Document ID: chunk:federal_register_of_legislation:F2024L01472:body:0:p62
Version: federal_register_of_legislation:F2024L01472
Segment Type: other
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Character Range: 176604–180066

feedback and reconsidered its proposed modifications to the baseline requirements. The AASB decided to issue two Australian Sustainability Reporting Standards, as described below:
          1.                     the voluntary Standard AASB S1 General Requirements for Disclosure of Sustainability-related Financial Information, to incorporate all IFRS S1 requirements without modification. Consistent with the Australian Government's decision to address climate-related financial disclosures first and to consider the development of reporting requirements for other sustainability-related risks and opportunities in Australia over time, the AASB decided to issue AASB S1 as a voluntary Standard so that an entity applying AASB S2 is not required to apply AASB S1 to disclose information on other sustainability-related risks and opportunities; and
          2.                    the mandatory Standard AASB S2 Climate-related Disclosures, to incorporate all IFRS S2 requirements, with modifications only in respect to the following matters:
                   1.                      general requirements for disclosure of climate-related financial information;
                   2.                    options under the legislative amendments regarding consolidated reporting;
                   3.                  consideration and disclosure of industry-based information; and
                   4.                  users of a not-for-profit entity's general purpose financial report (GPFR).
11.             The AASB considered whether further consultation or formal re-exposure of the proposed Standard should be carried out before issuing AASB S2. The AASB noted that extensive stakeholder engagement and consultation had been undertaken in developing AASB S2. The AASB received 117 comment letters and 289 survey responses on ED SR1 across various stakeholder groups, including financial report preparers and auditors, user groups, professional bodies, industry bodies and academics, covering both the private sector and the public sector. Considering the extensive feedback received and the AASB's decision to adopt all IFRS S2 requirements (except for industry-based disclosures), which is consistent with views supported by most stakeholders, as well as the future projects to address scalability and cost-benefit concerns and public sector application matters that the AASB added to its workplan (see paragraphs BC79–BC84), the AASB decided that further consultation or re-exposure was not required.
12.             Since the AASB decided to issue only one mandatory Standard (i.e. to make only AASB S2 as an Australian legislative instrument), the AASB decided not to issue the service Standard [draft] ASRS 101 proposed in ED SR1. Instead, AASB S2 directly identifies the relevant versions of non-legislative Australian documents and foreign documents referenced in the Standard (for example, see paragraphs AusB22.1 and AusB63.1). The AASB will amend AASB S2 as soon as practicable when required to refer to later versions of referenced documents.
13.             The following paragraphs summarise the key matters considered by the AASB in developing AASB S2, including the Board's decisions on how to address stakeholders' feedback.

General requirements for disclosure of climate-related financial information
 1.             IFRS S1 sets out the general requirements for a complete set of sustainability-related financial disclosures. IFRS S1