ASFA Action Issue 958, 6 August 2024
In this issue:
- Strategic planning and member outcomes: updated prudential standard
- Climate-related financial disclosures: update on AASB standards consultation
Strategic planning and member outcomes: updated prudential standard
As reported in ASFA Action 954, APRA recently finalised amendments to Prudential Standard SPS 515 Strategic planning and member outcomes and published an updated version.
APRA has now registered Superannuation (prudential standard) determination No 5 of 2025 to formally determine the updated version of the standard, which will apply from 1 July 2025.
Climate-related financial disclosures: update on AASB standards consultation
As reported in ASFA Action issue 929, the Australian Accounting Standards Board (AASB) has recently consulted on proposed Australian Sustainability Reporting Standards. These will set specific disclosure requirements which are to be complied with, under legislative requirements for climate-related financial disclosures to be implemented via the Treasury Laws Amendment (Financial Market Infrastructure & Other Measures) Bill 2024 (that Bill is currently before the Senate – see ASFA Action issue 940 for background).
The AASB has recently provided an update on the outcomes from its consultation on reporting standards. This notes that the AASB has made key changes to its approach following the consultation, including:
- voluntary application of ASRS1 General Requirements for Disclosure of Climate-related Financial Information with sustainability disclosures beyond climate
- mandatory application of ASRS2 Climate-related Financial Disclosures by in-scope entities, including the necessary components of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information
- reversion to the IFRS Sustainability Disclosure Standards baseline requirements
- a new project added to the workplan to understand the suitability of the industry-based disclosures and accompanying guidance for Australia.
The AASB will meet again in August to discuss final drafting-related issues and shortly after, subject to the passage of legislation, will issue the new standards.
ASFA REGULATORY WATCHLIST
ASFA’s Regulatory Watchlist (ARW) tracks developments in Legislation, inquiries, consultations
and other regulatory announcements relevant to superannuation.
