Six Key Developments Since ASRS Came Into Effect

The introduction of the Australian Sustainability Reporting Standards (ASRS) has marked a turning point in corporate transparency and accountability in Australia. Since their adoption, the standards have triggered wide-reaching changes across industries, reshaping how companies understand, manage, and communicate their environmental, social, and governance (ESG) responsibilities. Below are six key developments that have emerged since ASRS came into effect, each reflecting the evolving nature of sustainability reporting in the country.

Regulatory Alignment with Global Frameworks

A major shift has been the ASRS’s strong alignment with international frameworks, particularly the International Sustainability Standards Board’s IFRS S1 and S2. This alignment has not only helped streamline compliance for Australian companies with global operations but also reinforced investor confidence by creating consistency across jurisdictions. Many Australian businesses are now embedding global ESG disclosure practices into their internal systems to reduce fragmentation, improve comparability, and meet the expectations of multinational stakeholders.

Increased Climate Data Collection

There has been a noticeable surge in the collection and analysis of climate-related data. Organisations are going beyond basic compliance by actively mapping out their Scope 1 and Scope 2 emissions and expanding their reach into the more complex Scope 3 emissions across their value chains. This process has prompted significant upgrades in data infrastructure, with many companies integrating automated tracking systems and emissions calculators. The pressure to quantify climate risk and disclose it transparently has also influenced how procurement, logistics, and operational teams approach sustainability.

Elevation of ESG to Board-Level Oversight

Boardrooms across the country are increasingly treating sustainability as a core business priority rather than a peripheral issue. The ASRS mandates disclosures that require active board review and sign-off, leading many companies to revise their governance frameworks. Board members are undergoing training in ESG oversight, sustainability risk, and climate governance. New board subcommittees focused specifically on ESG or sustainability are being created to provide more focused and informed leadership. This shift is resulting in stronger alignment between corporate strategy and sustainability priorities.

Growing Focus on Assurance and Data Integrity

Limited assurance of sustainability disclosures is on the horizon, and companies are taking proactive steps to prepare. Many have started conducting internal mock audits to assess the reliability of their ESG data and identify areas where data quality or documentation may fall short. Finance and compliance teams are working more closely with sustainability departments to implement controls that mirror those in financial reporting. This preparation is essential, not only for external assurance providers but also for internal decision-makers who rely on accurate sustainability data to inform strategic decisions.

Emergence of Integrated Reporting as a Best Practice

The ASRS is driving a shift toward integrated reporting, where financial and non-financial disclosures are interwoven to present a more holistic view of an organisation’s performance. Businesses are starting to align sustainability goals with financial outcomes, incorporating ESG metrics into annual reports and investor presentations. This approach is helping companies demonstrate how sustainability contributes to long-term value creation and business resilience. Integrated reporting is no longer a niche innovation; it is fast becoming a core expectation among stakeholders.

More Robust and Transparent Stakeholder Engagement

Finally, the ASRS has prompted a broader and more deliberate approach to stakeholder engagement. Companies are taking steps to identify and engage with stakeholders such as employees, investors, suppliers, community groups, and regulators. Through surveys, materiality assessments, and consultation forums, organisations are incorporating stakeholder input into their sustainability strategies and reporting. This has led to more relevant disclosures that better reflect societal expectations and long-term risks. Stakeholder engagement is no longer seen as a compliance requirement but as a strategic asset that enhances credibility and trust.

Looking Ahead

The implementation of the ASRS has already catalysed significant improvements in how organisations approach sustainability. However, this is only the beginning. As the standards evolve, companies will need to continue building internal capabilities, strengthen governance, and embed sustainability into the fabric of their operations.

At Speeki, we’re helping businesses navigate the complexities of ASRS through our integrated ESG platform. Whether you need help collecting high-quality data, engaging stakeholders, or preparing for assurance, our tools and expertise can support you every step of the way. Learn more about how we can help you turn ASRS compliance into strategic advantage.