Comment
Author: Admin | 2025-04-28
Entity; andthe parent entity elects to prepare a sustainability report for the consolidated entity (ie a sustainability report prepared in accordance with the Corporations Act, based on the ASRS),then all other entities within that consolidated group are not required to prepare a sustainability report (ie they can rely on the report prepared by the parent entity). From a phasing perspective, the Act mandates that the regime will apply to an entity for its first financial year commencing on or after the relevant date.Group 1 entities will be required to start reporting for financial years commencing on or after 1 January 2025. This will mean:Entities with a 31 December financial year end will be the first to commence reporting under the regime, in respect of their financial year commencing 1 January 2025 and ending 31 December 2025.Entities with a 31 March financial year end will report in respect of their financial year commencing 1 April 2025 and ending 31 March 2026.Entities with a 30 June financial year end will report in respect of their financial year commencing 1 July 2025 and ending 30 June 2026.Entities with a 30 September financial year end will report in respect of their financial year commencing 1 October 2025 and ending 30 September 2026.Group 2 entities will be required to start reporting for financial years commencing on or after 1 July 2026.Group 3 entities will be required to start reporting for financial years commencing on or after 1 July 2027.The NGER Act will continue to operate alongside the regime, and will serve a very different purpose. That is, whereas mandatory climate reporting is designed to inform financial stakeholders of the impact of climate risks and opportunities on entities, the NGER Act informs government policy on greenhouse gas (GHG) emissions and assists Australia to meet its international emissions reporting obligations.The ASRS will measure GHG emissions in alignment with the IFRS S2 hierarchy, which allows reporting entities to adopt different methodologies from those in the GHG Protocol if required by local authorities or listing exchanges. This represents a change from the initial version of the ASRS from October
Add Comment