Chartered Accountants Australia and New Zealand (CA ANZ) has facilitated a meeting with the vice-chair of the International Sustainability Standards Board (ISSB), focusing on the suggested amendments to global climate-related disclosures standards.
CA ANZ CEO Ainslie van Onselen, alongside Sustainability and Business Reform leader Karen McWilliams FCA, met with CA ANZ members and Australian regulatory representatives in their Sydney office for this discussion.
Ainslie van Onselen said: “Australia is one of the first countries to adopt mandatory climate-related disclosures requirements, which have been phased in from 1 January 2025. Reporting entities must follow the standard issued by the Australian Accounting Standards Board, which aligns with what’s known internationally as IFRS S2.”
“It means our largest entities here have already begun implementing the standard and so are well placed to provide feedback on the usefulness and real-world application of the amendments being put forward by the ISSB,” said Ms van Onselen.
During the meeting, ISSB vice-chair Sue Lloyd emphasised the importance of implementing the IFRS S1 and IFRS S2 standards, which cover general sustainability-related financial information and climate-related disclosures, respectively.
Sue Lloyd said: “Our top priority is supporting the implementation of our Standards, and that’s why we’re proposing targeted amendments to address application challenges that have been identified in relation to climate-related disclosures.”
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By GlobalData“We put out an exposure draft on the proposed amendments in late April and the last day to submit any comments is 27 June 2025. We want this process to be timely to ease the implementation process for entities, so we are aiming to have the final amendments complete by Q4 2025.”
Lloyd highlighted that these standards are the ISSB’s key priority, noting their significance for the Australian financial landscape, especially as the first reporting period under the new regime concludes on 31 December 2025.
Lloyd further commented on the importance of consistent and comparable sustainability disclosures, expressing approval for the IFRS S1 and IFRS S2 standards that were published in 2023.
CA ANZ is actively engaging with its members to collate feedback on the ISSB’s consultation. This effort is in tandem with a parallel call by the Australian Accounting Standards Board, which is also seeking input on the matter.
Earlier in April 2025, CA ANZ voiced concerns regarding the Liberal National Coalition’s proposed policy to reduce the influx of new international students in higher education and vocational training.
