Document ID: chunk:federal_register_of_legislation:F2025L00109:body:0:p2
Version: federal_register_of_legislation:F2025L00109
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a financial year prepared in accordance with Chapter 2M of the Act to be subject to audit and/or review for financial years commencing from 1 January 2025 to 30 June 2030.

New Standard on Assurance over Sustainability Information

This Standard is a new pronouncement of the AUASB and does not supersede a pre-existing Standard.

AUTHORITY STATEMENT

 The Auditing and Assurance Standards Board (AUASB) makes this Standard on Sustainability Assurance ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 as an auditing standard pursuant to section 227B(1)(a) of the Australian Securities and Investments Commission Act 2001 and subsection 1707E(2) of the Corporations Act 2001 (the Act) for the purposes of section 336 of the Act.

 This Standard on Sustainability Assurance is to be read in conjunction with ASA 101 Preamble to AUASB Standards, which sets out how AUASB Standards are to be understood, interpreted and applied.

Dated: 28 January 2025 D Niven
 Chair - AUASB

Conformity with International Sustainability Assurance Standards

This standard has been made to specify the extent and timing of audits and reviews of information in sustainability reports as required by Australian legislation.  There is no equivalent International Auditing and Assurance Standards Board standard.

AUSTRALIAN Standard ON SUSTAINABILITY ASSURANCE ASSA 5010

Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001

Application

 1.                    This standard applies to assurance engagements on sustainability information in a sustainability report for a financial year under Chapter 2M of the Corporations Act 2001 (the Act).

Effective Date

 1.                    This standard is operative for financial years commencing from 1 January 2025 to 30 June 2030.

Introduction

Contents of Sustainability Report

 1.                    The Act requires certain entities that prepare annual financial reports under Chapter 2M of the Act to also prepare an annual sustainability report to accompany the financial report.

 2.                    The sustainability report for a financial year consists of:

         1.                 the climate statement for the year required by the Sustainability Standards;

         2.                 any notes to the climate statements required by the Sustainability Standards or a legislative instrument made by the Minister under subsection 296A(4);

         3.                 any statements and notes relating to other financial matters concerning environmental sustainability required by a legislative instrument made by the Minister under subsection 296A(5); and

         4.                 the directors' declaration about the statements and the notes.[1]

 3.                    Paragraph C3 in Appendix C of the Australian Sustainability Reporting Standard AASB S2 Climate-related Disclosures (AASB S2) provides that an entity is not required to provide comparative information in the first annual reporting period that it applies that standard.

Audit/review of Information in the Sustainability Report

 1.                    The Act requires:

         1.                 Sustainability reports for financial years commencing on or after