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Australian Sustainability Reporting Standards (ASRS)

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Last updated: 2 October 2024
ASRS

The Australian Sustainability Reporting Standards

As of August 2024, the Australian Senate passed legislation mandating climate-related financial disclosures. Over 6,000 entities are expected to report on climate by 2030.

Voluntary Reporting

AASB S1 - General Requirements for Sustainability-Related Financial Information

This standard requires entities to disclose all information about sustainability-related risks and opportunities that could reasonably be expected to affect a company’s prospects.
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Mandatory Reporting

AASB S2 - Climate-Related Disclosures

This standard requires entities to disclose how they identify, assess, and manage climate-related risks and opportunities, including their strategies, scenario analyses, and climate-related targets, as well as relevant metrics such as greenhouse gas emissions and industry-specific measures.
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Who Reports and When?

How to Report Annually on the ASRS?

The ASRS legislation requires an annual sustainability report which entities will need to prepare, consisting of the following information:
Voluntary
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A general material sustainability disclosures
Mandatory
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A climate statement for the relevant year, including any applicable notes
  • Material climate-related financial risks and opportunities
  • Metrics and targets covering scope 1, 2, and 3 emissions
  • Governance and risk management processes, controls, and procedures
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Any statements required by a legislative instrument relating to matters concerning environmental sustainability
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A directors' declaration that statements are compliant
The report content is to be audited before it is provided to the members and lodged with ASIC.
The core disclosures for a climate statement to include:

Governance

The governance processes, controls, and procedures the entity uses to monitor and manage climate-related risks and opportunities

Strategy

The approach the entity uses to manage climate-related risks and opportunities, including the now expanded scenario analyses and climate change resilience assessments

Risk Management

The process the entity uses to identify, assess, prioritise, and monitor climate-related risks and opportunities

Emissions

Scope 1 and 2 GHG emissions and Scope 3 emissions from the second year of reporting for all reporting entities

Financial Effects

The impacts of climate-related risks and opportunities on the entities' cash flows, revenues, and asset values in the relevant reporting period and anticipated future impacts over time

Metrics & Targets

The entity's performance in relation to climate-related risks and opportunities, including progress towards any targets the entity has set or is required to meet by law or regulation

How to Prepare for ASRS

Stay Informed

Familiarize yourself with both ASRS S1 and S2 to ensure that all relevant aspects of sustainability reporting are covered

Engage with Stakeholders

Proactively engaging stakeholders with materiality assessments can enhance relevance and effectiveness.
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Data Collection & Reporting

Implement systems to gather and manage data related to ESG metrics and IROs. Proactively follow the guidelines of S1 and S2 to prepare a comprehensive report.
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Voluntary Reporting

AASB S1

Developed to establish principles and guidelines for organizations to report on sustainability performance consistently and transparently.

Scope

All entities both public and private required to prepare sustainability reports under Australian regulations or frameworks.

Reporting Principles

Materiality: Organizations should report on issues that are material to their operations and stakeholders.
Sustainability Context: reports should provide context on the performance relative to goals and challenges.
Stakeholder Engagement: engage with stakeholders to identify their concerns.
Sustainability Performance: disclose performance against objectives and ESG criteria.

Disclosure Requirements

Governance: information on governance structure and its approach to managing sustainability IROs.
Strategies and Objectives: the organization's strategies, objectives, and targets.
Performance Metrics: KPIs and metrics related to ESG
Mandatory Compliance

AASB S2

Developed to provide detailed guidance on reporting specific sustainability issues and metrics.

Scope

Applies to disclosures related to specific sustainability issues such as climate change, resource use, and social impacts. The standard is intended to complement the general principles outlined in S1.

Reporting Principles

Climate Change: climate-related risks and opportunities.
Resource Use: guidelines for reporting on the use and management of natural resources including energy, water, and materiality.
Social Impact: disclosures related to social performance including labor practice, community engagement, and human rights.

Disclosure Requirements

Risk Management: details on how the organization identifies, assesses, and manages sustainability risks and opportunities
Impact Assessment: information on the environmental and social impacts of the organization's activities
Performance Indicators: specific metrics for assessing and reporting sustainability performance
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ASRS Readiness Assessment

The ASRS Readiness Assessment provides Australian companies with a quick and simple way to understand the voluntary and mandatory disclosure requirements of the ASRS and determine reporting preparedness.

Through a structured 10-minute survey you’ll address the majority of AASB S1 general and AASB S2 climate disclosure requirements. Questions are scored and weighted to provide you with a Readiness Score and Report.

Take the ASRS Readiness Assessment

Watch On-Demand: Virtual Launch of the ASRS Readiness Assessment

Watch sustainability experts Ilona Marchetta and Dr. Tim Siegenbeek van Heukelom in Socialsuite's virtual launch of the ASRS Readiness Assessment. It provides Australian companies with a quick and simple way to understand the climate-related financial disclosure requirements of the ASRS and determine their reporting preparedness.

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