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What would climate-related disclosures look like in Australia?
The Australian Government announced a plan that would require many companies in Australia to disclose climate-related financial information.
On 27 June 2023, the Australian Treasury released a second round of discussions, and the proposal suggests that over a three-year period, companies meeting some criteria, based on turnover, assets and number of employees, would have to report.
The AASB’s role is to create the standards for how companies will disclose climate-related information.
The following table summarizes the scope of application and timing defined in the proposal:
Source, Australian Treasury Consultation on Climate-related financial disclosure – 27 June 2023
What will these standards look like?
During a meeting on 8 August 2023, the AASB has decided not to fully adopt IFRS S1. Instead, they will be developing an Australian version of the IFRS S1 that provides basic guidelines specifically for disclosing climate-related financial information. This means they will be focusing only on climate issues for now, and not broader sustainability topics.
These recent decisions make it clear that reporting on climate-related risks and opportunities is a top priority.
For the full article, visit the Mazars website.
Source: Mazars news
