The Australian Government has committed to introducing standardised, internationally aligned reporting requirements on company’s climate-related financial risks and opportunities. Representing the most significant change to corporate reporting in decades, on 23 October 2023, the Australian Accounting Standards Board (AASB) released Exposure Draft ED SR1 Australian Sustainability Reporting Standards – Disclosure of Climate-related Financial Information that is proposed to apply to the climate-related financial disclosures of Australian reporting entities.
The Exposure Draft includes three standards that are closely aligned with the International Sustainability Standards Board’s IFRS S1 and IFRS S2, and build on Treasury’s second consultation paper released in June 2023 (see our earlier insights here).
Consultation is open until 1 March 2024.
Read our detailed insights on what has changed and next steps here.
If you have any questions in relation to the changes, their implementation and implications for companies and their officers, please contact one of our experts below.
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