Under the new ASRS, businesses report on four core areas – Governance, Strategy, Risk Management, and Metrics & Targets. A detailed table of the voluntary and mandatory reporting requirements follows;
ASRS S1 – Sustainability-related Disclosures (Voluntary)
| Category | Reporting Requirements |
|---|---|
| Conceptual Foundations | Disclose material information fairly; ensure consistency with financial statements and present information clearly and cohesively. |
| Core Content | Governance: Disclose, processes, controls, and procedures for managing sustainability-related risks and opportunities (SROs). Strategy: Describe the approach to managing SROs. Risk Management: Disclose processes for how SROs are identified, evaluated, and monitored. Metrics & Targets: Report performance and progress toward sustainability objectives or legal obligations. |
| General Requirements | Include references used, where and when disclosures are made, comparative data, and a declaration of adherence to the standard. |
| Judgements, Uncertainties & Errors | Disclose information about judgements made in preparing sustainability-related financial disclosures and significant measurement uncertainties affecting reported figures. Where an error was made in prior periods, correct it by restating the figures. |
ASRS S2 – Climate-related Disclosures (Mandatory)
| Category | Reporting Requirements |
|---|---|
| Governance | Describe the systems and controls in place for managing climate-related financial risks and opportunities. |
| Strategy | Detail climate-related risks and opportunities, and their impacts on business operations and financial outcomes, and include scenario planning and transition strategies. |
| Risk Management | Explain how climate risks are identified, assessed, and integrated into broader business risk frameworks. |
| Metrics & Targets | Report climate-related indicators (e.g., Scope 1 & 2 emissions from the start; material Scope 3 emissions from year two) and any climate targets established. |