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ARTICLE · 01 NOVEMBER 2023

Mandatory Climate Reporting – The Draft Australian Standards Are Here!

K&L Gates
K&L Gates
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On 23 October 2023, the Australian Accounting Standards Board (AASB) released the long-awaited Exposure Draft outlining the Australian climate-related reporting standards.

AustraliaAccounting and Audit
Jim Bulling
Jim Bulling
Lisa Lautier
Lisa Lautier
Ben Kneebush
Ben Kneebush

On 23 October 2023, the Australian Accounting Standards Board (AASB) released the long-awaited Exposure Draft outlining the Australian climate-related reporting standards. The following issues are relevant for financial services entities:

Which entities are captured

Certain entities which are required to lodge financial reports under the Corporations Act 2001 (Cth) in Australia will be captured. Treasury has proposed a phased-in approach (as previously outlined here) which will mean Australia's largest superannuation funds and asset-managers will begin reporting on 1 July 2024. Many other superannuation funds and asset-managers will begin reporting from 1 July 2026.

Governance, strategy and risk

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