Analyze how the Commonwealth Bank of Australia will comply with ASRS2 for the 2024 financial year. (This may be considered a first-time adoption of an accounting standard AASB 1.)

• what does Commbank have to do
• How much information does Commbank have to provide to regulate compliance?

(eg. effectively a first-time adoption of accounting standards analysis that they will now need to do).

"This is what professional accountants are doing now as they prepare for their 2024 financial year reporting cycle.

There is 1 important statement

International Standards IFRS released a summary statement showing the existing accounting standards that should reflect climate change data.

Under the standard S1 AND S2... Companies must show how they are impacted by climate change and it has to reflect that in P & L, Balance sheet, and Cash flow.

The Australian Accounting Standards Board has formed a new standard in sustainability reporting which commences on the 1st of July 2024. From this date, all reporting entities will need to comply with the new standards set being ASRS 2 and how this will affect the reporting entity of Commonwealth Bank. What do ASR 1 and 2 include, is this a first-time adoption for this accounting standard ASB 1? And how will it affect Commonwealth Bank reporting?

HERES link to IFRS 2 to help out:

https://www.ifrs.org/content/dam/ifrs/publications/pdf-standards-issb/english/2023/issued/part-a/issb-2023-a-ifrs-s2-climate-related-disclosures.pdf?bypass=on.

Please genius>> help me out.

My part is the ASRS 2 (climate-related disclosures) for the Commonwealth Bank. Dont worry so much on ASRS 1...