Glossary term
Cluster C · C2
Tier 2
AASB S1
Definition
AASB S1 General Requirements for Disclosure of Sustainability-related Financial Information is the Australian counterpart to IFRS S1. It sets out how to disclose sustainability information beyond climate. In Australia it is voluntary: the Corporations Act requires compliance with AASB S2 only, and entities applying AASB S1 do so by choice.
On this page
In practice
Australia took a climate-first approach. Other jurisdictions adopting the ISSB standards made both mandatory; Australia mandated the climate standard and left the general standard elective.
For a captured entity the practical questions are whether to apply AASB S1 voluntarily, and whether doing so changes the legal position of what you disclose. Voluntary disclosures made beyond the AASB S2 requirements are not covered by the modified liability settings in section 1707D, and ASIC has cautioned against letting voluntary content obscure material required content.
What the assurer does with it
The assurer establishes first whether AASB S1 has been applied at all, because it changes what is in the report and therefore what is in scope. Voluntary disclosure sitting inside the sustainability report is assurable content the entity chose to take on, and it is tested to the same standard as required content once limited assurance extends to all disclosures.
They accept a basis of preparation that states plainly whether AASB S1 was applied and to what, and evidence for each voluntary disclosure equal to that held for the mandatory ones. They reject a report that applies AASB S1 selectively without saying so, and a voluntary sustainability disclosure carried into the statutory report with no supporting record.
Commonly confused with
AASB S2, which is mandatory. AASB S1 covers sustainability-related financial disclosure generally; only the climate subset under AASB S2 is required by the Corporations Act. Also confused with Appendix D of AASB S2, which reproduces general requirements drawn from AASB S1 so that AASB S2 can be applied standalone. Those Appendix D requirements apply only to climate-related financial information, not to the broader subject matter AASB S1 covers.
Sources
1
AASB S1 General Requirements for Disclosure of Sustainability-related Financial Information
AASB
2
3
IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information
IFRS Foundation
4
Review status
Review required
Last reviewed
15 September 2026
Editorial pass, unsigned
Reviewer required
Registered company auditor
Next scheduled review
1 July 2027
Part of
Cluster C, AASB S2 disclosure requirements / AASB S2 mechanics
25 terms on what the climate disclosure standard actually requires, pillar by pillar, plus the reliefs and the effort standard.
Related terms
The mandatory climate standard the Corporations Act actually requires
How the voluntary and mandatory standards sit together
The underlying concept both standards are built on
Related questions
Do we have to do mandatory climate reporting?
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You must prepare a sustainability report if you already lodge a financial report under Chapter 2M of the Corporations Act and you also meet one of the size, NGER or funds-under-management tests in section 292A. Both gates have to be passed: with no Chapter 2M obligation, section 292A never engages however large you are. Which of the three reporting groups you fall into decides which financial year is your first.
What is the modified liability period and what does it protect?
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For financial years commencing between 1 January 2025 and 31 December 2027, statements in your sustainability report about Scope 3 emissions, scenario analysis and transition plans can only be actioned by ASIC or in criminal proceedings. Broader forward-looking climate statements had the same protection only for financial years commencing during 2025. Both windows are closed-ended and neither renews.
Other terms in this cluster
AASB S1