Virtual Audits’ Post

Mandatory climate-related financial disclosures are coming in Australia. Are you ready? To assist finance professionals and teams to prepare for reporting, CA ANZ and BDO in Australia have collaborated on a practical roadmap aimed to outline the essential activities for reporting entities to undertake to meet disclosure requirements. I encourage you to access this valuable resource and benefit from the expert guidance and insights. You can find the roadmap here: https://ow.ly/QplH30sFuQf #DifferenceMakers #CAANZ

Exciting news! The climate-related financial disclosures Treasury Bill has made its way to Parliament. With debate scheduled for May 2024, this Bill marks a significant step towards enhancing transparency around climate-related risks and opportunities. The proposed commencement date for reporting, set for financial years beginning on or after January 1, 2025, underscores the urgency and importance of addressing climate impacts in financial decision-making. Entities preparing for these changes can refer to the AASB Australian Sustainability Reporting Standards for guidance 🌏 🌿 #ClimateAction #FinancialTransparency #SustainabilityReporting

The Albanese Government has introduced legislation mandating climate-related financial disclosure (CRFD) in annual reports. These new obligations, which are the most substantial changes to corporate reporting since the early 2000s, will be phased in for most large and medium enterprises between 2026 and 2028. We commented on an exposure draft of the CRFD back in January – https://lnkd.in/g82xUKbG. There are some modifications in the Bill as introduced, including to the form of the required directors’ declaration and to the limited protections from private litigation given to some forward-looking statements. These modifications will apply during the first few years of the new regime. The start date has also been delayed into FY26 or later (depending on entity size and balance date). The legislation is Schedule 4 to the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 – https://lnkd.in/gUS6zXiX. More guidance to follow from our leading CRFD expert Professor Pamela Hanrahan. #climatedisclosure #financialreporting #ESG

📝 The legislation is in! ✅ 1 January 2025 climate-related financial disclosures begin. First stop..... Scope 1 and 2 Emissions. Get your house in order and make sure this process is easy and repeatable. Reach out if you need help to fast-track this task for you! https://lnkd.in/gRXRM54x Accounting Standards Board (AcSB) Auditing and Assurance Standards Board Auditing and Assurance Standards Board (AASB)

From 1 January 2025, large Australian businesses and financial institutions will be required to produce annual sustainability reports that include mandatory climate-related financial disclosures. The recent passage of the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 mandates these changes. ASIC Commissioner Kate O’Rourke urged entities to prepare adequately for these requirements and maintain compliance with existing governance standards. ASIC will provide resources to assist organisations during the transition to this significant reform.

On 9 September 2024, the government’s climate-related financial disclosure reforms were passed by the House of Representatives. These reforms will become law once Royal Assent has been given. The Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 amends the Corporations Act 2001 (Cth) and 8 other Acts to implement recommendations by the Council of Financial Regulators. The legislation introduces standardised reporting requirements for businesses to ensure they are making high-quality climate-related financial disclosures and gives the Australian Accounting Standards Board (AASB) the authority to set legally binding climate reporting standards for large businesses and financial institutions. The legislation also includes reforms to strengthen regulatory arrangements for Australia’s financial market infrastructure. The passing of this Bill aligns Australia with other jurisdictions by implementing disclosure standards that reflect the International Sustainability Standards Board (ISSB) requirements. 

It's the news we've all been waiting for with baited breath! Group 1 entities will need to start reporting on their scope 1 & 2 emissions, & other disclosures, for financial years beginning on or after January 1, 2025. We've unpacked the key implications for you, so click below for the important things you need to know.

On the 27th of March, the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 was introduced to the Australian Parliament. If enacted, large Australian entities will be required to make climate-related financial disclosures as part of their annual financial reporting for their first financial year beginning on or after the 1st of January 2025. We summarise a few key takeaways from the Bill below 👇 If you found this useful, hit the like button and let us know your thoughts in the comment section below. #greenbase #sustainabilityreporting #financialreporting #climatechange #compliance #sustainabilitystandards #governance #corporateresponsibility #sustainabilityconsulting #impactmeasurement

Big News for Australian Businesses! The #AlbaneseGovernment has achieved a significant milestone by passing crucial legislation through the Senate, marking a significant step forward in our transition to a cleaner, more sustainable energy future. The Treasury Laws Amendment (Financial Market Infrastructure and other measures) Bill introduces crucial reforms that are set to modernise Australia’s financial system and boost investment in clean energy. New laws mandate climate-related disclosures for large companies, providing clarity and certainty to support the net zero transition and paving the way for enhanced investment in sustainable energy solutions. This proactive step, following much anticipation, will enhance businesses' and investors' ability to manage climate-related risks and opportunities. The Australian Accounting Standards Board are set to release internationally aligned standards imminently. With these in place, standardised reporting will kick in starting 1 January 2025, marking a new era of #transparency and #accountability. #ClimateAction #FinancialReform #Australia #Governance #Risk #Opportunity #Strategy #Metrics https://lnkd.in/gmVUguWs

The climate-related financial disclosures Treasury Bill was introduced into Parliament on 27 March 2024. Subject to Parliamentary processes, this means that 31 December 2025 year ends will report first, and first mandatory reporting date for 30 June year ends will now be 30 June 2026 not 30 June 2025. Read more in our KPMG Australia update and feel to reach out if you have any questions. #esg, #sustainability