Novisto has launched full support for the Australian Sustainability Reporting Standards (ASRS), giving Australian companies—and global groups with Australian operations—a clear path to meet new reporting obligations. Issued by the Australian Accounting Standards Board (AASB) in September 2024, the standards went into full effect on January 1, 2025.
Understanding the ASRS
The ASRS framework consists of two core standards: AASB S1, which governs the disclosure of general sustainability-related financial information, and AASB S2, which specifically addresses climate-related disclosures. Both were modeled directly after the global baseline established by the International Sustainability Standards Board (ISSB).
AASB S1 is a voluntary standard, while AASB S2 is mandatory for entities required to apply it under the Corporations Act 2001 This structure ensures that Australia's reporting requirements are both robust and aligned with international best practices.
This alignment is critical. By following the IFRS Sustainability Disclosure Standards, Australia is adopting a common language for sustainability information. This approach promotes comparability and consistency across global capital markets, enabling a unified approach to reporting.
Supporting the demands of ASRS and beyond
Novisto’s architecture enables organizations to efficiently align reporting to multiple standards, frameworks, and regulations—whether globally (i.e., GRI, TCFD) or regionally specific (i.e., ASRS, Modern Slavery Act of Australia). This unified approach removes the complexity often associated with new standards and regulations, namely: it eliminates the need for redundant data entry, parallel systems, and double reporting, saving time and resources.
By integrating ASRS functionality directly into the Novisto platform, we ensure a seamless and efficient reporting workflow, allowing you to focus on strategic insights rather than the administrative burden.
Benefit from IFRS-certified software
As an IFRS-certified software provider, Novisto is uniquely positioned to streamline compliance with the ASRS; IFRS standards are fully integrated and mapped to metrics in Novisto. Since the ASRS are the "Australian equivalents" of these standards, existing customers and new users can leverage their current data and processes to add ASRS reporting with exceptional ease.
Commitment to the Australian market
Launching ASRS support underscores our commitment to the Australian market and to multinational groups with Australian operations. We are excited to help our customers reduce reporting complexity, maintain consistency across jurisdictions, and deliver audit-ready disclosures.
Contact a member of our APAC team to learn more about dedicated support for ASRS readiness. Get in touch today.
