Completed
Date

Thursday 13 June 2024

Time

12:00 pm

Duration

1.5 CPD Hours

Session Topic

The latest on climate change reporting – it’s here

Treasury released in January an exposure draft legislation Treasury Laws Amendment Bill 2024: Climate-related financial disclosure that seeks to amend parts of the ASIC and Corporations acts. The new act would introduce mandatory climate-related requirements, initially for big business and financial institutions, to disclose climate-related risks and opportunities.

The bill requires entities that lodge financial reports under Chapter 2M of the Corporations Act to meet certain minimum-size thresholds and/or have emissions-reporting obligations under the NGER scheme. Disclosures relating to climate in accordance with AASB sustainability standards will also be mandated.

The amendments would be phased in over four years, phase one commencing on 1 July.

Climate disclosures would be subject to assurance requirements like those in force for financial reports. They would require entities to obtain an assurance report from their financial auditor. The extent and level of assurance would be set out in standards developed by the AUASB.

The AASB will soon release ASRS 1 General Requirements for Disclosure of Climate-related Financial Information and ASRS 2 Climate-related Financial Disclosures. The federal government will also finalise its legislation on climate change.

This GAAPinar will:

  • Profile the Treasury Laws Amendment Bill 2024: Climate-related financial disclosure
  • Describe the principles in ASRS 1 and ASRS 2
  • Outline what preparers need to do
  • Discuss the current and proposed ethical considerations of climate change reporting, and
  • Discuss the assurance implications of climate-change reporting.
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This session is presented by:

Colin Parker

Principal | GAAP Consulting | Financial Reporting Expert

Colin, Principal of GAAP Consulting, is an expert in financial reporting, auditing and related governance issues, and was previously a member of the Australian Accounting Standards Board.

He has conducted many independent expert and consulting experts reports on professional negligence, and accounting and auditing standards. He is the team leader advisory and litigation services and adviser to GAAP Training and Reportfraud.

 

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Carmen Ridley

Principal | Australian Financial Reporting Solutions

Carmen has an excellent knowledge of financial reporting through significant experience with a number of major accounting firms in both the external audit and technical divisions and spending significant time analysing and interpreting accounting standards for clients.

Carmen is a former Board member of the AASB (2012 – 2020) and a former member of the IFRS for SME implementation committee (2020 – 2023).