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n December 2022, the Australian federal government started a consultation process to amend the Australian Securities and Investment Commission Act 2011 to introduce standardised, internationally

n December 2022, the Australian federal government started a consultation process to amend the Australian Securities and Investment Commission Act 2011 to introduce standardised, internationally aligned reporting requirements for mandatory disclosure of climate related-related financial risks and opportunities and for the development of a broader sustainability framework: "The Government has committed to ensuring large businesses provide Australians and investors with greater transparency and accountability when it comes to their climate-related plans, financial risks, and opportunities. The Exposure Draft Legislation seeks to amend parts of the Australian Securities and Investment Commission Act 2001 that will empower the Australian Accounting Standards Board to deliver sustainability standards to meet the Government's commitment".1

The Bill would enable the Australian Accounting Standards Board (AASB) to establish reporting requirements for sustainability that will align with the standards currently developed by the International Sustainability Standards Board (ISSB)

IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and

IFRS S2 Climate-related Disclosures . The Australian financial reporting will be extended to include the development and assurance of sustainability standards.

In the context of the managerial branch of stakeholder theory, discusses the risk and operational implications of adopting IFRS S1 and IFRS S2 on Board of Directors and on regulators. In your response, ensure you explicitly define, explain, and apply the managerial branch of stakeholder theory.

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