Are you looking to accelerate your sustainability journey?
See how we can help.
See how we can help.
COMPLIANCE
Australian Sustainability Reporting Standards
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.
AASB S1 - Voluntary
S1 focuses on the general principles and requirements for sustainability reporting. It aims to provide a structured approach for organizations to disclose sustainability performance and impacts.
AASB S2 - Required
S2 provides detailed guidance on reporting specific sustainability issues and metrics. It complements ASRS A1 by offering more specific requirements related to particular aspects of sustainability.
Who Reports and When?
.png)
What to Report?
A climate statement for the relevant year, including any applicable notes
Any statement prescribed by the Regulations for the relevant year
The directors' declaration as to the compliance of such statements with the Corporations act and relevant sustainability standards
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.
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.
ASRS Readiness Assessment
The purpose of the ASRS Readiness Assessment is to provide Australian companies with a quick and simple way to understand the climate-related disclosure requirements of the ASRS and determine their reporting preparedness.
Our 10-minute survey captures the majority of ASRS requirements. The questions are scored and weighted to provide respondents with a 'Readiness Score.'
.png)
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.
Watch Now
Latest resources
Stay up-to-date on the latest industry news, customer stories, and learn about how you can embed sustainability in your business.
.png)
Sustainability Trends to Watch in 2024
Let’s take a look at what key thought-leaders, practitioners, and experts believe to be the main trends and focus areas for sustainability in 2024.
.png)
SEC Climate Rule: Materiality - Great in Principle, Harder to Apply in Practice
The SEC just announced its proposed Climate Ruling. Read the blog post to hear the key components you need to understand.
ESG and Sustainability Single and Double Materiality Software
Learn the basics of what a materiality assessment is and why it's important. Then dive into the differences between single and double materiality.
.png)
California Climate Accountability Package
California signed the Climate Accountability Package into law October of 2023. Are you prepared for mandatory climate disclosures? Learn more about SB-253 and SB-261 here.
.png)
ESG for Private Companies
Did you know not only publicly listed companies are reporting their ESG metrics and sustainability performance? Private companies are increasingly seeing the value of making ESG reporting a priority.
.png)
Start ESG with Materiality
Dr. Tim Siegenbeek van Heukelom discusses why ESG strategy, initiatives, and reporting all start with identifying your material sustainability topics.
Ready to streamline your materiality assessment?
Whether you're a public, private, or non-profit organization, Socialsuite has the right materiality solution for you.