Forvis Mazars Corporate risk and reporting newsletter – October 2024
Corporate risk & reporting newsletter - Oct 2024
In this edition, we delve into recent critical developments in climate-related mandates affecting Australian businesses. With the passage of landmark climate-change legislation, companies will soon face new mandatory reporting requirements designed to enhance transparency and foster climate accountability. As we explore these significant reforms, we will also highlight emerging guidance on sustainability disclosures and regulatory expectations.
In addition, we provide an overview of the new financial-reporting obligations for RSEs, amendments to financial instruments standards, and the recent guidance on preventing data breaches. We also highlight the introduction of a privacy bill and provide insights on emerging AI regulations. With regulators actively shaping the landscape, it's essential to stay informed about these critical changes
Key highlights in our October edition include:
Sustainability reporting
- Climate-change laws pass
- AASB S1 sustainability disclosure is voluntary
- AASB S2 climate-related disclosures is mandatory
- Director’s guide to climate-reporting updated
- ASIC urges businesses to prepare for climate reporting
- Snapshot Corporations Act sustainability requirements
- How to voluntarily apply ISSB standards
- Roadmap help on climate-related disclosures
- Nature-related financial disclosures FAQs
- ASIC acts on greenwashing
Financial reporting
- New financial-reporting obligations for RSE
- Consolidated Entity Disclosure Statement (CEDS) guidance released
- Financial-instruments standards amended
- CA ANZ releases latest financial-performance benchmarks
- Accounting for climate-related commitments
- Proposed improvements on climate-related reporting
- AASB issues annual-improvements standard
- Revenue standard is working well
Governance
- Data breaches highest since 2020
- More guidance on AI needed
- Voluntary AI safety standard released
- Privacy bill introduced
- Guidance on preventing foreign bribery
Regulators
- ASIC sues ASX for alleged misleading statements
- APRA publishes corporate plan
AML/CTF
- AUSTRAC releases risk assessments
- Bill widens anti-money-laundering net
- Report into fighting corruption
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