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• In March 2025, ASIC published Regulatory Guide 280 Sustainability Reporting to support the implementation of the mandatory climate-related disclosures regime. Read our article to find out more.
• In January 2025, Treasury released a consultation draft bill proposing to extend the transitional modified liability settings for both directors and auditors to certain voluntary sustainability reports.
• In January 2025, the AUASB approved both the Australian standard on sustainability assurance and the assurance phasing model.

In their January 2025 meeting, the ISSB proposed a set of narrow-scope amendments to simplify IFRS S2 Climate-related Disclosures. The proposed amendments would be particularly relevant for companies with insurance or investment banking activities. They would also be of interest to companies that are currently planning their implementation or have already conducted a gap assessment. Read our article to find out more.

• Reporting entities: Those with Corporations Act 2001 Chapter 2M reporting obligations meeting prescribed thresholds.
• Phasing: The first sustainability report will be issued for annual reporting periods starting 1 January 2025 (or 31 December 2025 year-end). First mandatory reporting date for 30 June year ends will be 30 June 2026. The timing of first reporting by in-scope entities is based on size or level of emissions.
• Reporting content: As required by ASRS, as well as information derived from climate scenario analysis carried out using at least two specified scenarios.
• Reporting framework: Within a sustainability report in the annual report and lodged in accordance with current annual reporting requirements.
• Assurance requirements: Phased approach ending with reasonable assurance of all climate-related financial disclosures made from years beginning 1 July 2030.
• Liability framework: Modified liability approach for both directors and auditors to disclosures of Scope 3 emissions, scenario analysis, transition plans and climate-related forward-looking statements.

• Scope: AASB S1 is a voluntary standard on general requirements for sustainability-related financial information while AASB S2 is a mandatory standard on climate reporting in line with the approved Climate-related disclosures legislation.
• Application: AASB S1 and AASB S2 apply to both for-profit and not-for-profit entities.
• AASB S1: Apart from being a voluntary standard, no differences. Incorporates all IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information requirements without modification.
• AASB S2: Incorporates selected content from AASB S1 (general requirements for disclosure) necessary to make AASB S2 function as the standalone standard for all climate-related financial disclosures. That content is included in Appendix D.
• AASB S2: No requirement to consider or disclose industry-based metrics or the Sustainability Accounting Standards Board (SASB) Standards.

The climate disclosures contained in the sustainability report will be subject to similar assurance requirements to those currently in the Corporations Act 2001 for financial reports.

In January 2025, the AUASB approved:

• Australian Standard on Sustainability Assurance (ASSA) 5010 Timeline for Audits and Reviews of Information in Sustainability Reports Under the Corporations Act 2001 outlining the assurance phasing model. The assurance phasing model aligns with the requirement in the Act for an 鈥榚nd state鈥� of reasonable assurance of all climate disclosures made from years commencing 1 July 2030 onwards. The final phasing model requires only limited or reasonable assurance in any one year.
• ASSA 5000 General Requirements for Sustainability Assurance Engagements built on ISSA 5000 with differences limited to 鈥淎ustralianised鈥� certain terms. ASSA 5000 is effective for assurance engagements on sustainability information reported for periods beginning on or after 1 January 2025 with earlier adoption permitted.

ASIC is the regulator responsible for administering the mandatory climate-related disclosures regime. In March 2025, ASIC published Regulatory Guide (RG) 280 Sustainability Reporting to support in the implementation of the new regime. The RG provides guidance and addresses ASIC's approach to relief from the obligations, and interaction of the regime with existing legal and regulatory requirements. ASIC has further advised that in the early stages it will take a pragmatic approach to the supervision and enforcement of the regime.

ASIC also provides resources on its website for preparers and users of sustainability reports.

• Get familiar with the Australian sustainability reporting framework now in place.
• Understand when the reporting requirements apply to you.
• Start planning 鈥� perform a gap analysis and create a roadmap to identify capacity constraints.
• Reach out to your 乐鱼（Leyu）体育官网 contact during your planning process.
• Be alert for guidance and relief issued by ASIC.