The AASB is seeking to position Australian sustainability-related reporting requirements as a separate suite of standards because such an approach:

• aligns more broadly with the approaches of international sustainability-related reporting standard-setters and framework providers (such as the IFRS Foundation) and jurisdictions (such as New Zealand, the United Kingdom, Canada, and the European Union);
• allows the AASB more flexibility to develop sustainability-related financial reporting requirements that can address the reporting of a broad range of sustainability-related financial information (such as information related to biodiversity and human rights) either as part of general purpose financial reporting or as a separate reporting exercise; and
• is consistent with the approach to Australian Accounting Standards by leaving the decision to mandate sustainability-related financial reporting with the relevant Australian legislators.

Please click to access the staff paper on the AASB website.