Document ID: chunk:federal_register_of_legislation:F2024L01472:body:0:p3
Version: federal_register_of_legislation:F2024L01472
Segment Type: other
Provision Reference: 
Character Range: 6370–9609

judgements, uncertainties and errors.
An entity applying AASB S2 is not required to apply AASB S1 General Requirements for Disclosure of Sustainability-related Financial Information, which is a voluntary Standard addressing sustainability-related financial disclosures in general. Appendix D of this Standard contains paragraphs drawn from AASB S1. However, the requirements in Appendix D apply only to climate-related financial information, and not to the broader sustainability-related financial information covered by AASB S1. Nevertheless, an entity may refer to AASB S1 for guidance in complying with the requirements in Appendix D.

Application date
This Standard applies to annual reporting periods beginning on or after 1 January 2025. Earlier application is permitted.
The Corporations Act 2001 sets out which entities are required to comply with this Standard and specifies three application dates (financial years beginning on or after 1 January 2025, 1 July 2026 and 1 July 2027) for the various classes of entity.

Comparison with IFRS S2
Australian Sustainability Reporting Standard AASB S2 Climate-related Disclosures is based on IFRS Sustainability Disclosure Standard IFRS S2 Climate-related Disclosures issued by the International Sustainability Standards Board (ISSB). The AASB developed AASB S2 by incorporating the content of IFRS S2, including the IFRS S2 paragraph numbering, modified to the extent necessary to take account of the Australian legal and institutional environment and, in particular, to ensure that any disclosure and transparency provisions are appropriate. This includes:
 1.                     adding Australian-specific paragraphs (with an "Aus" prefix in the paragraph numbering) relating to the commencement of the legislative instrument, the effective date of AASB S2 and other Australian-specific requirements; and
 2.                    modifying certain requirements set out in IFRS S2 by replacing IFRS S2 paragraphs with Australian-specific paragraphs (with an "Aus" prefix in the paragraph numbering) in AASB S2. Paragraphs that apply only to not‑for‑profit entities begin by identifying their limited applicability.
AASB S2 includes modifications from the requirements set out in IFRS S2, as described below.
 1.                     The ISSB developed IFRS S2 to be applied concurrently with IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information. The content of IFRS S1 is incorporated in AASB S1 General Requirements for Disclosure of Sustainability-related Financial Information. AASB S1 is a voluntary Standard and therefore:
          1.                      an entity applying AASB S2 is not required to apply AASB S1. Rather, an entity applying AASB S2 applies the requirements set out in Appendix D General requirements for disclosure of climate-related financial information, which incorporates the content of IFRS S1 the AASB considered necessary to enable AASB S2 to function as the standalone mandatory Standard containing all of the requirements regarding climate-related financial disclosures; and
          2.                    the AASB clarified that the requirements set out in IFRS S2 paragraphs 7 and 26 apply particularly if an