Scope (AASBS1_09-24)

An entity shall apply this Standard in preparing and reporting sustainability-related financial disclosures in accordance with Australian Sustainability Reporting Standards.

Notwithstanding paragraph 5, AASB S2 Climate-related Disclosures is currently the only mandatory Australian Sustainability Reporting Standard. An entity required to comply with AASB S2 may elect to also apply this voluntary Standard (AASB S1).

Sustainability-related risks and opportunities that could not reasonably be expected to affect an entity’s prospects are outside the scope of this Standard.

Other Australian Sustainability Reporting Standards specify information an entity is required to disclose about specific sustainability-related risks and opportunities.

An entity may apply Australian Sustainability Reporting Standards irrespective of whether the entity’s related general purpose financial statements (referred to as ‘financial statements’) are prepared in accordance with Australian Accounting Standards or other generally accepted accounting principles or practices (GAAP).

This Standard uses terminology suitable for profit-oriented entities, including public-sector business entities. If entities with not-for-profit activities in the private sector or the public sector apply this Standard, they might need to amend the descriptions used for particular items of information when applying Australian Sustainability Reporting Standards.