Australia · act
Treasury Laws Amendment Act 2024 (No. 87) — Corporations Act 2001 Ch 2M + AASB S2
Scope
Group 1: 2 of 3 ≥A$500m revenue / ≥A$1bn assets / ≥500 emp (from 1 Jan 2025); Group 2: ≥A$200m/≥A$500m/≥250 (Jul 2026); Group 3: ≥A$50m/≥A$25m/≥100 (Jul 2027; Budget proposal raises proprietary thresholds to A$100m/A$50m); NGER reporters and asset owners
Penalties
Corporations Act financial-reporting penalties incl. director civil penalties; protected-statement safe harbours (ASIC-only) for first 3 years
Last verified
2026-08-25
In plain language
Mandatory annual Dictionary termSustainability ReportThe periodic public account of an organisation's sustainability performance — from voluntary brochure to regulated disclosure document.Read the full definition with AASB S2 climate statements: governance, strategy, risk management, metrics and targets; ≥2 scenarios including one consistent with 1.5°C; Scope 1/2 from year one, Scope 3 from year two; Dictionary termAssuranceAn independent engagement designed to increase intended users' confidence in defined sustainability information by evaluating it against suitable criteria and reporting a conclusion.Read the full definition laddering to Dictionary termReasonable assuranceReasonable assurance is an assurance engagement intended to provide a high, though not absolute, level of confidence over the subject matter assessed.Read the full definition .
Formal requirements
Reviewed provisions grouped by practical purpose. Use the official text for the full legal context.
Group thresholds (2 of 3 criteria + NGER)
Corporations Act 2001, Chapter 2M + AASB S2 (mandatory climate reporting) — Corporations Act 2001, Chapter 2M + AASB S2 (mandatory climate reporting) · instrument-level citationRequired climate metrics — Scope 1, 2, 3 GHG (Scope 3 from second reporting year, modified liability), Dictionary termFinanced emissionsFinanced emissions are greenhouse gas emissions associated with lending, investment, underwriting or other financial activities attributed to a financial institution.Read the full definition for financial institutions, climate-related targets, Dictionary termInternal carbon priceAn internal carbon price is a price an organisation applies inside decision-making to reflect the cost, risk or strategic value of greenhouse gas emissions.Read the full definition if used, remuneration-linked climate metrics (as % of executive remuneration).
Corporations Act 2001, Chapter 2M + AASB S2 (mandatory climate reporting) · instrument-level citationDictionary termAssuranceAn independent engagement designed to increase intended users' confidence in defined sustainability information by evaluating it against suitable criteria and reporting a conclusion.Read the full definition ladder (AASB/ASIC) — Dictionary termLimited assuranceLimited assurance is an assurance engagement that provides a lower level of confidence than reasonable assurance, usually expressed in a negative form of conclusion.Read the full definition on Scope 1+2 initially; Dictionary termReasonable assuranceReasonable assurance is an assurance engagement intended to provide a high, though not absolute, level of confidence over the subject matter assessed.Read the full definition on all climate disclosures from FY beginning 1 Jul 2030.
Corporations Act 2001, Chapter 2M + AASB S2 (mandatory climate reporting) · instrument-level citationModified liability for Scope 3/scenario analysis/transition plans for first 3 years (only ASIC may act)
Corporations Act 2001, Chapter 2M + AASB S2 (mandatory climate reporting) — Corporations Act 2001, Chapter 2M + AASB S2 (mandatory climate reporting) · instrument-level citationDictionary
Terms with a retained, published connection to this legal source.
Claims
Search or filter the reviewed connections, then open one claim for its full market-by-market assessment.
State level/scope
Consistency with mandatory climate statements.
Consistency with climate statements.
Dictionary termReasonable groundsForward-looking claims need reasonable grounds at the time made or are deemed misleadingRead the full definition at time made; consistent with mandatory climate statements.