ASRS vs IFRS: What’s the Difference and Why It Matters in Australia

As Australia adopts its own sustainability reporting standards, many companies are asking how the new ASRS compares to the IFRS Sustainability Disclosure Standards. While the two frameworks are closely aligned, it’s important to understand both their shared foundations and the differences that matter in an Australian context.

Core Alignment

ASRS S1 and S2 are directly based on IFRS S1 and IFRS S2, developed by the International Sustainability Standards Board (ISSB). In fact, ASRS S1 is nearly identical to IFRS S1, which outlines the general requirements for disclosing sustainability-related financial information. ASRS S2, covering climate-related disclosures, closely mirrors IFRS S2 but includes minor modifications for local clarity.

Both ASRS and IFRS share the same underlying goals:

• Enhance transparency and accountability in sustainability disclosures
• Improve consistency and comparability across markets
• Focus on climate risk, opportunity, and financial impact
• Emphasise investor-focused disclosures grounded in governance, strategy, risk management, and metrics and targets

This alignment allows companies operating globally to build streamlined reporting structures and reduce duplication across jurisdictions.

Local Context and Application

While IFRS S1 and S2 are international frameworks, ASRS is tailored to the Australian legal, regulatory, and market environment. That means the AASB has made specific adjustments to terminology, reporting boundaries, and implementation timeframes to ensure relevance and enforceability within the Australian context.

For example:

• ASRS applies according to local phased thresholds for entity size and financial metrics
• References to Australian law and regulatory bodies are incorporated
• Guidance has been adapted to support the specific expectations of Australian stakeholders and reporting entities

In practical terms, this means companies must interpret and implement ASRS in alignment with Australian obligations, not simply apply IFRS “as is.”

Why the Difference Matters

For multinational organisations, the close alignment between ASRS and IFRS means sustainability data and structures can be reused or adapted across jurisdictions. This supports global consistency and reduces compliance friction.

For Australia-based or Australia-focused companies, understanding ASRS on its own terms is critical. It ensures that disclosures meet legal requirements while still aligning with emerging global best practices.

Knowing where the frameworks align and where they diverge is key to streamlining your sustainability reporting and avoiding duplication, inefficiencies or missed obligations.

How Speeki Can Help

Speeki’s platform has been built with the IFRS Sustainability Disclosure Standards in mind. We've worked extensively with both IFRS S1 and S2 to support our global clients, which means we’re ready to help Australian businesses transition smoothly into the ASRS environment.

From reporting workflows to structured data collection and assurance preparation, Speeki offers the tools, experience and flexibility to support your ASRS journey while keeping you aligned with global standards where needed.