The Australian Accounting Standards Board (AASB) has released a new exposure draft proposing standards for companies to report climate-related information. These standards are based on the sustainability disclosure standards recently released by the International Sustainability Standards Board (ISSB) of the IFRS Foundation. The AASB’s proposal aligns with the Australian government’s plans to implement mandatory climate-related financial disclosure requirements for companies and financial institutions. The AASB’s draft includes modifications to the ISSB standards, such as focusing on climate-related risks and opportunities related to climate change and providing relief on Scope 3 value chain emissions. The AASB is seeking feedback on the draft until March 1, 2024, to ensure standardized and internationally aligned reporting requirements for large entities, promoting consistency, transparency, and accountability.
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