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Draft ASRS 101 Reference in Australian Sustainability Reporting Standards

ASRS 1 & ASRS 2 make references to a number of external documents or sources of guidance not contained in the ASRS standards, which over time may be updated or amended.

To enable these external documents to have the same authoritative status as the standards [Draft] ASRS 101 has been developed to list the relevant versions of non-legislative external documents referenced, both foreign and domestic. The documents and the specific versions listed in [Draft] ASRS 101 are required to be applied by an entity to the extent required by the ASRS to claim compliance with the ASRS Standards.

International compliance considerations

The changes introduced in the ASRS Exposure Draft are sufficiently substantive it would not be unusual for compliance with the ASRS would preclude compliance with the IFRS Sustainability Disclosure Standards.

For entities that may report under multiple sustainability reporting frameworks, it is important to:

• identify the other sustainability reporting framework(s) applicable to the entity;
• identify any different or incremental reporting requirements for compliance with other framework(s); and
• discuss with the entity's auditors how the different or incremental reporting requirements will be met and reported.

Based on the exposure draft legislation of amendments to the Corporations Act, the ASRS Sustainability Report will be subject to assurance. As such clear demarcation between the ASRS Sustainability Report disclosure requirements and any other disclosures made that are not subject to assurance is likely to be necessary.