Last week Australia passed legislation that mandates climate-related financial disclosures for large entities.
Following a consultation last year, the Australian Government Treasury has introduced draft legislation mandating comprehensive climate-related reporting and assurance for large and medium-sized companies. The legislation is aligned with the International Sustainability Standards Board (ISSB) standards.
Materiality, a linchpin in financial reporting, has garnered renewed attention from the Australian Accounting Standards Board (AASB). Two recent publications shine a light on the application of materiality by preparers and auditors, revealing a need for more nuanced approaches that align with user expectations.
The Australian government has launched its Sustainable Finance Strategy, a step toward achieving net-zero emissions. This framework aims to dismantle barriers to sustainable investments, aligning with global environmental goals.
In a recent report titled “Embracing the power of digital corporate reporting: A mandate for change,” Deloitte Access Economics highlights the urgent need for Australia to adopt digital reporting to streamline and enhance corporate reporting and increase the visibility of its public markets.
The Australian government has initiated a second consultation seeking input on the implementation of standardised climate-related financial disclosures in the country. The goal is to closely align these requirements with the recently published standards from the International Sustainability Standards Board (ISSB), promoting global comparability.
Australia’s financial regulator, the Australian Prudential Regulation Authority (APRA), has been mandated by the government to incorporate climate change-related risks into its role.
The Australian Securities & Investments Commission (ASIC) Chair Joe Longo delivered a speech at the AFR environmental, social, and governance (ESG) Summit, shedding light on the crucial role of ESG reporting and its impact on attracting investment.
In a speech at the RI Australia 2023 conference, ASIC Deputy Chair Karen Chester emphasised the regulator’s focus on sustainable finance and the need to tackle greenwashing with sustainability disclosures.
The Australian government is set to establish a new authority aimed at ensuring that workers, industries and communities can take advantage of the opportunities presented by Australia’s net zero transition.
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