Provide an analysis of how Commbank will comply with Australian Sustainability Reporting Standards ASRS1 and ASRS2 for the 2024 financial year. (This may be considered as a first-time adoption of an accounting standard AASB 1.

More information on ASRS 2, [Draft] Australian Sustainability Reporting Standard ASRS 2 Climate-related Financial Disclosures.

The AASB has issued an exposure draft in October 203 for ASRS 1 and ASRS 2. The expectation is for top-tier companies the AASB standards ASRS1 ASRS 2 will be required for the financial year 2024/2025.

• what does Commbank have to do
• How much information does Commbank have to provide to regulate compliance?

(eg. effectively a first-time adoption of accounting standards analysis that they will now need to do).

This is what professional accountants are doing now as they prepare for their 2024 financial year reporting cycle.

There is 1 important statement

International Standards IFRS released a summary statement showing the existing accounting standards that should reflect climate change data.

Under the standard S1 AND S2... Companies must show how they are impacted by climate change and it has to reflect that in P & L, Balance sheet, and Cash flow.

referencing

AASB Sustainability Reporting Exposure Draft ED SR1 October 2023 Australian Sustainability Reporting Standards - Disclosure of Climate-related Financial Information