These amendments will extend the Australian financial reporting system by including the development and assurance of sustainability standards, allowing users to make decisions regarding climate-related matters.
The draft legislation is called the Treasury Laws Amendment (Measures for Consultation) Bill 2022: Sustainability Standards. The draft legislation will provide for the following:
- The AASB with functions to develop and formulate sustainability standards
- The Auditing and Assurance Standards Board ("AUASB") to make auditing and assurance standards for sustainability purposes
- The Financial Reporting Council ("FRC") to have oversight over the processes of developing sustainability standards in addition to accounting standards and auditing standards.
Consultation closes 16 December 2022.
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