Standards · AASB S2

AASB S2

Rendered when the buyer ticks "AASB S2 (Australian climate-related disclosures)". The register cites 13 of its 51 clauses, behind 3 findings: green tariff with no instrument named, mandatory scheme and no reporting owner, duplicate supply point, and on the rows of every supply point it reaches.

Requirement text quoted from the standards themselves, published at compliance.theartofservice.com, the same publisher as this register, read against the held text of each standard: our statement of each clause, not the instrument verbatim. Source framework: AASB S2. What it attaches to a supply point: the AASB S2 regime page.

Clauses cited

13 of 51

AASB S2 D49 Sourcing of Metrics Taken from External Sources

Where a metric is taken from a source other than Australian Sustainability Reporting Standards, identify the source and the metric taken.

Evidence an auditor accepts: Metric source register naming each external source; Citation of the source in the disclosure
Common gap: External metrics used without naming the source
Framework page: AASB S2

AASB S2 D52 Consistency of Metrics Over Time

Keep the definition and calculation of metrics, including metrics used for targets, consistent over time, and apply the restatement guidance where a metric is redefined or replaced.

Evidence an auditor accepts: Metric change log covering definition changes; Restated comparatives where a metric was redefined; Explanation of the reason for the change
Common gap: Metric redefined without restating comparatives
Framework page: AASB S2

AASB S2 D72 Statement of Compliance

Where the disclosures comply with all requirements of the Standard, make an explicit and unreserved statement of compliance, and do not describe the disclosures as compliant otherwise.

Evidence an auditor accepts: Explicit and unreserved compliance statement in the report; Compliance checklist against every requirement supporting the statement; Board or committee approval of the statement
Common gap: Qualified or partial compliance language used alongside a compliance claim
Framework page: AASB S2

AASB S2 D77 Disclosure of Measurement Uncertainty

Disclose information enabling users to understand the most significant uncertainties affecting the amounts reported in the climate related financial disclosures.

Evidence an auditor accepts: Measurement uncertainty analysis; Narrative disclosure of the most significant uncertainties
Common gap: Uncertainty acknowledged generically without identifying the significant sources
Framework page: AASB S2

AASB S2 D78 Identification of Amounts Subject to High Measurement Uncertainty

Identify the amounts disclosed that are subject to a high level of measurement uncertainty and, for each, disclose the sources of that uncertainty and the assumptions, approximations and judgements made in measuring it.

Evidence an auditor accepts: Schedule of amounts subject to high measurement uncertainty; Source of uncertainty documentation for each amount; Assumption and approximation register
Common gap: High uncertainty amounts not separately identified
Framework page: AASB S2

AASB S2 DAus20.1 Reporting Entity Consistency

Prepare the climate related financial disclosures for the same reporting entity as the related financial statements unless otherwise permitted by law.

Evidence an auditor accepts: Statement of the reporting entity in the disclosures; Reconciliation to the reporting entity of the financial statements; Legal basis where a different entity is used
Common gap: Disclosures prepared for a different entity without a stated legal basis
Framework page: AASB S2

AASB S2 P13 Effects on Business Model and Value Chain

Disclose current and anticipated effects of climate related risks and opportunities on the business model and value chain, and where in the business model and value chain they are concentrated.

Evidence an auditor accepts: Value chain map with climate effect annotations; Business model impact assessment; Segment or geography level concentration analysis
Common gap: Value chain effects described generically
Framework page: AASB S2

AASB S2 P29 Cross Industry Metric Categories

Disclose the seven cross industry metric categories: greenhouse gas emissions with Scope 1, Scope 2 and Scope 3 measured under the Greenhouse Gas Protocol and disaggregated as required, transition risk exposure, physical risk exposure, climate related opportunities, capital deployment, internal carbon prices, and remuneration linkage.

Evidence an auditor accepts: Greenhouse gas inventory with Scope 1, Scope 2 and Scope 3 by category; Measurement approach, inputs and assumptions documentation; Location based Scope 2 calculation and contractual instrument information
Common gap: Scope 3 omitted or limited to a few categories without explanation
Framework page: AASB S2

AASB S2 P30 Reasonable and Supportable Information for Risk and Opportunity Metrics

Use all reasonable and supportable information available at the reporting date without undue cost or effort when preparing the transition risk, physical risk and opportunity metrics.

Evidence an auditor accepts: Data source register for the exposure metrics; Undue cost or effort assessment; Basis of preparation for asset and activity classification
Common gap: Exposure metrics estimated without a documented basis
Framework page: AASB S2

AASB S2 P31 Application of Metric Preparation Guidance

When preparing the transition risk, physical risk, opportunity, capital deployment, internal carbon price and remuneration metrics, apply the metric preparation guidance in paragraphs B64 and B65.

Evidence an auditor accepts: Working paper referencing the application guidance for each metric; Judgement log for classification of assets and activities
Common gap: Application guidance not referenced
Framework page: AASB S2

AASB S2 P33 Climate Related Targets

Disclose each quantitative and qualitative climate related target set to monitor progress and any target required by law or regulation, including the metric, objective, part of the entity covered, period, base period, milestones and interim targets.

Evidence an auditor accepts: Target register with metric, objective, scope, base period and target period; Board approval of each target; Milestone and interim target schedule
Common gap: Base period or target period not stated
Framework page: AASB S2

AASB S2 P36 Greenhouse Gas Emissions Targets

For each greenhouse gas emissions target disclose the gases covered, whether Scope 1, Scope 2 or Scope 3 emissions are covered, whether it is a gross or net target, whether it is science based and how it was validated, and the planned use of carbon credits.

Evidence an auditor accepts: Greenhouse gas target definition covering gases and scopes; Gross target disclosure where a net target is used; Science based validation evidence
Common gap: Net target disclosed without the corresponding gross target
Framework page: AASB S2

AASB S2 PAus37.1 Reference to Cross Industry Metric Categories in Target Disclosures

When identifying and disclosing the metrics used to set and monitor progress towards targets, refer to and consider the applicability of the cross industry metric categories.

Evidence an auditor accepts: Applicability assessment linking target metrics to the cross industry categories
Common gap: Target metrics selected without reference to the metric categories
Framework page: AASB S2

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