AASB S2 Climate-related Disclosures
Australian Accounting Standards Board Standard S2 requires entities to disclose climate-related risks and opportunities. Based on IFRS S2 issued by the ISSB. Structured around four pillars: Governance, Strategy, Risk Management, and Metrics and Targets. Commenced as a legislative instrument on 31 December 2024.
AASB S2 Climate-related Disclosures is a compliance framework from Australia with 5 domains and 51 controls that map to 3 other frameworks. The largest domains are AASB S2: General Requirements (Appendix D) (27 controls), Strategy (11 controls), Metrics and Targets (9 controls). Every control below carries what it requires and what an assessor expects to see.
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Framework Domains (5)
AASB S2: General Requirements (Appendix D)
| Code | Title |
|---|---|
| AASB-S2-D11 | Fair Presentation of a Complete Set of Disclosures |
| AASB-S2-D12 | Application of Risk and Opportunity Identification Guidance |
| AASB-S2-D17 | Disclosure of Material Information |
| AASB-S2-D19 | Application of Materiality Guidance |
| AASB-S2-D21 | Connected Information |
| AASB-S2-D22 | Identification of the Related Financial Statements |
| AASB-S2-D23 | Consistency of Data and Assumptions with the Financial Statements |
| AASB-S2-D24 | Presentation Currency |
| AASB-S2-D49 | Sourcing of Metrics Taken from External Sources |
| AASB-S2-D50 | Disclosure of Entity Developed Metrics |
| AASB-S2-D52 | Consistency of Metrics Over Time |
| AASB-S2-D53 | Labelling and Definition of Metrics and Targets |
| AASB-S2-D62 | Location of Disclosures |
| AASB-S2-D63 | Information Included by Cross Reference |
| AASB-S2-D64 | Timing and Period of Reporting |
| AASB-S2-D66 | Change in Reporting Period End |
| AASB-S2-D67 | Updating Disclosures for Information About Conditions at the Reporting Date |
| AASB-S2-D68 | Events After the Reporting Period |
| AASB-S2-D69 | Interim Climate Related Financial Disclosures |
| AASB-S2-D70 | Comparative Information |
| AASB-S2-D72 | Statement of Compliance |
| AASB-S2-D74 | Disclosure of Judgements |
| AASB-S2-D77 | Disclosure of Measurement Uncertainty |
| AASB-S2-D78 | Identification of Amounts Subject to High Measurement Uncertainty |
| AASB-S2-D83 | Correction of Material Prior Period Errors |
| AASB-S2-D86 | Application of Prior Period Error Guidance |
| AASB-S2-DAus20.1 | Reporting Entity Consistency |
Governance
| Code | Title |
|---|---|
| AASB-S2-P6 | Governance Body and Management Role Disclosure |
| AASB-S2-P7 | Avoidance of Unnecessary Duplication in Governance Disclosure |
Metrics and Targets
| Code | Title |
|---|---|
| AASB-S2-P28 | Metrics and Targets Disclosure Objectives |
| AASB-S2-P29 | Cross Industry Metric Categories |
| AASB-S2-P30 | Reasonable and Supportable Information for Risk and Opportunity Metrics |
| AASB-S2-P31 | Application of Metric Preparation Guidance |
| AASB-S2-P33 | Climate Related Targets |
| AASB-S2-P34 | Target Setting and Review Approach |
| AASB-S2-P35 | Performance Against Targets |
| AASB-S2-P36 | Greenhouse Gas Emissions Targets |
| AASB-S2-PAus37.1 | Reference to Cross Industry Metric Categories in Target Disclosures |
Risk Management
| Code | Title |
|---|---|
| AASB-S2-P25 | Risk Management Processes Disclosure |
| AASB-S2-P26 | Avoidance of Unnecessary Duplication in Risk Management Disclosure |
Strategy
| Code | Title |
|---|---|
| AASB-S2-P10 | Identification and Description of Climate Risks and Opportunities |
| AASB-S2-P11 | Reasonable and Supportable Information in Identification |
| AASB-S2-P13 | Effects on Business Model and Value Chain |
| AASB-S2-P14 | Effects on Strategy and Decision Making Including Transition Plan |
| AASB-S2-P15 | Effects on Financial Position, Performance and Cash Flows |
| AASB-S2-P16 | Quantitative and Qualitative Financial Effect Information |
| AASB-S2-P18 | Basis for Anticipated Financial Effect Disclosures |
| AASB-S2-P21 | Explanation When Quantitative Financial Effects Are Not Provided |
| AASB-S2-P22 | Climate Resilience and Scenario Analysis |
| AASB-S2-P9 | Strategy Disclosure Objectives |
| AASB-S2-PAus23.1 | Reference to Cross Industry Metric Categories in Strategy Disclosures |
Your Compliance Coverage
If you comply with AASB S2 Climate-related Disclosures, you already cover:
Maps to 3 other frameworks
If I already comply with another framework, how much of AASB S2 Climate-related Disclosures do I already cover?
AASB S2 Climate-related Disclosures maps to 3 other compliance frameworks. The top mapping partners are CDP (formerly Carbon Disclosure Project) (4% coverage), ISO 31000:2018 (2% coverage), ISO/IEC 23894:2023 (2% coverage). Use our comparison tool to explore control-level mappings between frameworks.
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