Australia: Mandatory Climate Disclosures Framework Takes Shape With Release of New Consultation Paper and ISSB Standards
By Jim Bulling and Kai Luck
On 27 June 2023, the Australian Treasury released a further consultation paper (consultation period open until 21 July 2023) on the introduction of a mandatory climate disclosure framework in Australia.
Under a phased-in approach, by 2027-28, all entities required to lodge financial reports will be subject to the disclosure framework. Larger entities fulfilling two of three criteria (consolidated revenue of AUD $500 million or more, consolidated gross assets of AUD $1 billion or more and 500 or more employees) will be required to lodge reports first, from 2024-25 with smaller entities which satisfy two of three criteria (consolidated revenue of AUD $50 million or more, consolidated gross assets of AUD $25 million or more, and 100 or more employees) having an extra two years to comply.
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