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Following a successful passage through the Senate yesterday, on the 22nd of August, it’s all but guaranteed to pass - meaning Group A companies have 4 months until requirements kick in!
The bill now only awaits approval of the amendment in the House before its royal ascent.
The Australian Accounting Standards Board (AASB) is wrapping up the final touches on climate reporting standards this month as well, while the Australian Auditing and Assurance Board (AUASB) is working on assurance standards expected later this year too.
We've been saying it's coming for businesses in Australia... and it really is happening, soon!
With only 4 months left to go, what are you doing about it? How are you feeling about it?
We've got a few ideas on what might be good to do next week:
✅ Refresh on the context behind this legislation - blog here.
✅ Skim over the actual legislation (or get the highlighters out, go wild)
✅ Get across the jobs to be done for the GHG accounting requirements - start the introduction to carbon accounting course and the assurance course by signing in to the Academy.
We are expecting that this will be a catalyst for larger Australian based entities to start looking for support with their GHG reporting. If you are an Australian firm what additional resources would be helpful to start having these conversations with clients?
@Lindsay Ellis - something that I'm coming across with clients, especially those in Group 2 looking down the barrel at reporting - is some real clarity for clients on what the expectations are for reporting:
What does the legislation say that I need to report?
What are some best practice tips to get started on Scope 1 and 2 reporting (if I've never done this before)
How do I determine my control approaches and boundaries?
Additionally, guiding clients to understand their supply chain and analyse whether they've got any Group 1 / Group 2 organisations that they work with. If so, they will be asking for emissions data, and they need to be ready to supply this when they ask.