RIAA's response to the AASB Exposure Draft 321, on the Australian implementation of the ISSB’s [Draft] IFRS S1 General Requirements for Disclosure of Sustainability-related and Financial Information and [Draft] IFRS S2 Climate-related Disclosures (draft ISSB Standards):RIAA strongly supports prompt, mandatory implementation of the ISSB Standards in Australia. The Standards are a natural and welcome progression from Australia’s existing legal obligations for companies to manage and disclose climate risk, and the Standards build on the well-established TCFD reporting framework. Implementation of the Standards is an important opportunity for Australia to embed a world-leading regulatory environment for sustainability disclosures.RIAA made several recommendations to the Australian Accounting Standards Board in response to the exposure draft:
- clarification by the ISSB of a comprehensive definition of ‘materiality'
- support clarification by the ISSB of a comprehensive definition of ‘materiality’
- strongly support mandatory disclosure of scope 3 greenhouse gas (GHG) emissions
- strongly support the Australian Government and regulators to do all that is required to promptly and effectively implement the ISSB Standards as baseline standards for reporting in Australia