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The first mandatory AASB climate statements are in. Trace has analysed all 30 disclosures, so you can see what best practice looks like before your deadline arrives.
Get the ebook: AASB in Practice
Insights from Australia's first mandatory climate advices.
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“Trace’s AI capabilities have significantly streamlined our data collection and validation processes, reducing manual effort and giving us greater confidence .”
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HEAD OF ESG, PADDY PALLIN
Three lenses on Australia’s first
mandatory climate disclosures.
We brought together sustainability, financial advisory and climate risk specialists to review every disclosure. Here’s what we examined.
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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.
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What the data shows so far
A preview of what Trace’s analysis of Australia’s first 30 AASB S2 disclosures reveals. The full ebook goes deeper on every finding.
Governance documentation is separating early reporters
Boards need auditable evidence of climate risk oversight before the numbers are finalised. Entities that started governance work 12 months ahead of their first disclosure date show materially stronger disclosures than those that started closer to deadline.
Materiality framing is becoming a differentiator
Strong disclosures open with a clear, defensible materiality statement. This does two things: it scopes the report for readers and it protects the entity from scope creep in subsequent years. Entities without this are producing harder-to-defend, longer documents.
Scenario analysis depth is widely divergent in year one
Scenario analysis ranges from single-scenario narrative summaries to quantified, integrated modelling across physical and transition risk pathways. The gap between the strongest and weakest disclosures on this dimension is significant, and auditors are taking notice.
Financial integration is where most entities are still maturing
The AASB S2 ambition is climate risk quantified in financial terms, not a sustainability narrative appended to an annual report. Most Group 1 first disclosures are closer to the narrative end of the spectrum. This is the gap Group 2 entities have the opportunity to close from the start.
The full analysis covers all 30 disclosures with entity-by-entity benchmarks.
Free to download. No credit card required.
Download the ebookWritten for the people
making ASRS decisions
This ebook is written at CFO grade, with enough detail to be genuinely useful to sustainability leads and risk teams. Not a primer. Not a sales deck.
Responsible for signing off on the disclosure. Needs to understand what auditors will scrutinise in year two, and where the financial integration gaps are in first-round disclosures.
Building the disclosure internally. Needs to understand what peers are doing on Scope 3, scenario analysis and materiality so the internal benchmark is calibrated correctly.
Needs to understand where governance documentation is falling short in first-round disclosures and what auditors are already flagging as areas for year-two improvement.
Accountable for climate risk oversight under AASB S2. Needs a clear picture of what comparable entities are disclosing and what the governance standard looks like in practice.
This ebook is particularly relevant if:
Your entity is likely to fall under ASRS Group 1, 2 or 3 (or you're not yet sure which group applies)
Your board or audit committee has asked about climate disclosure obligations for the first time
You're preparing a Group 2 first disclosure and want to learn from what Group 1 entities got right and wrong
You need to brief internal stakeholders on what AASB S2 actually requires versus what others are choosing to include
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