{"id":"F2025L00109","name":"Australian Standard on Sustainability Assurance ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001","slug":"australian-standard-on-sustainability-assurance-assa-5010-timeline-for-audits-and-reviews-of-informa","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":105940,"registerId":"commonwealth-F2025L00109-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 Director - National, 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\nCOMPILATION DETAILS\n\nAUTHORITY STATEMENT\n\nCONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING\n\nParagraphs\n\nApplication.................................................................1\n\nEffective Date...............................................................2\n\nIntroduction\n\nContents of Sustainability Report................................................3-5\n\nAudit/review of Information in Sustainability Report..................................6-7\n\nObjective..................................................................8\n\nDefinitions.................................................................9\n\nRequirements............................................................10-11\n\nAppendix – Diagrammatic representation of assurance phasing","sortOrder":3},{"sectionNumber":"COMPILATION DETAILS","sectionType":"part","heading":"COMPILATION DETAILS","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 Director - National, 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\nCOMPILATION DETAILS\n\nAUTHORITY STATEMENT\n\nCONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING\n\nParagraphs\n\nApplication.................................................................1\n\nEffective Date...............................................................2\n\nIntroduction\n\nContents of Sustainability Report................................................3-5\n\nAudit/review of Information in Sustainability Report..................................6-7\n\nObjective..................................................................8\n\nDefinitions.................................................................9\n\nRequirements............................................................10-11\n\nAppendix – Diagrammatic representation of assurance phasing\n\n  \n\n# COMPILATION DETAILS\n\n### Australian Standard on Sustainability Assurance ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 (as Amended)\n\nThis compilation takes into account amendments made up to and including 17 December 2025 and was prepared on 5 January 2026 by the Auditing and Assurance Standards Board (AUASB).\n\nThis compilation is not a separate Standard on Sustainability Assurance made by the AUASB. Instead, it is a representation of ASSA 5010 (January 2025) as amended by another AUASB Standard which is listed in the Table below.\n\n##### Table of Standards\n\n| Standard     | Date made        | Operative Date                                                 |\n| ------------ | ---------------- | -------------------------------------------------------------- |\n| ASSA 5010    | 28 January 2025  | Financial years commencing from 1 January 2025 to 30 June 2030 |\n| ASSA 2025‑10 | 17 December 2025 | Financial years commencing from 1 January 2025 to 30 June 2030 |\n\nLegislation History\n\n| Standard     | Registration Number | Registration Date | Commencement Date |\n| ------------ | ------------------- | ----------------- | ----------------- |\n| ASSA 5010    | F2025L00109         | 12 February 2025  | 13 February 2025  |\n| ASSA 2025-10 | F2025L01654         | 23 December 2025  | 24 December 2025  |\n\n##### Table of Amendments\n\n| Paragraph affected | How affected | By … [paragraph] |\n| ------------------ | ------------ | ---------------- |\n| 9                  | Amended      | ASSA 2025‑10 [7] |\n| Appendix           | Amended      | ASSA 2025‑10 [8] |\n\n  \n\n## AUTHORITY STATEMENT\n\nThe Auditing and Assurance Standards Board (AUASB) makes this Standard on Sustainability Assurance ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 as an auditing standard 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 section 336 of the Act.\n\nThis Standard on Sustainability Assurance is to be read in conjunction with ASA 101 Preamble to AUASB Standards, which sets out how AUASB Standards are to be understood, interpreted and applied.\n\n##### Conformity with International Sustainability Assurance Standards\n\nThis standard has been made to specify the extent and timing of audits and reviews of information in sustainability reports as required by Australian legislation. There is no equivalent International Auditing and Assurance Standards Board standard.","sortOrder":4},{"sectionNumber":"Australian Standard on Sustainability As","sectionType":"division","heading":"Australian Standard on Sustainability Assurance ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 (as Amended)","content":"### Australian Standard on Sustainability Assurance ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 (as Amended)\n\nThis compilation takes into account amendments made up to and including 17 December 2025 and was prepared on 5 January 2026 by the Auditing and Assurance Standards Board (AUASB).\n\nThis compilation is not a separate Standard on Sustainability Assurance made by the AUASB. Instead, it is a representation of ASSA 5010 (January 2025) as amended by another AUASB Standard which is listed in the Table below.","sortOrder":5},{"sectionNumber":"Table of Standards","sectionType":"section","heading":"Table of Standards","content":"##### Table of Standards\n\n| Standard     | Date made        | Operative Date                                                 |\n| ------------ | ---------------- | -------------------------------------------------------------- |\n| ASSA 5010    | 28 January 2025  | Financial years commencing from 1 January 2025 to 30 June 2030 |\n| ASSA 2025‑10 | 17 December 2025 | Financial years commencing from 1 January 2025 to 30 June 2030 |\n\nLegislation History\n\n| Standard     | Registration Number | Registration Date | Commencement Date |\n| ------------ | ------------------- | ----------------- | ----------------- |\n| ASSA 5010    | F2025L00109         | 12 February 2025  | 13 February 2025  |\n| ASSA 2025-10 | F2025L01654         | 23 December 2025  | 24 December 2025  |","sortOrder":6},{"sectionNumber":"Table of Amendments","sectionType":"section","heading":"Table of Amendments","content":"##### Table of Amendments\n\n| Paragraph affected | How affected | By … [paragraph] |\n| ------------------ | ------------ | ---------------- |\n| 9                  | Amended      | ASSA 2025‑10 [7] |\n| Appendix           | Amended      | ASSA 2025‑10 [8] |\n\n  \n\n## AUTHORITY STATEMENT\n\nThe Auditing and Assurance Standards Board (AUASB) makes this Standard on Sustainability Assurance ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 as an auditing standard 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 section 336 of the Act.\n\nThis Standard on Sustainability Assurance is to be read in conjunction with ASA 101 Preamble to AUASB Standards, which sets out how AUASB Standards are to be understood, interpreted and applied.\n\n##### Conformity with International Sustainability Assurance Standards\n\nThis standard has been made to specify the extent and timing of audits and reviews of information in sustainability reports as required by Australian legislation. There is no equivalent International Auditing and Assurance Standards Board standard.","sortOrder":7},{"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 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 as an auditing standard 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 section 336 of the Act.\n\nThis Standard on Sustainability Assurance is to be read in conjunction with ASA 101 Preamble to AUASB Standards, which sets out how AUASB Standards are to be understood, interpreted and applied.","sortOrder":8},{"sectionNumber":"Conformity with International Sustainabi","sectionType":"section","heading":"Conformity with International Sustainability Assurance Standards","content":"##### Conformity with International Sustainability Assurance Standards\n\nThis standard has been made to specify the extent and timing of audits and reviews of information in sustainability reports as required by Australian legislation. There is no equivalent International Auditing and Assurance Standards Board standard.","sortOrder":9},{"sectionNumber":"AUSTRALIAN Standard ON SUSTAINABILITY AS","sectionType":"part","heading":"AUSTRALIAN Standard ON SUSTAINABILITY ASSURANCE ASSA 5010","content":"AUSTRALIAN Standard on sustainability assurance ASSA 5010\n\nThe Auditing and Assurance Standards Board (AUASB) made Australian Standard on Sustainability Assurance ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 28 January 2025.\n\nThis compiled version of ASSA 5010 incorporates subsequent amendments contained in another AUASB Standard made by the AUASB up to and including 17 December 2025 (see Compilation Details).\n\n## AUSTRALIAN Standard ON SUSTAINABILITY ASSURANCE ASSA 5010\n\n### 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##### Effective Date\n\n1.  This standard is operative for financial years commencing from 1 January 2025 to 30 June 2030.\n\n##### Introduction\n\n###### Contents of Sustainability Report\n\n1.  The Act requires certain entities that prepare annual financial reports under Chapter 2M of the Act to also prepare an annual sustainability report to accompany the financial report.\n2.  The sustainability report for a financial year consists of:\n    1.  the climate statement for the year required by the Sustainability Standards;\n    2.  any notes to the climate statements required by the Sustainability Standards or a legislative instrument made by the Minister under subsection 296A(4);\n    3.  any statements and notes relating to other financial matters concerning environmental sustainability required by a legislative instrument made by the Minister under subsection 296A(5); and\n    4.  the directors’ declaration about the statements and the notes.[\\[1\\]](#_ftn1)\n3.  Paragraph C3 in Appendix C of the Australian Sustainability Reporting Standard AASB S2 Climate-related Disclosures (AASB S2) provides that an entity is not required to provide comparative information in the first annual reporting period that it applies that standard.\n\n###### Audit/review of Information in the Sustainability Report\n\n1.  The Act requires:\n    1.  Sustainability reports for financial years commencing on or after 1 July 2030 to be audited.[\\[2\\]](#_ftn2)\n    2.  The Auditing and Assurance Standards Board (AUASB) to make auditing standards for financial years commencing 1 January 2025 to 30 June 2030 that specify the extent to which information in the sustainability report must be audited and/or reviewed.[\\[3\\]](#_ftn3)\n2.  This standard uses the terms auditor, audit and review which are consistent with the Act. For the avoidance of doubt, the following terms used in the AUASB’s Standards are to be read as having the same meaning as the terms used in the Act shown in the table below when conducting an audit or review of information in a sustainability report:\n\n| Term(s) in the Act                           | Term(s) in AUASB standards          |\n| -------------------------------------------- | ----------------------------------- |\n| Review (noun)                                | Limited assurance engagement        |\n| Audit (noun)                                 | Reasonable assurance engagement     |\n| Audit (noun) or review (noun), as applicable | Sustainability assurance engagement |\n\n##### Objective\n\n1.  The objective of this standard is to specify the information in a sustainability report that is required to be audited and/or reviewed in accordance with Australian Standard on Sustainability Assurance ASSA 5000 General Requirements for Sustainability Assurance Engagements for each relevant financial year.\n\n##### Definitions\n\n1.  Unless otherwise stated, terms used in this standard have the same meaning as those terms have for the purposes of Chapter 2M of the Act. The following terms have the meanings attributed below:\n    1.  AASB S2 – Australian Sustainability Reporting Standard AASB S2 Climate-related Disclosures.\n    2.  Auditor – the audit firm, audit company or individual auditor of the entity for the purposes of Chapter 2M of the Act.\n    3.  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.\n    4.  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.\n    5.  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    6.  First year of reporting – the first financial year commencing:\n        1.  For Group 1 entities – from 1 January 2025 to 30 June 2026;\n        2.  For Group 2 entities – 1 July 2026 to 30 June 2027;\n        3.  For Group 3 entities – 1 July 2027 to 30 June 2028.\n    7.  Second year of reporting – the first financial year commencing:\n        1.  For Group 1 entities – 1 July 2026 to 30 June 2027;\n        2.  For Group 2 entities – 1 July 2027 to 30 June 2028;\n        3.  For Group 3 entities – 1 July 2028 to 30 June 2029.\n    8.  Third year of reporting – the first financial year commencing;\n        1.  For Group 1 entities – 1 July 2027 to 30 June 2028;\n        2.  For Group 2 entities – 1 July 2028 to 30 June 2029;\n        3.  For Group 3 entities – 1 July 2029 to 30 June 2030.\n    9.  Fourth year of reporting – the first financial year commencing on or after:\n        1.  For Group 1 entities – 1 July 2028;\n        2.  For Group 2 entities – 1 July 2029;\n        3.  For Group 3 entities – 1 July 2030.\n    10.  Sustainability Report – A sustainability report required under section 292A of the Act (see section 9 of the Act).\n    11.  Sustainability Standards – those standards made for the purposes of the Act pursuant to section 336A of the Act.\n\n##### Requirements\n\n1.  Subject to paragraph 11, information in the sustainability report shall be subject to audit and / or review as follows:\n    1.  For the First Year of Reporting the auditor shall conduct a review over the disclosures (including related general disclosures in Appendix D to AASB S2) relating to:\n        1.  Governance in accordance with paragraph 6 of AASB S2;\n        2.  Strategy (risks and opportunities) in accordance with subparagraphs 9(a), 10(a) and 10(b) of AASB S2;\n        3.  Scope 1 and Scope 2 greenhouse gas emissions in accordance with subparagraphs 29(a)(i)(1) to (2) and 29(a)(ii) to (v) of AASB S2; and\n        4.  Any statement that there are no material risks or opportunities relating to climate and how that applies to the entity under s296B(1)(c) and (d) of the Act or any similar statement otherwise made in the sustainability report.\n    2.  For the Second and Third Years of Reporting, the auditor shall conduct a review of all disclosures in the sustainability report (including related general disclosures in Appendix D to AASB S2).\n    3.  From the Fourth Year of Reporting onwards the auditor shall conduct an audit over all disclosures in the sustainability report.\n    4.  The auditor is not prevented by (a) and (b) from:\n        1.  conducting an audit of any information in the sustainability report for a financial year in which a review of that information is otherwise required; and/or\n        2.  conducting an audit or review of any information in the sustainability report for a financial year in which an audit or review of that information is not required.\n2.  Where the sustainability report is required to, or does, include comparative information and, subject to the provisions of other ASSAs on comparative information:\n    1.  That information was not required to be, and was not, subject to assurance for the purposes of a publicly available report for the previous financial year, that comparative information is not required to be subject to assurance in the current year; and\n    2.  That information was required to be, or was, subject to limited assurance for the purposes of a publicly available report for the previous financial year, that comparative information is not required to be subject to reasonable assurance in the current year.\n\n\\* \\* \\*\n\n  \n\n#### Appendix - Diagrammatic representation of assurance phasing\n\n(Ref: Para. 10)\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":"Timeline for Audits and Reviews of Infor","sectionType":"division","heading":"Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001","content":"AUSTRALIAN Standard on sustainability assurance ASSA 5010\n\nThe Auditing and Assurance Standards Board (AUASB) made Australian Standard on Sustainability Assurance ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 28 January 2025.\n\nThis compiled version of ASSA 5010 incorporates subsequent amendments contained in another AUASB Standard made by the AUASB up to and including 17 December 2025 (see Compilation Details).\n\n## AUSTRALIAN Standard ON SUSTAINABILITY ASSURANCE ASSA 5010\n\n### 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##### Effective Date\n\n1.  This standard is operative for financial years commencing from 1 January 2025 to 30 June 2030.\n\n##### Introduction\n\n###### Contents of Sustainability Report\n\n1.  The Act requires certain entities that prepare annual financial reports under Chapter 2M of the Act to also prepare an annual sustainability report to accompany the financial report.\n2.  The sustainability report for a financial year consists of:\n    1.  the climate statement for the year required by the Sustainability Standards;\n    2.  any notes to the climate statements required by the Sustainability Standards or a legislative instrument made by the Minister under subsection 296A(4);\n    3.  any statements and notes relating to other financial matters concerning environmental sustainability required by a legislative instrument made by the Minister under subsection 296A(5); and\n    4.  the directors’ declaration about the statements and the notes.[\\[1\\]](#_ftn1)\n3.  Paragraph C3 in Appendix C of the Australian Sustainability Reporting Standard AASB S2 Climate-related Disclosures (AASB S2) provides that an entity is not required to provide comparative information in the first annual reporting period that it applies that standard.\n\n###### Audit/review of Information in the Sustainability Report\n\n1.  The Act requires:\n    1.  Sustainability reports for financial years commencing on or after 1 July 2030 to be audited.[\\[2\\]](#_ftn2)\n    2.  The Auditing and Assurance Standards Board (AUASB) to make auditing standards for financial years commencing 1 January 2025 to 30 June 2030 that specify the extent to which information in the sustainability report must be audited and/or reviewed.[\\[3\\]](#_ftn3)\n2.  This standard uses the terms auditor, audit and review which are consistent with the Act. For the avoidance of doubt, the following terms used in the AUASB’s Standards are to be read as having the same meaning as the terms used in the Act shown in the table below when conducting an audit or review of information in a sustainability report:\n\n| Term(s) in the Act                           | Term(s) in AUASB standards          |\n| -------------------------------------------- | ----------------------------------- |\n| Review (noun)                                | Limited assurance engagement        |\n| Audit (noun)                                 | Reasonable assurance engagement     |\n| Audit (noun) or review (noun), as applicable | Sustainability assurance engagement |\n\n##### Objective\n\n1.  The objective of this standard is to specify the information in a sustainability report that is required to be audited and/or reviewed in accordance with Australian Standard on Sustainability Assurance ASSA 5000 General Requirements for Sustainability Assurance Engagements for each relevant financial year.\n\n##### Definitions\n\n1.  Unless otherwise stated, terms used in this standard have the same meaning as those terms have for the purposes of Chapter 2M of the Act. The following terms have the meanings attributed below:\n    1.  AASB S2 – Australian Sustainability Reporting Standard AASB S2 Climate-related Disclosures.\n    2.  Auditor – the audit firm, audit company or individual auditor of the entity for the purposes of Chapter 2M of the Act.\n    3.  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.\n    4.  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.\n    5.  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    6.  First year of reporting – the first financial year commencing:\n        1.  For Group 1 entities – from 1 January 2025 to 30 June 2026;\n        2.  For Group 2 entities – 1 July 2026 to 30 June 2027;\n        3.  For Group 3 entities – 1 July 2027 to 30 June 2028.\n    7.  Second year of reporting – the first financial year commencing:\n        1.  For Group 1 entities – 1 July 2026 to 30 June 2027;\n        2.  For Group 2 entities – 1 July 2027 to 30 June 2028;\n        3.  For Group 3 entities – 1 July 2028 to 30 June 2029.\n    8.  Third year of reporting – the first financial year commencing;\n        1.  For Group 1 entities – 1 July 2027 to 30 June 2028;\n        2.  For Group 2 entities – 1 July 2028 to 30 June 2029;\n        3.  For Group 3 entities – 1 July 2029 to 30 June 2030.\n    9.  Fourth year of reporting – the first financial year commencing on or after:\n        1.  For Group 1 entities – 1 July 2028;\n        2.  For Group 2 entities – 1 July 2029;\n        3.  For Group 3 entities – 1 July 2030.\n    10.  Sustainability Report – A sustainability report required under section 292A of the Act (see section 9 of the Act).\n    11.  Sustainability Standards – those standards made for the purposes of the Act pursuant to section 336A of the Act.\n\n##### Requirements\n\n1.  Subject to paragraph 11, information in the sustainability report shall be subject to audit and / or review as follows:\n    1.  For the First Year of Reporting the auditor shall conduct a review over the disclosures (including related general disclosures in Appendix D to AASB S2) relating to:\n        1.  Governance in accordance with paragraph 6 of AASB S2;\n        2.  Strategy (risks and opportunities) in accordance with subparagraphs 9(a), 10(a) and 10(b) of AASB S2;\n        3.  Scope 1 and Scope 2 greenhouse gas emissions in accordance with subparagraphs 29(a)(i)(1) to (2) and 29(a)(ii) to (v) of AASB S2; and\n        4.  Any statement that there are no material risks or opportunities relating to climate and how that applies to the entity under s296B(1)(c) and (d) of the Act or any similar statement otherwise made in the sustainability report.\n    2.  For the Second and Third Years of Reporting, the auditor shall conduct a review of all disclosures in the sustainability report (including related general disclosures in Appendix D to AASB S2).\n    3.  From the Fourth Year of Reporting onwards the auditor shall conduct an audit over all disclosures in the sustainability report.\n    4.  The auditor is not prevented by (a) and (b) from:\n        1.  conducting an audit of any information in the sustainability report for a financial year in which a review of that information is otherwise required; and/or\n        2.  conducting an audit or review of any information in the sustainability report for a financial year in which an audit or review of that information is not required.\n2.  Where the sustainability report is required to, or does, include comparative information and, subject to the provisions of other ASSAs on comparative information:\n    1.  That information was not required to be, and was not, subject to assurance for the purposes of a publicly available report for the previous financial year, that comparative information is not required to be subject to assurance in the current year; and\n    2.  That information was required to be, or was, subject to limited assurance for the purposes of a publicly available report for the previous financial year, that comparative information is not required to be subject to reasonable assurance in the current year.\n\n\\* \\* \\*\n\n  \n\n#### Appendix - Diagrammatic representation of assurance phasing\n\n(Ref: Para. 10)\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":11},{"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":12},{"sectionNumber":"Effective Date","sectionType":"section","heading":"Effective Date","content":"##### Effective Date\n\n1.  This standard is operative for financial years commencing from 1 January 2025 to 30 June 2030.","sortOrder":13},{"sectionNumber":"Introduction","sectionType":"section","heading":"Introduction","content":"AUSTRALIAN Standard on sustainability assurance ASSA 5010\n\nThe Auditing and Assurance Standards Board (AUASB) made Australian Standard on Sustainability Assurance ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 28 January 2025.\n\nThis compiled version of ASSA 5010 incorporates subsequent amendments contained in another AUASB Standard made by the AUASB up to and including 17 December 2025 (see Compilation Details).\n\n## AUSTRALIAN Standard ON SUSTAINABILITY ASSURANCE ASSA 5010\n\n### 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##### Effective Date\n\n1.  This standard is operative for financial years commencing from 1 January 2025 to 30 June 2030.\n\n##### Introduction\n\n###### Contents of Sustainability Report\n\n1.  The Act requires certain entities that prepare annual financial reports under Chapter 2M of the Act to also prepare an annual sustainability report to accompany the financial report.\n2.  The sustainability report for a financial year consists of:\n    1.  the climate statement for the year required by the Sustainability Standards;\n    2.  any notes to the climate statements required by the Sustainability Standards or a legislative instrument made by the Minister under subsection 296A(4);\n    3.  any statements and notes relating to other financial matters concerning environmental sustainability required by a legislative instrument made by the Minister under subsection 296A(5); and\n    4.  the directors’ declaration about the statements and the notes.[\\[1\\]](#_ftn1)\n3.  Paragraph C3 in Appendix C of the Australian Sustainability Reporting Standard AASB S2 Climate-related Disclosures (AASB S2) provides that an entity is not required to provide comparative information in the first annual reporting period that it applies that standard.\n\n###### Audit/review of Information in the Sustainability Report\n\n1.  The Act requires:\n    1.  Sustainability reports for financial years commencing on or after 1 July 2030 to be audited.[\\[2\\]](#_ftn2)\n    2.  The Auditing and Assurance Standards Board (AUASB) to make auditing standards for financial years commencing 1 January 2025 to 30 June 2030 that specify the extent to which information in the sustainability report must be audited and/or reviewed.[\\[3\\]](#_ftn3)\n2.  This standard uses the terms auditor, audit and review which are consistent with the Act. For the avoidance of doubt, the following terms used in the AUASB’s Standards are to be read as having the same meaning as the terms used in the Act shown in the table below when conducting an audit or review of information in a sustainability report:\n\n| Term(s) in the Act                           | Term(s) in AUASB standards          |\n| -------------------------------------------- | ----------------------------------- |\n| Review (noun)                                | Limited assurance engagement        |\n| Audit (noun)                                 | Reasonable assurance engagement     |\n| Audit (noun) or review (noun), as applicable | Sustainability assurance engagement |\n\n##### Objective\n\n1.  The objective of this standard is to specify the information in a sustainability report that is required to be audited and/or reviewed in accordance with Australian Standard on Sustainability Assurance ASSA 5000 General Requirements for Sustainability Assurance Engagements for each relevant financial year.\n\n##### Definitions\n\n1.  Unless otherwise stated, terms used in this standard have the same meaning as those terms have for the purposes of Chapter 2M of the Act. The following terms have the meanings attributed below:\n    1.  AASB S2 – Australian Sustainability Reporting Standard AASB S2 Climate-related Disclosures.\n    2.  Auditor – the audit firm, audit company or individual auditor of the entity for the purposes of Chapter 2M of the Act.\n    3.  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.\n    4.  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.\n    5.  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    6.  First year of reporting – the first financial year commencing:\n        1.  For Group 1 entities – from 1 January 2025 to 30 June 2026;\n        2.  For Group 2 entities – 1 July 2026 to 30 June 2027;\n        3.  For Group 3 entities – 1 July 2027 to 30 June 2028.\n    7.  Second year of reporting – the first financial year commencing:\n        1.  For Group 1 entities – 1 July 2026 to 30 June 2027;\n        2.  For Group 2 entities – 1 July 2027 to 30 June 2028;\n        3.  For Group 3 entities – 1 July 2028 to 30 June 2029.\n    8.  Third year of reporting – the first financial year commencing;\n        1.  For Group 1 entities – 1 July 2027 to 30 June 2028;\n        2.  For Group 2 entities – 1 July 2028 to 30 June 2029;\n        3.  For Group 3 entities – 1 July 2029 to 30 June 2030.\n    9.  Fourth year of reporting – the first financial year commencing on or after:\n        1.  For Group 1 entities – 1 July 2028;\n        2.  For Group 2 entities – 1 July 2029;\n        3.  For Group 3 entities – 1 July 2030.\n    10.  Sustainability Report – A sustainability report required under section 292A of the Act (see section 9 of the Act).\n    11.  Sustainability Standards – those standards made for the purposes of the Act pursuant to section 336A of the Act.\n\n##### Requirements\n\n1.  Subject to paragraph 11, information in the sustainability report shall be subject to audit and / or review as follows:\n    1.  For the First Year of Reporting the auditor shall conduct a review over the disclosures (including related general disclosures in Appendix D to AASB S2) relating to:\n        1.  Governance in accordance with paragraph 6 of AASB S2;\n        2.  Strategy (risks and opportunities) in accordance with subparagraphs 9(a), 10(a) and 10(b) of AASB S2;\n        3.  Scope 1 and Scope 2 greenhouse gas emissions in accordance with subparagraphs 29(a)(i)(1) to (2) and 29(a)(ii) to (v) of AASB S2; and\n        4.  Any statement that there are no material risks or opportunities relating to climate and how that applies to the entity under s296B(1)(c) and (d) of the Act or any similar statement otherwise made in the sustainability report.\n    2.  For the Second and Third Years of Reporting, the auditor shall conduct a review of all disclosures in the sustainability report (including related general disclosures in Appendix D to AASB S2).\n    3.  From the Fourth Year of Reporting onwards the auditor shall conduct an audit over all disclosures in the sustainability report.\n    4.  The auditor is not prevented by (a) and (b) from:\n        1.  conducting an audit of any information in the sustainability report for a financial year in which a review of that information is otherwise required; and/or\n        2.  conducting an audit or review of any information in the sustainability report for a financial year in which an audit or review of that information is not required.\n2.  Where the sustainability report is required to, or does, include comparative information and, subject to the provisions of other ASSAs on comparative information:\n    1.  That information was not required to be, and was not, subject to assurance for the purposes of a publicly available report for the previous financial year, that comparative information is not required to be subject to assurance in the current year; and\n    2.  That information was required to be, or was, subject to limited assurance for the purposes of a publicly available report for the previous financial year, that comparative information is not required to be subject to reasonable assurance in the current year.\n\n\\* \\* \\*\n\n  \n\n#### Appendix - Diagrammatic representation of assurance phasing\n\n(Ref: Para. 10)\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":14},{"sectionNumber":"Contents of Sustainability Report","sectionType":"section","heading":"Contents of Sustainability Report","content":"###### Contents of Sustainability Report\n\n1.  The Act requires certain entities that prepare annual financial reports under Chapter 2M of the Act to also prepare an annual sustainability report to accompany the financial report.\n2.  The sustainability report for a financial year consists of:\n    1.  the climate statement for the year required by the Sustainability Standards;\n    2.  any notes to the climate statements required by the Sustainability Standards or a legislative instrument made by the Minister under subsection 296A(4);\n    3.  any statements and notes relating to other financial matters concerning environmental sustainability required by a legislative instrument made by the Minister under subsection 296A(5); and\n    4.  the directors’ declaration about the statements and the notes.[\\[1\\]](#_ftn1)\n3.  Paragraph C3 in Appendix C of the Australian Sustainability Reporting Standard AASB S2 Climate-related Disclosures (AASB S2) provides that an entity is not required to provide comparative information in the first annual reporting period that it applies that standard.","sortOrder":15},{"sectionNumber":"Audit/review of Information in the Susta","sectionType":"section","heading":"Audit/review of Information in the Sustainability Report","content":"###### Audit/review of Information in the Sustainability Report\n\n1.  The Act requires:\n    1.  Sustainability reports for financial years commencing on or after 1 July 2030 to be audited.[\\[2\\]](#_ftn2)\n    2.  The Auditing and Assurance Standards Board (AUASB) to make auditing standards for financial years commencing 1 January 2025 to 30 June 2030 that specify the extent to which information in the sustainability report must be audited and/or reviewed.[\\[3\\]](#_ftn3)\n2.  This standard uses the terms auditor, audit and review which are consistent with the Act. For the avoidance of doubt, the following terms used in the AUASB’s Standards are to be read as having the same meaning as the terms used in the Act shown in the table below when conducting an audit or review of information in a sustainability report:\n\n| Term(s) in the Act                           | Term(s) in AUASB standards          |\n| -------------------------------------------- | ----------------------------------- |\n| Review (noun)                                | Limited assurance engagement        |\n| Audit (noun)                                 | Reasonable assurance engagement     |\n| Audit (noun) or review (noun), as applicable | Sustainability assurance engagement |","sortOrder":16},{"sectionNumber":"Objective","sectionType":"section","heading":"Objective","content":"##### Objective\n\n1.  The objective of this standard is to specify the information in a sustainability report that is required to be audited and/or reviewed in accordance with Australian Standard on Sustainability Assurance ASSA 5000 General Requirements for Sustainability Assurance Engagements for each relevant financial year.","sortOrder":17},{"sectionNumber":"Definitions","sectionType":"section","heading":"Definitions","content":"##### Definitions\n\n1.  Unless otherwise stated, terms used in this standard have the same meaning as those terms have for the purposes of Chapter 2M of the Act. The following terms have the meanings attributed below:\n    1.  AASB S2 – Australian Sustainability Reporting Standard AASB S2 Climate-related Disclosures.\n    2.  Auditor – the audit firm, audit company or individual auditor of the entity for the purposes of Chapter 2M of the Act.\n    3.  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.\n    4.  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.\n    5.  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    6.  First year of reporting – the first financial year commencing:\n        1.  For Group 1 entities – from 1 January 2025 to 30 June 2026;\n        2.  For Group 2 entities – 1 July 2026 to 30 June 2027;\n        3.  For Group 3 entities – 1 July 2027 to 30 June 2028.\n    7.  Second year of reporting – the first financial year commencing:\n        1.  For Group 1 entities – 1 July 2026 to 30 June 2027;\n        2.  For Group 2 entities – 1 July 2027 to 30 June 2028;\n        3.  For Group 3 entities – 1 July 2028 to 30 June 2029.\n    8.  Third year of reporting – the first financial year commencing;\n        1.  For Group 1 entities – 1 July 2027 to 30 June 2028;\n        2.  For Group 2 entities – 1 July 2028 to 30 June 2029;\n        3.  For Group 3 entities – 1 July 2029 to 30 June 2030.\n    9.  Fourth year of reporting – the first financial year commencing on or after:\n        1.  For Group 1 entities – 1 July 2028;\n        2.  For Group 2 entities – 1 July 2029;\n        3.  For Group 3 entities – 1 July 2030.\n    10.  Sustainability Report – A sustainability report required under section 292A of the Act (see section 9 of the Act).\n    11.  Sustainability Standards – those standards made for the purposes of the Act pursuant to section 336A of the Act.","sortOrder":18},{"sectionNumber":"Requirements","sectionType":"section","heading":"Requirements","content":"##### Requirements\n\n1.  Subject to paragraph 11, information in the sustainability report shall be subject to audit and / or review as follows:\n    1.  For the First Year of Reporting the auditor shall conduct a review over the disclosures (including related general disclosures in Appendix D to AASB S2) relating to:\n        1.  Governance in accordance with paragraph 6 of AASB S2;\n        2.  Strategy (risks and opportunities) in accordance with subparagraphs 9(a), 10(a) and 10(b) of AASB S2;\n        3.  Scope 1 and Scope 2 greenhouse gas emissions in accordance with subparagraphs 29(a)(i)(1) to (2) and 29(a)(ii) to (v) of AASB S2; and\n        4.  Any statement that there are no material risks or opportunities relating to climate and how that applies to the entity under s296B(1)(c) and (d) of the Act or any similar statement otherwise made in the sustainability report.\n    2.  For the Second and Third Years of Reporting, the auditor shall conduct a review of all disclosures in the sustainability report (including related general disclosures in Appendix D to AASB S2).\n    3.  From the Fourth Year of Reporting onwards the auditor shall conduct an audit over all disclosures in the sustainability report.\n    4.  The auditor is not prevented by (a) and (b) from:\n        1.  conducting an audit of any information in the sustainability report for a financial year in which a review of that information is otherwise required; and/or\n        2.  conducting an audit or review of any information in the sustainability report for a financial year in which an audit or review of that information is not required.\n2.  Where the sustainability report is required to, or does, include comparative information and, subject to the provisions of other ASSAs on comparative information:\n    1.  That information was not required to be, and was not, subject to assurance for the purposes of a publicly available report for the previous financial year, that comparative information is not required to be subject to assurance in the current year; and\n    2.  That information was required to be, or was, subject to limited assurance for the purposes of a publicly available report for the previous financial year, that comparative information is not required to be subject to reasonable assurance in the current year.\n\n\\* \\* \\*","sortOrder":19},{"sectionNumber":"Appendix - Diagrammatic representation o","sectionType":"subdivision","heading":"Appendix - Diagrammatic representation of assurance phasing","content":"#### Appendix - Diagrammatic representation of assurance phasing\n\n(Ref: Para. 10)\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":20}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":false,"description":"The standard maintains its original purpose of phasing assurance requirements for sustainability reports. The December 2025 amendments (ASSA 2025-10) appear limited to technical updates of paragraph 9 (definitions) and the Appendix diagram, without expanding the scope beyond the original intent of establishing a transitional assurance timeline for 2025–2030."},"complexity_factors":["Multiple overlapping entity group definitions (Group 1, 2, 3) with distinct commencement dates and eligibility criteria","Cross-references to external standards (AASB S2, ASSA 5000) and Corporations Act sections (1707B, 1707DA, 296A, 296B)","Temporal phasing logic requiring tracking of financial year commencement dates across 2025–2030","Dual assurance level system (limited vs reasonable assurance) applied differentially to disclosure categories","Comparative information rules with conditional exceptions based on prior year assurance status","Nested definitions for 'First/Second/Third/Fourth year of reporting' that vary by entity group","Appendix table with 9 disclosure categories × 6 years × 3 entity groups creating 162 potential assurance combinations","Voluntary reporter provisions creating edge cases for entities that start then stop reporting"],"plain_english_summary":"This standard creates a five‑year, staged regime (2025–2030) requiring auditors to check climate and sustainability disclosures in large Australian companies’ annual reports, moving from limited assurance on core governance, strategy and Scope 1–2 emissions to eventual full (reasonable) assurance of all disclosures. It applies to companies covered by Chapter 2M, their auditors, and investors, and aims to reduce greenwashing by improving the credibility of climate data while giving businesses time to build reporting systems."},"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":false,"description":"The Standard implements a phased assurance timetable required by the Corporations Act and refines which disclosures are subject to review or audit in each reporting year. The December 2025 amendment adjusted specific definitions (paragraph 9) and the Appendix phasing diagram but did not expand the Standard beyond its original implementation purpose — it preserves the original scope (phased move from limited assurance to reasonable assurance over sustainability disclosures) rather than materially widening subject matter or adding new mandatory categories of reporting."},"complexity_factors":["Multiple cross‑references to external instruments (Corporations Act Chapter 2M; AASB S2 paragraphs and appendices).","Phased, conditional logic across three reporter groups and four reporting‑year stages (Definitions Para. 9; Requirements Para. 10).","Several specifically defined terms and date bands (at least 11 defined items in Definitions, including Group 1/2/3 and First/Second/Third/Fourth year).","Different assurance levels (limited vs reasonable) mapped to specific disclosure items (Requirements Para. 10.1).","Exceptions and carve‑outs for comparative information with conditional rules (Requirements Para. 10.2).","Appendix contains a tabular/diagrammatic phasing that must be read together with the main text (amendments to Appendix noted).","Repeated and overlapping textual material in compilation increases reading effort (compilation includes original Standard plus ASSA 2025‑10 amendments)."],"plain_english_summary":"**What this Standard does (mechanically)**\n\n- This AUASB standard (ASSA 5010) sets out which parts of a company’s annual sustainability report must be subject to an auditor’s assurance work, and when that assurance must move from a lighter review (limited assurance) to a full audit (reasonable assurance).  (See: Requirements, Para. 10.)\n\n- It applies to sustainability reports prepared under Chapter 2M of the Corporations Act — i.e. entities that are required by the Act to publish an annual sustainability report alongside their financial report. (Application, Para. 1.)\n\n- The standard phases assurance by reporter group and by reporting year:\n  - First year of reporting (Group‑specific date bands): the auditor must perform a review (limited assurance) over a limited set of disclosures: governance, certain strategy disclosures about risks and opportunities, Scope 1 and Scope 2 greenhouse gas emissions, and any statement that there are no material climate‑related risks or opportunities. (Requirements, Para. 10.1(a).)\n  - Second and third years: the auditor must review (limited assurance) all disclosures in the sustainability report. (Requirements, Para. 10.1(b).)\n  - Fourth year onward: the auditor must audit (reasonable assurance) all disclosures in the sustainability report. (Requirements, Para. 10.1(c).)\n  - Auditors may elect to do more assurance work earlier (they are not prevented from auditing when a review is required, or from performing assurance where not strictly required). (Requirements, Para. 10.1(d).)\n\n- The Standard also treats comparative information: if a particular comparative item in the prior year was not subject to assurance, it need not be assured in the current year; if it was subject only to limited assurance previously, the current year need not require reasonable assurance for the comparable item. (Requirements, Para. 10.2.)\n\n- The standard is operative for financial years commencing from 1 January 2025 until 30 June 2030. (Effective Date.)\n\n**Who this affects**\n\n- Entities required by Chapter 2M of the Corporations Act to prepare sustainability reports. The Standard categorises those entities into Group 1, Group 2 and Group 3 for phased implementation (Definitions, Para. 9.3–9.5 and Appendix table). In practice this captures large and regulated companies that must produce the climate statement and related notes under the Sustainability Standards.\n\n- Audit firms and individual auditors engaged to provide limited or reasonable assurance on sustainability reports. The Standard sets the minimum scope and timing of their assurance work.\n\n- Users of sustainability reports (investors, creditors, stakeholders) because the depth of assurance over disclosures increases over a multi‑year timetable.\n\n**Why it matters (stated purpose and practical effect)**\n\n- Stated purpose: the AUASB made this Standard to specify the extent and timing of audits and reviews of information in sustainability reports as required by the Corporations Act (Objective, Para. 8; Introduction). The Standard translates the Act’s requirement for eventual audits into a multi‑year assurance phasing.\n\n- Practical effect: companies face a predictable, legally backed pathway from limited assurance of a subset of climate‑related disclosures in early reporting years to full audits of all sustainability disclosures in later years. This imposes a growing compliance and verification cost over the phase‑in period and increases demand for assurance services.\n\n**Costs, incentives, trade‑offs and implementation risks (mechanical, source‑based analysis)**\n\n- Direct compliance cost: moving from reviews to audits increases auditor time, evidence‑gathering and therefore fees. The Standard itself requires review work in early years and audits from Year 4 onward (Requirements, Para. 10.1(b)–(c)).\n\n- Measurement and evidentiary difficulty: the Standard requires assurance over items that can be technically challenging to measure and verify (e.g. Scope 1–3 emissions, scenario analysis, transition plans). That raises implementation risk because companies and auditors may lack historical data, established methodologies or internal controls to support audit‑level evidence in earlier years (see Appendix rows on Scope 1/2/3 and climate analyses).\n\n- Timing and capacity risk for assurance market: demand for assurance services will rise sharply as many entities progress to Year 2/3/4 in overlapping periods. Auditors can choose to accelerate assurance (Requirements, Para. 10.1(d)), which may concentrate work with larger firms able to supply capacity.\n\n- Behavioural incentives for reporters: the phased approach reduces the immediate assurance burden in Year 1, which may encourage earlier voluntary reporting. Conversely, full audit requirements from Year 4 create an incentive to improve measurement systems early to avoid higher future remediation costs.\n\n- Trade‑offs in comparatives: the Standard exempts certain comparative items from being re‑assured in the current year if they lacked prior assurance, which lowers immediate costs but may reduce the comparability and assurance of multi‑year trends (Requirements, Para. 10.2).\n\n- Scope and auditor discretion: the Standard cross‑references AASB S2 and the Corporations Act for what must appear in the sustainability report and what is auditable. That reliance on external standards introduces dependency on how those standards evolve (Definitions; Introduction).\n\n**Concrete implementation points to note**\n\n- The Standard is tied to the Corporations Act timetable: the Act requires sustainability reports for years commencing on/after 1 July 2030 to be audited; this Standard governs the intervening phase‑in (Introduction; Effective Date). \n\n- The Standard defines reporting years and groups precisely (Definitions, Para. 9) — practitioners must map their financial year start date into Group 1/2/3 and Year 1–4 of reporting to determine required assurance.\n\n- Auditors may perform more assurance than the minimum required, providing flexibility but also creating potential variation in market practice between firms (Requirements, Para. 10.1(d)).\n\n**Key source references**\n- Application: Para. 1.  \n- Effective Date: Para. 2.  \n- Definitions (Groups / Years): Para. 9 (and Appendix).  \n- Requirements (phasing, comparative info, auditor discretion): Para. 10.\n\n"},"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"}},"importantCases":[],"_links":{"self":"/api/acts/australian-standard-on-sustainability-assurance-assa-5010-timeline-for-audits-and-reviews-of-informa","history":"/api/acts/australian-standard-on-sustainability-assurance-assa-5010-timeline-for-audits-and-reviews-of-informa/history","analysis":"/api/acts/australian-standard-on-sustainability-assurance-assa-5010-timeline-for-audits-and-reviews-of-informa/analysis","conflicts":"/api/acts/australian-standard-on-sustainability-assurance-assa-5010-timeline-for-audits-and-reviews-of-informa/conflicts","importantCases":"/api/acts/australian-standard-on-sustainability-assurance-assa-5010-timeline-for-audits-and-reviews-of-informa/important-cases","documents":"/api/acts/australian-standard-on-sustainability-assurance-assa-5010-timeline-for-audits-and-reviews-of-informa/documents"}}