The Australian Accounting Standards Board (AASB) has issued two inaugural Australian Sustainability Reporting Standards – AASB S1 General Requirements for Disclosure of Sustainability-related Financial Information and AASB S2 Climate-related Disclosures. Background.
Both AASB S1 and AASB S2 will apply to annual reporting periods beginning on or after 1 January 2025.
ASIC is responsible for administering the sustainability reporting requirements in the Corporations Act and will monitor entities’ compliance with these requirements.
ASIC says that it recognises that there will be a period of transition as industry continues to build capability and implements the organisational changes that will be required to comply with these mandatory climate reporting requirements.
It says that during this period, it is more likely to take enforcement action where it sees misconduct of a serious nature, such as where it detects misconduct causing harm to investors or other primary users of the information.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
