Mandatory Climate-Related Financial Disclosures
How ready is your organisation?
Edge Impact has been undertaking climate risk assessments for the last 15 years across a range of sectors and industries.
Explore our range of practical resources each designed to help your organisation navigate the upcoming climate-related reporting requirements with confidence.
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On the 27th of March 2024, the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 was introduced to the Australian Parliament.
This legislation aims to improve climate-related financial disclosures and support regulators to assess and manage systemic risks to the financial system as a result of climate change and efforts taken to mitigate its effects.
Under the Mandatory Climate-Related Financial Disclosures, reporting entities are required to disclose climate-related financial risks and opportunities in accordance with the sustainability standards set by the Australian Accounting Standards Board (AASB).
This legislative shift will affect an estimated 6,000 entities in the coming years, representing the most substantial change to both financial and ESG reporting requirements in Australia’s history.
While the scale of these changes may seem daunting, careful planning can transform this process into an opportunity for organisations not only to meet disclosure standards but also to derive strategic and operational benefits that will position them to thrive.
Does your advisor on climate risk and disclosure really have the experience to support you on your ASRS journey?
How to comply with the new standards
To help you prepare for this transition, we've developed a variety of practical guides, tools, and articles.
Each resource is expertly designed to lead you through every step of the reporting process, ensuring a smooth and comprehensive compliance journey.
The Edge Impact ASRS Readiness Assessment & Roadmap service
Depending on the size and complexity of your organisation, the process of identifying material climate risks and opportunities and understanding their potential impact on financial performance can take a significant amount of time and effort.
However, if done effectively, the benefits of this process can extend well beyond compliance to disclosure standards, providing key strategic and operational advantages.
Importantly, the first and most significant step is understanding what you already have in place and what additional actions are required to comply with the new standards.
This can be completed through the Edge Impact Australian Sustainability Reporting Standards Readiness Assessment.
Benefits of completing a readiness assessment:
- Early engagement and upskilling of leadership.
- Confirmation of relevant reporting jurisdiction and associated standards.
- Detailed planning of internal and external resourcing requirements, including budgeting and recruitment requirements to meet reporting deadlines.
- Coordination and allocation of responsibilities between business functions, including finance, risk, executive and board.
- Integration of climate risks into enterprise risk management process.
- Reduce future compliance costs through building team capability.
Learn more about our Readiness Assessment & Roadmap service in our downloadable guide.
Download the ASRS Readiness Assessment Guide
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With our in-depth knowledge of reporting standards, whether ISSB, CRSD or ASRS - our readiness assessment process will consider which standards are relevant for your business.
Contact Mark Siebentritt, our Global Practice Lead for Climate or get in touch here.
Upcoming Mandatory Climate-Related Financial Disclosures
Max Van Biene, Global Head of Client Impact at Edge Impact,
explores the upcoming Mandatory Climate-Related Financial Disclosures:
How to Thrive in The New Era of ESG Disclosure
Edge Impact's ESG Disclosure Discussion Paper
Regulatory body ASIC has encouraged organisations to start to prepare early, and will be providing further support and resources over the coming months.
Our Discussion Paper offers a clear guide on what a three-phase roadmap to compliance looks like.
Co-authored by our team of sustainability experts, this publication serves as an introductory guide and provides organisations with:
- A Forward-Focused Perspective: Gain insights into the new era of ESG disclosure and its implications for your organisation, positioning you for a successful future.
- Build a Strong Foundation: Learn how to develop a robust 3-year disclosure roadmap to safeguard your organisation from risks and capitalise on opportunities.
- Practical Steps for Immediate Action: Discover actionable strategies that organisations can implement to prepare for the upcoming mandatory reporting obligations.
Download the Discussion Paper
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Roadmap to Compliance: Navigating Mandatory Climate-Related Financial Disclosure
Mark Siebentritt, Global Practice Lead, Climate, alongside industry experts explore the critical aspects of mandatory climate-related financial disclosure and discusses the practical implications of upcoming reporting regulations for sustainability teams, finance teams, and risk teams alike.
As the compliance deadline for Group 1 entities in 2025 approaches, it is crucial not only to grasp the theoretical aspects but also to understand the actionable steps organisations must take.
Disclaimer: The information provided in these documents are general in nature and does not constitute legal or financial advice. Organisations that are required to comply with these emerging regulations should obtain their own independent legal and financial advice about their reporting requirements.
Related Articles: Everything you need to know in 2024 in relation to ESG Disclosure & Reporting
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To learn more about our work in climate disclosure, ESG reporting, and climate risk contact Mark Siebentritt at mark.siebentritt@edgeimpact.global or submit your enquiry here.