Australian Accounting Standards Board unveils sweeping changes for business reporting.

The Australian Accounting Standards Board (AASB) has released an exposure draft that focuses on business sustainability.

The draft evolves reporting and financial disclosure requirements, mandating companies to divulge environmental, social, as well as and governance (ESG) factors.

This development aligns with global trends, emphasising ethical and sustainable business practices, and aims to bolster investor confidence and corporate accountability.

This move mirrors initiatives in the European Union and the United States, emphasising the need for standardised reporting frameworks.

The interconnected nature of the global economy highlights the importance of consistent cross-border comparisons in environmental and financial disclosure.

Michael Cox & Lisa Zembrodt from Schneider Electric share their professional insights.