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Amendments to ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001
Amendments to ASSA 5010 Timeline for AudAmendments to ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001
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Australian 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
Application
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).
Operative Date
This Standard is operative for financial years commencing from 1 January 2025 to 30 June 2030.
Introduction
This Standard amends ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 (ASSA 5010).
Objective
The objective of this Standard is to amend ASSA 5010.
Definition
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.
Amendments to ASSA 5010
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.
Existing paragraphs 9(c) to (e) are replaced with the following:
Group 1 entities – in this standard:
entities to which paragraph 1707B(1)(a) of the Act applies; and
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.
Group 2 entities – in this standard:
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);
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
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.
Group 3 entities – in this standard:
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);
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
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).
Replace the diagram in the Appendix with the following, including footnotes:
Years commencing
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
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
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
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
Governance
Limited
Limited
Limited
Reasonable
Reasonable
Reasonable
Risks and opportunities (AASB S2 subparas 9(a), 10(a) and 10(b))
(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.
(b) Group 2 entities include:
(i) Entities that voluntarily report under the Act from years commencing 1/7/26 to 30/6/27; and
(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.
(c) Group 3 entities include:
(i) Entities that voluntarily report under the Act from years commencing 1/7/27 to 31/12/27; and
(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.
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.
For years commencing of or after from 1/7/30 the Act requires reasonable assurance for all mandatory climate disclosures.
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’.
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.