{"id":"F2025L01654","name":"Amendments to ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001","slug":"amendments-to-assa-5010-timeline-for-audits-and-reviews-of-information-in-sustainability-reports-und","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":107593,"registerId":"commonwealth-F2025L01654-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Obtaining a Copy of this Standard","sectionType":"section","heading":"Obtaining a Copy of this Standard","content":"##### Obtaining a Copy of this Standard\n\nThis Standard is available on the Auditing and Assurance Standards Board (AUASB) website: www.auasb.gov.au","sortOrder":0},{"sectionNumber":"Contact Details","sectionType":"section","heading":"Contact Details","content":"##### Contact Details\n\n| Auditing and Assurance Standards BoardPhone: (03) 8080 7400E-mail: enquiries@auasb.gov.auPostal Address:PO Box 204, Collins Street WestMelbourne Victoria 8007AUSTRALIA |     |\n| ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --- |","sortOrder":1},{"sectionNumber":"COPYRIGHT","sectionType":"section","heading":"COPYRIGHT","content":"##### COPYRIGHT\n\n© 2025 Commonwealth of Australia. The text, graphics and layout of this Standard are protected by Australian copyright law and the comparable law of other countries. Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non‑commercial use subject to the inclusion of an acknowledgment of the source as being the Australian Auditing and Assurance Standards Board (AUASB).\n\nRequests and enquiries concerning reproduction and rights for commercial purposes should be addressed to the Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to enquiries@auasb.gov.au. Otherwise, no part of this Standard may be reproduced, stored or transmitted in any form or by any means without the prior written permission of the AUASB except as permitted by law.\n\nISSN 1030-603X","sortOrder":2},{"sectionNumber":"CONTENTS","sectionType":"part","heading":"CONTENTS","content":"# CONTENTS\n\nPREFACE\n\nAUTHORITY STATEMENT\n\nCONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING\n\nParagraphs\n\nApplication.................................................................1\n\nOperative Date..............................................................2\n\nIntroduction................................................................3\n\nObjective..................................................................4\n\nDefinition..................................................................5\n\nAmendments to ASSA 5010...................................................6-8","sortOrder":3},{"sectionNumber":"preface","sectionType":"part","heading":"preface","content":"##### Obtaining a Copy of this Standard\n\nThis Standard is available on the Auditing and Assurance Standards Board (AUASB) website: www.auasb.gov.au\n\n##### Contact Details\n\n| Auditing and Assurance Standards BoardPhone: (03) 8080 7400E-mail: enquiries@auasb.gov.auPostal Address:PO Box 204, Collins Street WestMelbourne Victoria 8007AUSTRALIA |     |\n| ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --- |\n\n##### COPYRIGHT\n\n© 2025 Commonwealth of Australia. The text, graphics and layout of this Standard are protected by Australian copyright law and the comparable law of other countries. Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non‑commercial use subject to the inclusion of an acknowledgment of the source as being the Australian Auditing and Assurance Standards Board (AUASB).\n\nRequests and enquiries concerning reproduction and rights for commercial purposes should be addressed to the Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to enquiries@auasb.gov.au. Otherwise, no part of this Standard may be reproduced, stored or transmitted in any form or by any means without the prior written permission of the AUASB except as permitted by law.\n\nISSN 1030-603X\n\n# CONTENTS\n\nPREFACE\n\nAUTHORITY STATEMENT\n\nCONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING\n\nParagraphs\n\nApplication.................................................................1\n\nOperative Date..............................................................2\n\nIntroduction................................................................3\n\nObjective..................................................................4\n\nDefinition..................................................................5\n\nAmendments to ASSA 5010...................................................6-8\n\n  \n\n# preface\n\n#### Reasons for Issuing ASSA 2025-10\n\nThe AUASB issues ASSA 2025-10 Amendments to ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 pursuant to the requirements of the legislative provisions and the Strategic Direction explained below.\n\nThe AUASB was established under section 227A of the Australian Securities and Investments Commission Act 2001. Under section 336 of the Corporations Act 2001, the AUASB may make Auditing Standards for the purposes of the corporations legislation. These Auditing Standards are legislative instruments under the Legislation Act 2003.\n\nUnder the Strategic Direction given to the AUASB by the Financial Reporting Council, the AUASB is required, inter alia, to develop auditing standards that have a clear public interest focus and are of the highest quality.\n\n#### Main Features\n\nThis Standard amends ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 to specify how the phasing in of assurance applies to voluntary sustainability reports in accordance with the amendments made to the Corporations Act 2001 by the Treasury Laws Amendments (Strengthening Financial Systems and Other Measures) Act 2025 and to make other minor amendments to ASSA 5010.\n\n  \n\n## AUTHORITY STATEMENT\n\nThe Auditing and Assurance Standards Board (AUASB) makes this Standard on Sustainability Assurance ASSA 2025-10 Amendments to ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 pursuant to section 227B(1)(a) of the Australian Securities and Investments Commission Act 2001 and subsection 1707E(2) of the Corporations Act 2001 (the Act) for the purposes of s336 of the Act. ASSA 5010 was issued by the AUASB as required by s1707E(2) of the Act.\n\nDated: 17 December 2025 D Niven  \nChair – AUASB\n\n##### Conformity with International Standards on Auditing\n\nThis ASSA amends ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 which specifies the extent and timing of audits and reviews of information in sustainability reports as required by Australian legislation. There are no equivalent standards issued by the International Auditing and Assurance Standards Board (IAASB).","sortOrder":4},{"sectionNumber":"Reasons for Issuing ASSA 2025-10","sectionType":"subdivision","heading":"Reasons for Issuing ASSA 2025-10","content":"#### Reasons for Issuing ASSA 2025-10\n\nThe AUASB issues ASSA 2025-10 Amendments to ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 pursuant to the requirements of the legislative provisions and the Strategic Direction explained below.\n\nThe AUASB was established under section 227A of the Australian Securities and Investments Commission Act 2001. Under section 336 of the Corporations Act 2001, the AUASB may make Auditing Standards for the purposes of the corporations legislation. These Auditing Standards are legislative instruments under the Legislation Act 2003.\n\nUnder the Strategic Direction given to the AUASB by the Financial Reporting Council, the AUASB is required, inter alia, to develop auditing standards that have a clear public interest focus and are of the highest quality.","sortOrder":5},{"sectionNumber":"Main Features","sectionType":"subdivision","heading":"Main Features","content":"#### Main Features\n\nThis Standard amends ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 to specify how the phasing in of assurance applies to voluntary sustainability reports in accordance with the amendments made to the Corporations Act 2001 by the Treasury Laws Amendments (Strengthening Financial Systems and Other Measures) Act 2025 and to make other minor amendments to ASSA 5010.\n\n  \n\n## AUTHORITY STATEMENT\n\nThe Auditing and Assurance Standards Board (AUASB) makes this Standard on Sustainability Assurance ASSA 2025-10 Amendments to ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 pursuant to section 227B(1)(a) of the Australian Securities and Investments Commission Act 2001 and subsection 1707E(2) of the Corporations Act 2001 (the Act) for the purposes of s336 of the Act. ASSA 5010 was issued by the AUASB as required by s1707E(2) of the Act.\n\nDated: 17 December 2025 D Niven  \nChair – AUASB\n\n##### Conformity with International Standards on Auditing\n\nThis ASSA amends ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 which specifies the extent and timing of audits and reviews of information in sustainability reports as required by Australian legislation. There are no equivalent standards issued by the International Auditing and Assurance Standards Board (IAASB).","sortOrder":6},{"sectionNumber":"AUTHORITY STATEMENT","sectionType":"part","heading":"AUTHORITY STATEMENT","content":"## AUTHORITY STATEMENT\n\nThe Auditing and Assurance Standards Board (AUASB) makes this Standard on Sustainability Assurance ASSA 2025-10 Amendments to ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 pursuant to section 227B(1)(a) of the Australian Securities and Investments Commission Act 2001 and subsection 1707E(2) of the Corporations Act 2001 (the Act) for the purposes of s336 of the Act. ASSA 5010 was issued by the AUASB as required by s1707E(2) of the Act.","sortOrder":7},{"sectionNumber":"Conformity with International Standards ","sectionType":"section","heading":"Conformity with International Standards on Auditing","content":"##### Conformity with International Standards on Auditing\n\nThis ASSA amends ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 which specifies the extent and timing of audits and reviews of information in sustainability reports as required by Australian legislation. There are no equivalent standards issued by the International Auditing and Assurance Standards Board (IAASB).","sortOrder":8},{"sectionNumber":"Australian Standard on Sustainability As","sectionType":"part","heading":"Australian Standard on Sustainability Assurance ASSA 2025-10","content":"## Australian Standard on Sustainability Assurance ASSA 2025-10\n\n### Amendments to ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001\n\n##### Application\n\n1.  This Standard applies to assurance engagements on sustainability information in a sustainability report for a financial year under Chapter 2M of the Corporations Act 2001 (the Act).\n\n##### Operative Date\n\n1.  This Standard is operative for financial years commencing from 1 January 2025 to 30 June 2030.\n\n##### Introduction\n\n1.  This Standard amends ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 (ASSA 5010).\n\n##### Objective\n\n1.  The objective of this Standard is to amend ASSA 5010.\n\n##### Definition\n\n1.  For the purposes of this Standard, the meanings of terms are set out in each ASSA and in the AUASB Glossary. This Standard does not introduce new definitions.\n\n##### Amendments to ASSA 5010\n\n1.  This Standard uses underlining, striking out and other typographical material to identify the amendments to ASSA 5010\\. However, the amendments made by this standard do not include that underlining, striking out or other typographical material. Amended paragraphs are shown with deleted text struck through and new text underlined.\n2.  Existing paragraphs 9(c) to (e) are replaced with the following:\n\n1.  Group 1 entities – in this standard:\n    1.  entities to which paragraph 1707B(1)(a) of the Act applies; and\n    2.  entities that apply paragraph 1707DA(1) of the Act for the first time for a year commencing on or after 1 January 2025 but on or before 30 June 2026.\n2.  Group 2 entities – in this standard:\n    1.  entities to which paragraph 1707B(1)(b) of the Act applies (other than an entity to which the definition of ‘Group 1 entities’ in this standard applies);\n    2.  entities that apply paragraph 1707DA(1) of the Act for the first time for a year commencing on or after 1 July 2026 but on or before 30 June 2027; and\n    3.  entities that applied 1707DA(1) for a financial year and did not report under the Act for the following financial year that commenced before 1 July 2027.\n3.  Group 3 entities – in this standard:\n    1.  entities to which paragraph 1707B(1)(c) of the Act applies (other than an entity to which the definition of ‘Group 1 entities’ or ‘Group 2 entities’ in this standard applies);\n    2.  entities that apply paragraph 1707DA(1) of the Act for the first time for a year commencing on or after 1 July 2027 but on or before 31 December 2027; and\n    3.  entities that applied s1707DA(1) for a financial year but not for a following financial year and recommenced reporting under the Act for a year that commenced before 1 January 2028, other than an entity that meets the definition of a Group 2 entity in paragraph (d).\n\n1.  Replace the diagram in the Appendix with the following, including footnotes:\n\n| Years commencing                                                 | Year 1            | Year 2           | Year 3           | Year 4           | Year 5           | Year 6           |\n| ---------------------------------------------------------------- | ----------------- | ---------------- | ---------------- | ---------------- | ---------------- | ---------------- |\n| Group 1                                                          | 1/1/25 to 30/6/26 | 1/7/26 to30/6/27 | 1/7/27 to30/6/28 | 1/7/28 to30/6/29 | 1/7/29 to30/6/30 | 1/7/30 to30/6/31 |\n| Group 2                                                          | 1/7/26 to30/6/27  | 1/7/27 to30/6/28 | 1/7/28 to30/6/29 | 1/7/29 to30/6/30 | 1/7/30 to30/6/31 | 1/7/31 to30/6/32 |\n| Group 3                                                          | 1/7/27 to30/6/28  | 1/7/28 to30/6/29 | 1/7/29 to30/6/30 | 1/7/30 to30/6/31 | 1/7/31 to30/6/32 | 1/7/32 to30/6/33 |\n| Governance                                                       | Limited           | Limited          | Limited          | Reasonable       | Reasonable       | Reasonable       |\n| Risks and opportunities (AASB S2 subparas 9(a), 10(a) and 10(b)) | Limited           | Limited          | Limited          | Reasonable       | Reasonable       | Reasonable       |\n| Strategy – Risks and opportunities                               | None              | Limited          | Limited          | Reasonable       | Reasonable       | Reasonable       |\n| Climate resilience assessments / Scenario analysis               | None              | Limited          | Limited          | Reasonable       | Reasonable       | Reasonable       |\n| Transition plans                                                 | None              | Limited          | Limited          | Reasonable       | Reasonable       | Reasonable       |\n| Risk management                                                  | None              | Limited          | Limited          | Reasonable       | Reasonable       | Reasonable       |\n| Scope 1 and 2 emissions                                          | Limited           | Limited          | Limited          | Reasonable       | Reasonable       | Reasonable       |\n| Scope 3 emissions                                                | N/A               | Limited          | Limited          | Reasonable       | Reasonable       | Reasonable       |\n| Other climate-related metrics and targets                        | None              | Limited          | Limited          | Reasonable       | Reasonable       | Reasonable       |\n\nNotes:\n\n1.  For the purposes of ASSA 5010:\n\n(a) Group 1 entities include entities that voluntarily report under the Corporations Act 2001 (the Act) from years commencing 1/1/25 to 30/6/26.\n\n(b) Group 2 entities include:\n\n(i) Entities that voluntarily report under the Act from years commencing 1/7/26 to 30/6/27; and\n\n(ii) Entities that voluntarily reported under the Act for one year but did not report under the Act for the following year that commenced before 1 July 2027.\n\n(c) Group 3 entities include:\n\n(i) Entities that voluntarily report under the Act from years commencing 1/7/27 to 31/12/27; and\n\n(ii) Entities that reported voluntarily under the Act for a year but did not report under the Act for a following year that commenced before 1/1/28, other than entities that meet the definition of a Group 2 entity under ASSA 5010.\n\n1.  Group 1 entities with years commencing 1/1 to 30/6 will be subject to the Year 1 provisions twice (e.g. years commencing 1/1/25 and 1/1/26). Reporting of Scope 3 emissions is required for years commencing on or after 1/1/26 for Group 1 entities.\n2.  For years commencing of or after from 1/7/30 the Act requires reasonable assurance for all mandatory climate disclosures.\n3.  The phasing for assurance on statements that there are no material climate-related risks and opportunities is the same as for ‘Strategy – Risks and Opportunities’.\n4.  Where the entity does not intend to disclose a transition plan or target, assurance work in the first instance concerns whether the entity has a transition plan or target to be disclosed.","sortOrder":9},{"sectionNumber":"Amendments to ASSA 5010 Timeline for Aud","sectionType":"division","heading":"Amendments to ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001","content":"## Australian Standard on Sustainability Assurance ASSA 2025-10\n\n### Amendments to ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001\n\n##### Application\n\n1.  This Standard applies to assurance engagements on sustainability information in a sustainability report for a financial year under Chapter 2M of the Corporations Act 2001 (the Act).\n\n##### Operative Date\n\n1.  This Standard is operative for financial years commencing from 1 January 2025 to 30 June 2030.\n\n##### Introduction\n\n1.  This Standard amends ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 (ASSA 5010).\n\n##### Objective\n\n1.  The objective of this Standard is to amend ASSA 5010.\n\n##### Definition\n\n1.  For the purposes of this Standard, the meanings of terms are set out in each ASSA and in the AUASB Glossary. This Standard does not introduce new definitions.\n\n##### Amendments to ASSA 5010\n\n1.  This Standard uses underlining, striking out and other typographical material to identify the amendments to ASSA 5010\\. However, the amendments made by this standard do not include that underlining, striking out or other typographical material. Amended paragraphs are shown with deleted text struck through and new text underlined.\n2.  Existing paragraphs 9(c) to (e) are replaced with the following:\n\n1.  Group 1 entities – in this standard:\n    1.  entities to which paragraph 1707B(1)(a) of the Act applies; and\n    2.  entities that apply paragraph 1707DA(1) of the Act for the first time for a year commencing on or after 1 January 2025 but on or before 30 June 2026.\n2.  Group 2 entities – in this standard:\n    1.  entities to which paragraph 1707B(1)(b) of the Act applies (other than an entity to which the definition of ‘Group 1 entities’ in this standard applies);\n    2.  entities that apply paragraph 1707DA(1) of the Act for the first time for a year commencing on or after 1 July 2026 but on or before 30 June 2027; and\n    3.  entities that applied 1707DA(1) for a financial year and did not report under the Act for the following financial year that commenced before 1 July 2027.\n3.  Group 3 entities – in this standard:\n    1.  entities to which paragraph 1707B(1)(c) of the Act applies (other than an entity to which the definition of ‘Group 1 entities’ or ‘Group 2 entities’ in this standard applies);\n    2.  entities that apply paragraph 1707DA(1) of the Act for the first time for a year commencing on or after 1 July 2027 but on or before 31 December 2027; and\n    3.  entities that applied s1707DA(1) for a financial year but not for a following financial year and recommenced reporting under the Act for a year that commenced before 1 January 2028, other than an entity that meets the definition of a Group 2 entity in paragraph (d).\n\n1.  Replace the diagram in the Appendix with the following, including footnotes:\n\n| Years commencing                                                 | Year 1            | Year 2           | Year 3           | Year 4           | Year 5           | Year 6           |\n| ---------------------------------------------------------------- | ----------------- | ---------------- | ---------------- | ---------------- | ---------------- | ---------------- |\n| Group 1                                                          | 1/1/25 to 30/6/26 | 1/7/26 to30/6/27 | 1/7/27 to30/6/28 | 1/7/28 to30/6/29 | 1/7/29 to30/6/30 | 1/7/30 to30/6/31 |\n| Group 2                                                          | 1/7/26 to30/6/27  | 1/7/27 to30/6/28 | 1/7/28 to30/6/29 | 1/7/29 to30/6/30 | 1/7/30 to30/6/31 | 1/7/31 to30/6/32 |\n| Group 3                                                          | 1/7/27 to30/6/28  | 1/7/28 to30/6/29 | 1/7/29 to30/6/30 | 1/7/30 to30/6/31 | 1/7/31 to30/6/32 | 1/7/32 to30/6/33 |\n| Governance                                                       | Limited           | Limited          | Limited          | Reasonable       | Reasonable       | Reasonable       |\n| Risks and opportunities (AASB S2 subparas 9(a), 10(a) and 10(b)) | Limited           | Limited          | Limited          | Reasonable       | Reasonable       | Reasonable       |\n| Strategy – Risks and opportunities                               | None              | Limited          | Limited          | Reasonable       | Reasonable       | Reasonable       |\n| Climate resilience assessments / Scenario analysis               | None              | Limited          | Limited          | Reasonable       | Reasonable       | Reasonable       |\n| Transition plans                                                 | None              | Limited          | Limited          | Reasonable       | Reasonable       | Reasonable       |\n| Risk management                                                  | None              | Limited          | Limited          | Reasonable       | Reasonable       | Reasonable       |\n| Scope 1 and 2 emissions                                          | Limited           | Limited          | Limited          | Reasonable       | Reasonable       | Reasonable       |\n| Scope 3 emissions                                                | N/A               | Limited          | Limited          | Reasonable       | Reasonable       | Reasonable       |\n| Other climate-related metrics and targets                        | None              | Limited          | Limited          | Reasonable       | Reasonable       | Reasonable       |\n\nNotes:\n\n1.  For the purposes of ASSA 5010:\n\n(a) Group 1 entities include entities that voluntarily report under the Corporations Act 2001 (the Act) from years commencing 1/1/25 to 30/6/26.\n\n(b) Group 2 entities include:\n\n(i) Entities that voluntarily report under the Act from years commencing 1/7/26 to 30/6/27; and\n\n(ii) Entities that voluntarily reported under the Act for one year but did not report under the Act for the following year that commenced before 1 July 2027.\n\n(c) Group 3 entities include:\n\n(i) Entities that voluntarily report under the Act from years commencing 1/7/27 to 31/12/27; and\n\n(ii) Entities that reported voluntarily under the Act for a year but did not report under the Act for a following year that commenced before 1/1/28, other than entities that meet the definition of a Group 2 entity under ASSA 5010.\n\n1.  Group 1 entities with years commencing 1/1 to 30/6 will be subject to the Year 1 provisions twice (e.g. years commencing 1/1/25 and 1/1/26). Reporting of Scope 3 emissions is required for years commencing on or after 1/1/26 for Group 1 entities.\n2.  For years commencing of or after from 1/7/30 the Act requires reasonable assurance for all mandatory climate disclosures.\n3.  The phasing for assurance on statements that there are no material climate-related risks and opportunities is the same as for ‘Strategy – Risks and Opportunities’.\n4.  Where the entity does not intend to disclose a transition plan or target, assurance work in the first instance concerns whether the entity has a transition plan or target to be disclosed.","sortOrder":10},{"sectionNumber":"Application","sectionType":"section","heading":"Application","content":"##### Application\n\n1.  This Standard applies to assurance engagements on sustainability information in a sustainability report for a financial year under Chapter 2M of the Corporations Act 2001 (the Act).","sortOrder":11},{"sectionNumber":"Operative Date","sectionType":"section","heading":"Operative Date","content":"##### Operative Date\n\n1.  This Standard is operative for financial years commencing from 1 January 2025 to 30 June 2030.","sortOrder":12},{"sectionNumber":"Introduction","sectionType":"section","heading":"Introduction","content":"##### Introduction\n\n1.  This Standard amends ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 (ASSA 5010).","sortOrder":13},{"sectionNumber":"Objective","sectionType":"section","heading":"Objective","content":"##### Objective\n\n1.  The objective of this Standard is to amend ASSA 5010.","sortOrder":14},{"sectionNumber":"Definition","sectionType":"section","heading":"Definition","content":"##### Definition\n\n1.  For the purposes of this Standard, the meanings of terms are set out in each ASSA and in the AUASB Glossary. This Standard does not introduce new definitions.","sortOrder":15},{"sectionNumber":"Amendments to ASSA 5010","sectionType":"section","heading":"Amendments to ASSA 5010","content":"##### Amendments to ASSA 5010\n\n1.  This Standard uses underlining, striking out and other typographical material to identify the amendments to ASSA 5010\\. However, the amendments made by this standard do not include that underlining, striking out or other typographical material. Amended paragraphs are shown with deleted text struck through and new text underlined.\n2.  Existing paragraphs 9(c) to (e) are replaced with the following:\n\n1.  Group 1 entities – in this standard:\n    1.  entities to which paragraph 1707B(1)(a) of the Act applies; and\n    2.  entities that apply paragraph 1707DA(1) of the Act for the first time for a year commencing on or after 1 January 2025 but on or before 30 June 2026.\n2.  Group 2 entities – in this standard:\n    1.  entities to which paragraph 1707B(1)(b) of the Act applies (other than an entity to which the definition of ‘Group 1 entities’ in this standard applies);\n    2.  entities that apply paragraph 1707DA(1) of the Act for the first time for a year commencing on or after 1 July 2026 but on or before 30 June 2027; and\n    3.  entities that applied 1707DA(1) for a financial year and did not report under the Act for the following financial year that commenced before 1 July 2027.\n3.  Group 3 entities – in this standard:\n    1.  entities to which paragraph 1707B(1)(c) of the Act applies (other than an entity to which the definition of ‘Group 1 entities’ or ‘Group 2 entities’ in this standard applies);\n    2.  entities that apply paragraph 1707DA(1) of the Act for the first time for a year commencing on or after 1 July 2027 but on or before 31 December 2027; and\n    3.  entities that applied s1707DA(1) for a financial year but not for a following financial year and recommenced reporting under the Act for a year that commenced before 1 January 2028, other than an entity that meets the definition of a Group 2 entity in paragraph (d).\n\n1.  Replace the diagram in the Appendix with the following, including footnotes:\n\n| Years commencing                                                 | Year 1            | Year 2           | Year 3           | Year 4           | Year 5           | Year 6           |\n| ---------------------------------------------------------------- | ----------------- | ---------------- | ---------------- | ---------------- | ---------------- | ---------------- |\n| Group 1                                                          | 1/1/25 to 30/6/26 | 1/7/26 to30/6/27 | 1/7/27 to30/6/28 | 1/7/28 to30/6/29 | 1/7/29 to30/6/30 | 1/7/30 to30/6/31 |\n| Group 2                                                          | 1/7/26 to30/6/27  | 1/7/27 to30/6/28 | 1/7/28 to30/6/29 | 1/7/29 to30/6/30 | 1/7/30 to30/6/31 | 1/7/31 to30/6/32 |\n| Group 3                                                          | 1/7/27 to30/6/28  | 1/7/28 to30/6/29 | 1/7/29 to30/6/30 | 1/7/30 to30/6/31 | 1/7/31 to30/6/32 | 1/7/32 to30/6/33 |\n| Governance                                                       | Limited           | Limited          | Limited          | Reasonable       | Reasonable       | Reasonable       |\n| Risks and opportunities (AASB S2 subparas 9(a), 10(a) and 10(b)) | Limited           | Limited          | Limited          | Reasonable       | Reasonable       | Reasonable       |\n| Strategy – Risks and opportunities                               | None              | Limited          | Limited          | Reasonable       | Reasonable       | Reasonable       |\n| Climate resilience assessments / Scenario analysis               | None              | Limited          | Limited          | Reasonable       | Reasonable       | Reasonable       |\n| Transition plans                                                 | None              | Limited          | Limited          | Reasonable       | Reasonable       | Reasonable       |\n| Risk management                                                  | None              | Limited          | Limited          | Reasonable       | Reasonable       | Reasonable       |\n| Scope 1 and 2 emissions                                          | Limited           | Limited          | Limited          | Reasonable       | Reasonable       | Reasonable       |\n| Scope 3 emissions                                                | N/A               | Limited          | Limited          | Reasonable       | Reasonable       | Reasonable       |\n| Other climate-related metrics and targets                        | None              | Limited          | Limited          | Reasonable       | Reasonable       | Reasonable       |\n\nNotes:\n\n1.  For the purposes of ASSA 5010:\n\n(a) Group 1 entities include entities that voluntarily report under the Corporations Act 2001 (the Act) from years commencing 1/1/25 to 30/6/26.\n\n(b) Group 2 entities include:\n\n(i) Entities that voluntarily report under the Act from years commencing 1/7/26 to 30/6/27; and\n\n(ii) Entities that voluntarily reported under the Act for one year but did not report under the Act for the following year that commenced before 1 July 2027.\n\n(c) Group 3 entities include:\n\n(i) Entities that voluntarily report under the Act from years commencing 1/7/27 to 31/12/27; and\n\n(ii) Entities that reported voluntarily under the Act for a year but did not report under the Act for a following year that commenced before 1/1/28, other than entities that meet the definition of a Group 2 entity under ASSA 5010.\n\n1.  Group 1 entities with years commencing 1/1 to 30/6 will be subject to the Year 1 provisions twice (e.g. years commencing 1/1/25 and 1/1/26). Reporting of Scope 3 emissions is required for years commencing on or after 1/1/26 for Group 1 entities.\n2.  For years commencing of or after from 1/7/30 the Act requires reasonable assurance for all mandatory climate disclosures.\n3.  The phasing for assurance on statements that there are no material climate-related risks and opportunities is the same as for ‘Strategy – Risks and Opportunities’.\n4.  Where the entity does not intend to disclose a transition plan or target, assurance work in the first instance concerns whether the entity has a transition plan or target to be disclosed.","sortOrder":16}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":false,"description":"The amendments remain tightly focused on the original purpose of ASSA 5010 — establishing timelines for assurance of sustainability reports. The expansion to cover voluntary reporters is a natural extension of the existing framework rather than a scope creep, as it applies the same phasing mechanism to a related category of entities under the same legislative scheme."},"complexity_factors":["Multiple cross-references to sections of the Corporations Act 2001 (sections 1707B, 1707DA, 1707E, Chapter 2M) requiring external statutory knowledge","Nested conditional definitions for entity groupings with overlapping date ranges and exclusion clauses (e.g., \"other than an entity to which the definition of 'Group 1 entities'... applies\")","Complex phasing table with 6-year timeline across 3 entity groups and 9 different disclosure categories, each with varying assurance levels","Special transitional rules for entities that start, stop, and restart reporting (\"did not report under the Act for the following financial year\")","Interaction between voluntary reporting provisions (s1707DA) and mandatory reporting provisions (s1707B)","Technical terminology requiring familiarity with AASB S2 (Australian Accounting Standards Board Sustainability Standard 2) and emissions accounting concepts (Scope 1, 2, 3)"],"plain_english_summary":"This amendment to ASSA 5010 brings companies that voluntarily publish climate/sustainability information into the existing Group 1/2/3 timeline for assurance, expanding those group definitions to cover early reporters. It keeps the phased approach—moving from limited to reasonable assurance over time—so large mandatory reporters, early voluntary reporters, and their auditors follow the same verification schedule. The change prevents a two‑tier system and aligns how climate claims are checked across mandatory and voluntary disclosures."},"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":true,"description":"This amendment expands and clarifies scope by explicitly addressing voluntary sustainability reporters and specifying phased assurance timing and levels (including timing for Scope 3 reporting). It therefore modifies ASSA 5010’s application and timing rather than narrowing coverage, aligning the Standard’s timetable with amendments to the Corporations Act."},"complexity_factors":["Multiple overlapping entity groupings (Group 1–3) tied to Corporations Act cross‑references (paras replacing 9(c)–(e); references to ss1707B(1)(a) and 1707DA(1))","Phased, year‑by‑year timetable in an Appendix table with footnotes covering six ‘years’ and different start dates per group","Different assurance gradings over time (None → Limited → Reasonable) applied to multiple disclosure types (governance, strategy, resilience, transition plans, Scope 1–3, other metrics)","Special timing rules: double application of Year 1 for entities with years commencing 1/1–30/6; Scope 3 reporting start date for Group 1 (note in Appendix)","Hard operative window (operative for financial years commencing 1 Jan 2025 to 30 Jun 2030) and a statutory trigger point for reasonable assurance from years commencing on or after 1/7/2030","Dependence on external definitions (AUASB Glossary and AASB S2 cross‑references) without introducing new definitions in the standard","Implementation and compliance burdens on preparers and auditors due to staged scope increases and documentation/assurance methodology changes","Use of footnotes and diagrammatic timetable increases interpretive risk and requires careful mapping of an entity’s reporting year to the table"],"plain_english_summary":"This instrument amends ASSA 5010 to set a phased schedule for assurance on sustainability-report information under the Corporations Act. It defines three groups of reporting entities and a multi‑year timeline that moves assurance requirements from “limited” toward “reasonable” for governance, climate strategy, emissions (including Scope 3) and related metrics.\n\nIt applies to entities that report sustainability information (including voluntary reporters) and to auditors providing assurance; it matters because it fixes when higher‑level assurance is required, changing compliance timing, audit scope and likely costs."}},"importantCases":[],"_links":{"self":"/api/acts/amendments-to-assa-5010-timeline-for-audits-and-reviews-of-information-in-sustainability-reports-und","history":"/api/acts/amendments-to-assa-5010-timeline-for-audits-and-reviews-of-information-in-sustainability-reports-und/history","analysis":"/api/acts/amendments-to-assa-5010-timeline-for-audits-and-reviews-of-information-in-sustainability-reports-und/analysis","conflicts":"/api/acts/amendments-to-assa-5010-timeline-for-audits-and-reviews-of-information-in-sustainability-reports-und/conflicts","importantCases":"/api/acts/amendments-to-assa-5010-timeline-for-audits-and-reviews-of-information-in-sustainability-reports-und/important-cases","documents":"/api/acts/amendments-to-assa-5010-timeline-for-audits-and-reviews-of-information-in-sustainability-reports-und/documents"}}