Lodge mandatory climate-related financial disclosures (ASRS S2)
Group 1/2/3 entities must publish ASRS-aligned climate disclosures with their annual financial reports.
Who must comply
Entities meeting size thresholds and consolidated reporting requirements under the Corporations Act sustainability reporting provisions (s 292A onwards). Group 1: turnover ≥$500M, assets ≥$1B, or NGER publication threshold.
What triggers it
Meeting size thresholds.
When due
First reports: FY commencing on or after 1 Jan 2025 (Group 1).
Evidence required
Sustainability report with climate disclosures, emissions calculations, scenario analysis documentation.
Max penalty
ACCC greenwashing actions up to $50M / 30% turnover; ASIC director-duty exposure for poor disclosures
Effective from
1 January 2025
Summary
From financial years commencing 1 January 2025 (Group 1), 1 July 2026 (Group 2), and 1 July 2027 (Group 3), eligible entities must prepare and lodge sustainability reports applying the Australian Sustainability Reporting Standards (AASB S2 — climate-related disclosures). Scope 1, 2 and (from year 2) Scope 3 emissions must be disclosed alongside governance, strategy, and risk management. Auditor assurance phases in.
Enforced by
Source legislation
Topics
Source: https://aasb.gov.au/admin/file/content105/c9/AASB_S2_09-24.pdf. Rules Mate is not a law firm. Always verify against the live regulator source before acting.