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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.

 

Carolyn Pugsley photo

Carolyn Pugsley

Partner, Melbourne

Carolyn Pugsley
Priscilla Bryans photo

Priscilla Bryans

Partner, Melbourne

Priscilla Bryans
Timothy Stutt photo

Timothy Stutt

Partner, Sydney

Timothy Stutt
Lauren Selby photo

Lauren Selby

Partner, Sydney

Lauren Selby
Anna Coroneo photo

Anna Coroneo

Executive Counsel, Sydney

Anna Coroneo

Key contacts

Carolyn Pugsley photo

Carolyn Pugsley

Partner, Melbourne

Carolyn Pugsley
Priscilla Bryans photo

Priscilla Bryans

Partner, Melbourne

Priscilla Bryans
Timothy Stutt photo

Timothy Stutt

Partner, Sydney

Timothy Stutt
Lauren Selby photo

Lauren Selby

Partner, Sydney

Lauren Selby
Anna Coroneo photo

Anna Coroneo

Executive Counsel, Sydney

Anna Coroneo
Carolyn Pugsley Priscilla Bryans Timothy Stutt Lauren Selby Anna Coroneo