AASB S2 Scope 3 emissions + assurance phase-in
Group 1 entities must report Scope 3 from year 2 + escalating assurance through to FY30.
Who must comply
Group 1 (large entities + NGER reporters), staged Group 2 (FY27), Group 3 (FY28).
What triggers it
Mandatory climate disclosure regime under Treasury Laws Amendment (Financial Markets, Sustainability and Other Measures) Act 2024.
When due
Within annual financial report. Scope 1 + 2 from FY25; Scope 3 + limited assurance from FY26 for Group 1.
Evidence required
Climate-related financial disclosures section in annual report. Auditor assurance report. NGER alignment.
Max penalty
—
Effective from
1 January 2025
Summary
AASB S2 mandates Scope 1 + 2 from year 1; Scope 3 from year 2. Limited assurance over Scope 1 + 2 from year 1, escalating to reasonable assurance over all greenhouse gas disclosures from FY30 for Group 1 entities. ASIC + AASB monitoring + thresholds for Group 2 + 3 phase-in.
Enforced by
Source legislation
Topics
Source: https://www.aasb.gov.au/admin/file/content105/c9/AASB_S2.pdf. Rules Mate is not a law firm. Always verify against the live regulator source before acting.