Australian Government
Australian Accounting Standards Board
Tuesday, June 28, 2022
This staff article provides an overview of the AASB’s proposed approach to developing sustainability-related financial reporting standards in Australia.
In response to the growing global demand for high-quality, transparent, reliable and comparable reporting of sustainability-related information by entities, the IFRS Foundation established the International Sustainability Standards Board (ISSB) on 3 November 2021. This staff article provides an overview of the AASB’s proposed approach to developing sustainability-related financial reporting standards in Australia.
The AASB intends to use the work of the ISSB as a baseline, with modifications for Australian matters and requirements where necessary to meet the needs to Australian stakeholders. In particular, the AASB is taking active steps to help ensure that Australia adopts reporting requirements that meet the needs of users of financial and other related information and supports Australia’s role in the international sustainability reporting environment.