The first International Sustainability Standards Board (ISSBTM) Sustainability Standards have been released, which may impact the way you report. This is a key milestone in the evolution of sustainability disclosure standards, propelling entities towards higher quality mandatory reporting.
Watch our webinars as we discuss what’s changing and the impact on the Australian sustainability-related disclosures landscape.
Australian corporate sustainability standards: What’s new?
In 2023, the ISSB released the final versions of the first two IFRS Sustainability Disclosure Standards: IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures. IFRS S1 and IFRS S2 outline general requirements for companies preparing financial reports to include sustainability and climate risk disclosures that are globally comparable.
Also in 2023, the Australian Accounting Standards Board (AASB) released an exposure draft (ED) for disclosure of climate-related financial information. The ED includes proposed Australian Sustainability Reporting Standards (ASRS Standards) that include modifications to the baseline of the ISSB™ Standards with a climate-first approach.
In January 2024, the Australian Treasury released its Final Policy position for climate-related disclosures, including Exposure Draft legislation and accompanying explanatory materials. This confirms the pathway to mandatory reporting of climate-related financial disclosures subject to the passage of legislation through Parliament.
These changes should be a key trigger for entities to get ready to report; for those already reporting, they should prepare to assess their level of alignment with the new sustainability standards.
Watch: Australia’s climate first approach to ISSB standards
February 2024
This webinar, which took place in February 2024, covers two key updates:
- The key implications of Treasury’s Final Policy position for climate-related disclosures, which came out in January 2024 and remains subject to the passage of legislation through Parliament.
- Key observations forming the work we are doing with our clients who are leaning into the practical aspects of preparing for the upcoming climate focused legislation in Australia.
Watch: ISSB Sustainability Standards in Australia
October 2023
- an overview of the developments in international sustainability reporting standards, including an introduction to the first two ISSB Sustainability Disclosure Standards
- the implications of the Treasury proposals for Australian entities
- a roadmap of activities to consider as you prepare to report.
