CA ANZ Business Reform Leader Karen McWilliams FCA said, "This consultation brings mandatory climate reporting a step closer for Australian companies.  

"This move follows an increasing international focus on climate-related disclosures. It will bring Australia in line with other key jurisdictions including the UK and New Zealand. 

"The momentum for sustainability reporting is gathering pace globally with the establishment last year of the International Sustainability Standards Board (ISSB).

"The ISSB released draft standards on general sustainability disclosures and climate earlier this year and is expected to issue the final standards in early 2023. 

"CA ANZ has actively engaged in the international developments and has advocated for some time for there to be government-led engagement on how these international standards will be incorporated into Australia's corporate reporting framework.  

"While the focus of this consultation is on climate-related disclosures, this represents an opportunity to develop the right legislative and regulatory settings for corporate sustainability reporting beyond climate and assurance of that information.  

"This is one of the most significant changes to the corporate reporting system in a generation and so it's critical that there is full engagement with a broad range of stakeholders," Ms McWilliams said. 

But the nation's peak accounting body is concerned about the timing of the consultation and the opportunities for feedback from its members. 

"While we very much welcome the extended consultation period, we note it still encompasses Christmas and the summer holidays as well as the December reporting period for listed entities," Ms McWilliams said. 

"We work closely with our members to identify and develop policy positions in areas that impact members, their businesses and clients and the communities they serve.  

"Adequate consultation periods allow us to consult with our members to understand the practical implications of prospective policy and to develop relevant, constructive responses to Government."  

CA ANZ looks forward to engaging, participating, and sharing our members views in upcoming roundtable discussions with Treasury.