The Australian Sustainability Reporting Standard (ASRS) was finalized and published in September 2024.

It can be downloaded at:
https://standards.aasb.gov.au/sites/default/files/2024-10/AASBS2_09-24.pdf

The ASRS has been developed by the Australian Accounting Standards Board (AASB).

The ASRS is the practical detail behind the broader Climate-related Financial Disclosure legislation which was passed into law on 9 September 2024.

In summary, the above legislation introduces the requirement for certain organisations to include climate-related disclosures in their general purpose financial reports.

The requirements will be phased into effect as per below table:

The requirements fall into two broad categories:
1. Big-picture type reviews and statements around climate-related risks and strategy as identified by each reporting organisation.
2. Detailed annual report outlining measured or estimated greenhouse gas emissions as per GHG Protocol.

The big-picture items will make use of the data collected and calculated in the detailed reports, but otherwise do not necessarily require a background or training in environmental science to complete.

The detailed reports will include all Scope 1,2 & 3 emissions related to the operation of the organisation, including the entire value chain. This means that organisations will need to consider emissions caused by their suppliers, distributors and clients.

The concept of measuring or estimating emissions from 3rd parties will be a new and complex challenge for most organisations. In some cases, there may be a need to ask suppliers for emissions-related data in order to meet this reporting requirement.