Document ID: chunk:federal_register_of_legislation:F2024L01472:body:0:p76
Version: federal_register_of_legislation:F2024L01472
Segment Type: other
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Character Range: 217425–220622

shall be for the same reporting entity as the related financial statements. Accordingly, entities subject to climate-related disclosure requirements should be the same as those to which AASB 1056 Superannuation Entities applies. The Basis for Conclusions to AASB 1056 (paragraphs BC23–BC41) discusses the reporting entity concept and superannuation entities.
 3.             Many stakeholders who responded to this topic also commented that the users of GPFR of a superannuation entity, as described in paragraph BC12 of the Basis for Conclusions to AASB 1056, are broader than the users of GPFR defined in Appendix A of IFRS S2. Most of these stakeholders indicated that the differences could lead to different climate-related disclosure requirements for superannuation entities compared with other types of entities. Some stakeholders indicated that the reporting requirements for superannuation entities should be calibrated to generate information that would be useful to the average member of a superannuation fund.
 4.             In contrast, some other stakeholders commented that there are no superannuation entity-specific challenges associated with the requirements set out in IFRS S1 and IFRS S2. They commented that superannuation entities are no different from other types of entities that make investments as a profit-making activity, including insurers, and the same climate-related disclosure requirements should apply to such investment activities regardless of the entity type.

Public sector application issues
 1.             The AASB does not have the authority to mandate which entities are required to comply with AASB S2. In respect to public sector entities, the relevant authority in each jurisdiction in Australia will decide which, if any, of their public sector entities would need to comply with all or some of the requirements set out in AASB S2.
 2.             The AASB is aware that the Treasury/Finance Departments and the Offices of Local Government in a few jurisdictions are planning to develop climate-related financial disclosure requirements for their public sector entities based on AASB S2. Similar to the feedback on ED SR1, some AASB members were concerned that AASB S2 might not be suitable for application by not-for-profit public sector entities without further modification, noting differences in the governance structure, objectives and functions of such entities compared to private sector entities. For example, there are public-sector-specific implications associated with the application of AASB S2, including:
          1.                     the appropriate identification of the reporting entity and the subsequent level of reporting (e.g. whole of state, whole of government or individual agencies); and
          1.                    how to determine the value chain of a government and public sector entities with multi-stakeholder groups.
 3.             The feedback received by the AASB from Australian stakeholders on the IPSASB Consultation Paper Advancing Public Sector Sustainability Reporting (May 2022) indicated their preference for the Australian reporting requirements to align with any future global public-sector-specific