Australia’s Climate Disclosure Bill is now Law!
It's no exaggeration to say this will be one of the greatest shifts in financial reporting and audit the industry has seen in decades.
The update as at Tuesday 17th September 2024
Following successful passage through the Senate on the 22nd of August, on September 9th, the Australian Government House of Representatives confirmed the Senate's amendments to the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 to incorporate mandatory climate related disclosures. And on the 17th it has now received it's Royal Assent and officially become law!
This means Group 1 companies now have 3 months until mandatory climate reporting requirements kick in on January 1st 2025.
The Australian Accounting Standards Board (AASB) is has also published Australia's Sustainability Reporting Standards now as well, while the Australian Auditing and Assurance Board (AUASB) is working on assurance standards expected later this year too. Catch up with our webinar on 8th October.
What should you do next if you're an accountant in practice or in a finance team?
✅ Refresh on the context behind this legislation - blog here.
✅ Skim over the actual legislation (or get the highlighters out, go wild)
✅ Get across the jobs to be done for the GHG accounting requirements - start the introduction to carbon accounting course and the assurance course by signing in to the Academy.
For companies who will need to report on emissions amongst other climate related financial disclosures, consider the teams internal capacity to start upskilling and remember your existing advisors can:
✅ Prepare a readiness assessment, identify gaps
✅ Complete a first pass scope 1, 2 and 3 assessment
✅ Help you improve systems and processes ready for reporting next year
If your current accountants can't do this, here's a directory of advisors who are leading in this space and certainly can.
Navigating Australia’s New Sustainability Standards: What AASB S1 and S2 Mean for Your Business
Catch up on our latest webinar with, Lindsay, Co-Founder and Head of Accounting and Education at Sumday, for an in-depth look on the latest updates to Australia’s sustainability standards. With the introduction of AASB S1 and the mandatory AASB S2, businesses now have clear guidance on climate-related financial disclosures.
This session will cover:
👉 What the new AASB standards entail
👉 What to expect for emissions reporting and assurance
👉 Practical steps to incorporate audit-ready emissions reporting for your business
Links to resources referenced in webinar:
🔗 Proposed Australian Standard onSustainability Assurance ASSA 5010
🔗 New Zealand Climate-related Disclosure Register
🔗 The Warehouse Group NZ CRD FY24
Keen to chat more? Just reach out here
