Version 1 (“V1”) was released in April 2024 following a public consultation with over 300 organizations. Aimed at private market investors, V1 was structured as a pilot to learn from its real-world application. This document updates the Reporting Norms based on lessons learned during the first two years of implementation. It also broadens the scope to all asset classes, including both public and private markets, as well as reporting by both asset managers and asset owners. The updates have been informed by a series of targeted consultations in 2025-2026, together with feedback from Founding Adopters on an initial Exposure Draft. A fuller list of changes from V1 can be found in Annex 4.
The public comment period on this Consultation Draft runs until December 1, 2026. Feedback may be submitted to info@impactfrontiers.org.
The updated Reporting Norms are expected to be finalized for use in the first quarter of 2027. Thereafter the Reporting Norms are expected to be updated less frequently, approximately every five years.