RIAA commends the AASB in bringing together the first Australian sustainability reporting standards, as it does the Australian Government in embarking on this path. Coupled with the forthcoming legislation mandating climate-related financial disclosure, robust and globally aligned disclosure standards are crucial for positioning Australia’s economy in the current global climate.
However, RIAA is concerned about the extent to which the Draft Standards:
- depart from the global baseline set by the International Sustainability Standards Board (ISSB), which threatens the international alignment and interoperability of the disclosure; and
- narrow the application to climate only, when a number of significant markets are fast developing sustainability reporting outside of climate.
In its submission, RIAA has made a number of recommendations to address these concerns and support the development of sustainability reporting standards which reflect the ambition of the Australian Government and industry.
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RIAA commends the AASB in bringing together the first Australian sustainability reporting standards, as it does the Australian Government in embarking on this path. Coupled with the forthcoming legislation mandating climate-related financial disclosure, robust and globally aligned disclosure standards are crucial for positioning Australia’s economy in the current global climate.
However, RIAA is concerned about the extent to which the Draft Standards:
- depart from the global baseline set by the International Sustainability Standards Board (ISSB), which threatens the international alignment and interoperability of the disclosure; and
- narrow the application to climate only, when a number of significant markets are fast developing sustainability reporting outside of climate.
In its submission, RIAA has made a number of recommendations to address these concerns and support the development of sustainability reporting standards which reflect the ambition of the Australian Government and industry.
