Welcome to the latest edition of our financial and corporate reporting publication that aims to keep you in the loop with all the latest accounting and financial reporting developments, and the potential impact they may have on your business.

With the Bill that will mandate climate-related financial disclosures progressing through Parliament on its way to becoming law, entities should be gearing up for a new dimension of reporting few are familiar with. In this edition we look at the importance of carbon accounting, a key tool for businesses to understand and reduce their carbon footprint to support broader climate action goals. We also summarise key decisions recently taken by the AASB in aligning with the international climate standard, IFRS S2, a critical development in finalising the Australian-equivalent standard that will be released later this year. We highlight an agenda decision relating to climate-related commitments that could become more prevalent over coming years as entities start to respond to the climate emergency. And finally, with the June reporting season now underway, we remind directors and preparers of matters that may impact their audit readiness and financial report preparation processes.

In this issue:

Sustainability Reporting

  • Carbon accounting: An overview
  • AASB changes course to align with ISSB’s standards

Global Developments

  • IFRIC agenda decision: Climate-related commitments

30 June Reporting Season

  • New standards and interpretations
  • New consolidated entity disclosure statement
  • ASIC focus areas