Australian Accounting Standards Board (AASB)

OVERVIEW

Overview

Australian Accounting Standards Board (AASB), established in 1991, is an independent Australian Government agency responsible for developing, issuing, and maintaining accounting and external reporting standards. Its mission is to promote transparency, consistency, and comparability in financial reporting across sectors, contributing to public confidence in financial information.

Mission and focus areas

AASB’s key goal is to ensure high-quality financial and sustainability reporting standards that serve the public interest. It develops standards consistent with International Financial Reporting Standards (IFRS) and participates in global standard-setting initiatives. Its focus extends to sustainability reporting, not-for-profit frameworks, and enhancing ESG-related disclosures to support sustainable finance practices.

Structure and governance

AASB operates under the oversight of the Financial Reporting Council (FRC) and comprises board members appointed based on expertise in accounting, finance, and governance. The organisation is supported by technical staff, advisory panels, and working groups that provide insights on emerging issues. Governance is underpinned by public accountability, compliance, and transparency frameworks.

Programs and offerings

AASB delivers a wide range of resources including accounting standards, sustainability reporting standards, interpretations, and practice statements. It provides research publications, post-implementation reviews, and technical FAQs to assist preparers and users of financial statements. Its knowledge hub and advisory forums foster collaboration and knowledge exchange, supporting informed, standard-based reporting across Australia.

MISSION STATEMENT

AASB mission

Develop, issue and maintain principles-based Australian accounting and external reporting standards and guidance that meet user needs and enhance external reporting consistency and quality.
Contribute to the development of a single set of accounting and external reporting standards for world-wide use.

ORGANISATION TYPE

Government Organisations & Departments

YEAR ESTABLISHED

1991

LOCATION

Australia

RECENTLY PUBLISHED BY AUSTRALIAN ACCOUNTING STANDARDS BOARD (AASB)

Climate-related risks and opportunities and the disclosure of material information

Australian Accounting Standards Board (AASB)

4 March 2026

This educational material explains how entities apply AASB S2 to identify and disclose material information on climate-related risks and opportunities affecting cash flows, access to finance and cost of capital. It outlines concepts such as value chains, dependencies and impacts, and provides a four-step process for assessing and reporting material climate-related information.

AASB S2: Climate-related disclosures

Australian Accounting Standards Board (AASB)

19 December 2025

AASB S2 establishes mandatory climate-related financial disclosure requirements for Australian entities, aligned with IFRS S2. It requires reporting on governance, strategy, risk management, and metrics and targets, including greenhouse gas emissions, where climate risks and opportunities may affect cash flows, access to finance, or cost of capital.

AASB S1: General requirements for disclosure of sustainability-related financial information

Australian Accounting Standards Board (AASB)

30 September 2024

AASB S1 is a voluntary Australian standard setting general requirements for sustainability-related financial disclosures. It outlines objectives, materiality, governance, strategy, risk management, and metrics to inform users about risks and opportunities affecting cash flows, access to finance, and cost of capital.

Climate-related and other emerging risks disclosures: Assessing financial statement materiality using AASB Practice Statement 2

Australian Accounting Standards Board (AASB) - Auditing and Assurance Standards Board (AUASB)

13 December 2018

This report summarises guidance from the AASB and AUASB on applying AASB Practice Statement 2 to climate-related and other emerging risks. It explains how such risks may be material to financial statements, outlines related accounting and auditing considerations, and emphasises the need for transparent disclosure and investor-relevant information.