is the Earth Academy IFRS masterclass worth it?

 

To summarise this review, I’m really glad I took this masterclass, and I would now confidently recommend it to most in-house professionals and sustainability consultants who are looking for an IFRS deep dive.

What’s made the biggest difference for me is the quality of the trainers. They are not only knowledgeable and experienced in IFRS and reporting generally, but also happen to be skilled educators. They facilitated a thoughtful training that was full of insights and aha moments, remembered everyone’s names and made every person’s presence felt valued.

If you’re considering signing up for a masterclass with Earth Academy, you can check out some of their webinars first to get a feel for the trainers’ style. If you do decide to go for it, you can get 10% off the course price with the HTESG10 discount code.

This training is offered several times per year, so feel free to get in touch with Earth Academy (learn@earthacademyglobal.com) to ask them about the next dates for the IFRS S1 and S2 masterclass, and quote the code HTESG10.