The Australian Government is introducing mandatory climate-related financial disclosures for large entities in our transition to net zero. Join us to learn about these Australian Sustainability Reporting Standards and how they support transparent and consistent ESG reporting.
These requirements—which will also improve transparency and align with international standards (including ISSBs IFRS S2 and S1)—are legislated through amendments to the Corporations Act 2001 and will apply to listed and unlisted companies, financial institutions, superannuation funds, and investment schemes based on size and emissions thresholds.
The framework will be phased in from July 2024, with standards developed by the AASB and assurance led by the AUASB
Entities will be required to report on governance, strategy, risk management and emissions data, starting with Scope 1 and 2, and adding Scope 3 in the second year. Climate scenario analysis and industry-based metrics will be introduced over time and assurance requirements will expand to full scope by July 2030. Small entities are exempt, and Group 3 entities will only report if they identify material climate risks. A three-year transitional liability regime will apply to Scope 3 and forward-looking disclosures, with a full review of the regime planned for 2028–29.
Presenters
+ Jacob Elkhishin, Partner, National & Global Lead – ESG
+ Elizabeth Ploetz, Manager, ESG & Climate Services
Session overview
This session is designed to introduce participants to the Australian Sustainability Reporting Standards (ASRS) by the Australia Accounting Standards Board (AASB):
+ S1: General Sustainability – related Disclosures and
+ S2: Climate – related Disclosures.
It will prove an overview of the purposes and scope of each standard and explain how they support transparent and consistent ESG reporting. The session will also introduce the four key reporting pillars of governance, strategy, risk management, and metrics and targets.
Participants will gain a broad understanding of:
+ The objectives and structure of AASB S1 and S2
+ The types of sustainability and climate-related information organisations are expected to disclose
+ How the four reporting pillars guide the disclosure process
+ The relevance of these standards to ESG reporting and broader sustainability commitments.
The session will conclude with an opportunity for members to ask questions. If you have a query or would like to contribute questions in advance, please email us via glen.bortolin@bic.asn.au.
We encourage you to share this invitation with your colleagues.
Please note that admission to the webinar is only available via pre-registration. Late-comers and non-registrants may not be admitted.