CA ANZ and the International Sustainability Standards Board (ISSB) have met to discuss the ISSB’s proposed amendments to global climate-related disclosures standards.

CA ANZ recently hosted the vice chair of the ISSB to discuss forthcoming changes to international climate accounting standards and how the standards are playing out for Australian entities.

“Australia is one of the first countries to adopt mandatory climate-related disclosures requirements, which have been phased in from 1 January 2025,” CA ANZ chief executive Ainslie van Onselen said.

“It means our largest entities here have already begun implementing the standard and so are well placed to provide feedback on the usefulness and real-world application of the amendments being put forward by the ISSB.”

The ISSB has consulted with CA ANZ as part of a broader feedback-gathering process to inform amendments to international climate disclosure standards. The consultation, open until 27 June 2025, will aim to capture industry feedback regarding the implementation of mandatory climate disclosure rules.

CA ANZ said that Australia is equipped to provide unique, early insights into how mandatory climate disclosure requirements will work in practice, being one of the first countries with mandatory climate-related disclosure policies.

Through their consultation, the ISSB hopes to gain insights regarding the practical challenges that have arisen as firms implement the new mandatory disclosure requirements into their financial reporting processes.

“Our top priority is supporting the implementation of our Standards, and that’s why we’re proposing targeted amendments to address application challenges that have been identified in relation to climate-related disclosures,” Sue Lloyd, current vice-chair of the ISSB, said.

The ISSB is aiming to finalise the amendments by the final quarter of 2025, the same period in which the first Australian reporting entities are due to publish their mandatory climate disclosure reports.

Van Onselen said that the meeting with the ISSB had given CA ANZ an opportunity to provide an Australian perspective on international developments in accounting standards and advocate for CA ANZ’s members.

She added that CA ANZ had frequently advocated for consistent, comparable global sustainability disclosures.

CA ANZ said it would gather member feedback to help inform its response to the ISSB consultation.

“As an IFRS Foundation capacity building partner, we are now accelerating our advocacy and education efforts to help CA ANZ members get ready for mandatory reporting. The accounting profession has an important role to play here,” van Onselen said.

“We are also constantly advocating to, or engaging with, regulators and standard setters, on our members’ behalf.”