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Author: Admin | 2025-04-28
Which indicate that the reporting landscape will evolve rapidly over the next year (and that is even without the uncertainty posed by the upcoming Federal election). In Australia, modern slavery and nature-related disclosures are expected to see shifts this year and overseas, interested parties are closely observing how the EU’s Omnibus regulation, which will streamline various EU legislation including the Corporate Sustainability Reporting Directive, unfolds. As Australian businesses prepare for mandatory sustainability reports, they are seeking to ensure that their uplifts to systems and processes are ‘future-proofed’ as much as possible, to be able to flexibly adapt to the ever-evolving regulatory landscape. Climate reporting: The rubber hits the road1 January marked the start of the first reporting year for some Group 1 entities under the climate reporting regime, with the rest of the Group 1 entities preparing for the start of their first reporting years later in 2025 (reporting obligations will be phased in later for Group 2 and 3 entities). Climate reporting readiness will be a significant area of focus in 2025, with many entities designing and implementing new or enhanced systems and processes, including in relation to data collection, verification, emissions measurement, governance and Board information flows, and risk and opportunity identification and assessment. Some companies are also doing climate reporting ‘dry runs’, or at least disclosing against some climate reporting requirements, in their 2024 annual reporting suites. In short: 2025 is the year where the rubber hits the road for Australia’s largest companies. In late January, the Auditing and Assurance Standards Board (AUASB) approved two new standards: one which specifies the minimum level of assurance that must be obtained over various aspects of climate-related disclosures until mid-2030 (after which the enduring audit provisions in the Corporations Act 2001 (Cth) apply) (ASSA 5010 Timelines for Audits and reviews
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