Skip to content
Finance Investment

CA ANZ WELCOMES NEW STANDARDS SET TO BOLSTER INVESTOR CONFIDENCE IN SUSTAINABILITY AND CLIMATE REPORTING

Chartered Accountants ANZ 2 mins read
  • Media:

30 January, 2025

 

Chartered Accountants Australia and New Zealand (CA ANZ) welcomes further certainty for the accountancy profession, business and retail investors when it comes to sustainability and climate risk assurance in Australia.

 

The Auditing and Assurance Standards Board (AUASB) approved the Australian Standard on Sustainability Assurance (ASSA) 5000 General Requirements for Sustainability Assurance Engagements and ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 on Tuesday (28 January 2025).

 

“The approval of sustainability assurance standards by the AUASB this week is a watershed moment for sustainability and climate risk assurance in Australia,” said Amir Ghandar, CA ANZ Reporting and Assurance Leader.

 

“Voluntary reporting on sustainability issues has sometimes been dismissed as a glossy market exercise, but robust reporting standards and a clear pathway to mandatory assurance moves these critical topics into the domain of investment grade market information.

 

“Australian investors have increasingly demanded reliable and consistent reporting on climate and sustainability – with dependable assurance key to increasing confidence in the reporting.

 

“CA ANZ’s 2024 Investor Confidence survey showed that nearly 80 per cent of investors would be more confident in sustainability information if it was mandatorily prepared and assured in accordance with agreed standards.”

 

The newly mandated climate reporting and assurance standards will require corporates and professional audit firms to focus on the resourcing required to prepare and audit a whole new set of information alongside financial reports.

 

“There will be demand for talent who have the skills to undertake assurance across the thousands of entities that will come into the mandatory climate-related disclosure regime in the coming five years.

 

“While most of the very large companies captured by the legislation in the next two years have been already working to get ahead of the curve on climate reporting and assurance, there is a sizable cohort of smaller, private businesses reporting from 2027 that will have a much bigger gap to bridge in developing the resourcing, internal capabilities and systems.

 

“CA ANZ has been closely engaged with the government and the standard setters, and we recognise they’ve listened and offered some transitional reprieve, such as slightly relaxing timelines for reasonable assurance over the transitional period.

 

“CA ANZ has also focused on education and training to ready the profession for this vital role. For example our sustainability assurance playbook, a sustainability assurance micro course, and an elective module in the CA Program; Sustainability for Accountants,” said Mr Ghandar.

 

The approved standards take effect for reporting periods beginning on or after 1 January 2025, with earlier application permitted.

 

ENDS

 

About Chartered Accountants Australia and New Zealand

Chartered Accountants Australia and New Zealand represents nearly 140,000 financial professionals, supporting them to make a difference to the businesses, organisations and communities in which they work and live. Chartered Accountants are known as Difference Makers. The depth and breadth of their expertise helps them to see the big picture and chart the best course of action.

www.charteredaccountantsanz.com

 

For more information contact:

AUSTRALIA

Gillian Bowen, Public Affairs Manager Australia

M +61 411 485 421

gillian.bowen@charteredaccountantsanz.com

 

 

 

 

Media

Attachments

250130-CA-ANZ-MEDIA-RELEASE-Australian-sustainability-assurance-standards.pdf

Download media

More from this category

  • Finance Investment
  • 25/02/2025
  • 10:59
Praemium (ASX:PPS)

Praemium Investor Presentation & H1 FY2025 Results

Business Highlights Revenue and other income of $52.3 million for the half year to 31 December 2024 (HY25) was up 32% compared $39.7 million for the half year to 31 December 2023 (Prior Corresponding Period or PCP):• $6.0 million additional revenue from OneVue; • Higher average Platform FUA (HY25: $30.2 billion, including $4.2 billion from OneVue, compared with $22.9 billion PCP); • Platform margins, excluding OneVue, improved by 3 basis points to 28 basis points. • SMA repricing enacted 1 April 2024 improved margins for that service. This increased by 4 basis points to 38 basis points when compared to…

  • Finance Investment, Oil Mining Resources
  • 25/02/2025
  • 09:47
Jane Morgan Management

Basin Energy Confirms Polymetallic Discovery Potential at Virka Project

Basin Energy ConfirmsPolymetallic Discovery Potential at Virka Project High-Grade Zinc-Lead, Uranium, and Rare Earths Identified in Rock Chip Sampling Basin Energy Limited (ASX: BSN)…

  • Contains:
  • Finance Investment, Political
  • 25/02/2025
  • 08:30
Super Members Council

Workers and businesses deserve certainty on payday super laws

Australian businesses and workers deserve the certainty of bipartisan support for landmark payday super reform, a key tool to tackle Australia’s $5 billion a year unpaid super problem. The Australian Government has committed to modernising super payments by July 2026, shifting the law from super only being paid at least once a quarter to being in-sync with the payment of wages. The reform has been announced for over 18 months, and stakeholder consultations have informed the design detail. While progress has been made, the reform is yet to secure formal bipartisan support. This simple change will mean almost 9 million…

  • Contains:

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time you distribute with Medianet. Pay per release or save with a subscription.