November 2023 ESG Policy Update – Australia

AUSTRALIAN UPDATE

Draft Reporting Standards for Australian Climate-Related Disclosures

As previously reported by K&L Gates (blog post | October ESG Update), the Australian Accounting Standards Board released its exposure draft of the Australian Sustainability Reporting Standards (ASR Standards) – Disclosure of Climate-related Financial Information on 23 October 2023 (Exposure Draft). The Exposure Draft, available here, contains the following draft standards:

• ASRS 1 – General Requirements for Disclosure of Climate-related Financial Information, which is based on International Financial Reporting Standard (IFRS S1) – General Requirements for Disclosure of Sustainability-related Financial Information, but is limited to climate-related financial disclosure (as opposed to broader sustainability-related financial disclosures);