ASRS Readiness Checklist

Step 1: Confirm Your Reporting Group

Group	Revenue	Gross Assets	Employees	Reporting From
Group 1	≥ AU$500m	≥ AU$1b	≥ 500	FY from 1 Jan 2025
Group 2	≥ AU$200m	≥ AU$500m	≥ 250	FY from 1 Jul 2026
Group 3	≥ AU$50m	≥ AU$25m	≥ 100	FY from 1 Jul 2027

Entities meeting any 2 of 3 criteria within a group are in scope.

1. Governance (ASRS 1 Para 26-28)

1.1 Board oversight structure documented

Climate-related risks and opportunities are overseen by a named board committee or the full board, with documented terms of reference specifying climate responsibilities.

ASRS 1 Para 26(a) · Aligns with ISSB IFRS S1 Para 6

1.2 Management accountability assigned

Specific management roles are responsible for climate risk assessment, data collection, and disclosure preparation. Accountability is documented in position descriptions or delegation frameworks.

ASRS 1 Para 26(b) · Board should disclose how management is held accountable

1.3 Climate competence assessed

Board and management climate competence has been assessed. Skills gaps are identified and addressed through training, external advisors, or board appointments. Evidence of competence assessment is documented.

ASRS 1 Para 26(d) · Critical for directors’ sign-off obligations

2. Strategy (ASRS 2 Para 8-22)

2.1 Climate risks and opportunities identified

A systematic process has identified material climate-related risks (physical and transition) and opportunities across short, medium, and long-term time horizons relevant to the entity’s operations, value chain, and geographic footprint.

ASRS 2 Para 10-12 · Both physical risks (bushfire, drought, flooding) and transition risks (carbon pricing, policy shifts)

2.2 Scenario analysis conducted

Climate scenario analysis has been performed using at least two IPCC-aligned scenarios (e.g., 1.5°C and 3°C+) across multiple time horizons. Scenarios are relevant to the entity’s sector and Australian/NZ operating context. Results inform strategy and are documented for disclosure.

ASRS 2 Para 22 · Safe harbour applies to scenario analysis disclosures made in good faith

2.3 Transition plan articulated

A credible transition plan exists (or is under development) describing how the entity will transition towards a lower-carbon economy. Includes targets, milestones, capital allocation, and dependencies. Aligned with ISSB transition plan expectations.

ASRS 2 Para 14 · Safe harbour applies to transition plan disclosures

3. Risk Management (ASRS 1 Para 34-36)

3.1 Climate risk identification process established

A documented process exists for identifying climate-related risks. This process is integrated with (or clearly mapped to) the entity’s enterprise risk management framework. Both direct operations and value chain risks are assessed.

ASRS 1 Para 34(a) · Integration with ERM is expected, not a standalone process

3.2 Risk prioritisation and monitoring active

Climate risks are prioritised relative to other enterprise risks. Monitoring mechanisms are in place (KRIs, escalation triggers, periodic reviews). Board receives regular climate risk reporting.

ASRS 1 Para 34(b)-(c) · Disclose how risks are prioritised and monitored

4. Metrics & Targets (ASRS 2 Para 27-36)

4.1 Scope 1 and 2 GHG inventory complete

A GHG Protocol-compliant inventory covers all Scope 1 (direct) and Scope 2 (purchased energy) emissions. Uses NGER emission factors for Australian operations. Organisational and operational boundaries are documented. Data is structured for limited assurance from the outset.

ASRS 2 Para 29 · Limited assurance required on Scope 1 & 2 from year one

4.2 Scope 3 data collection initiated

Value chain (Scope 3) emissions estimation has commenced. Material Scope 3 categories are identified (e.g., purchased goods, use of sold products, investments). Supplier engagement processes are established or planned. Data quality is documented with methodological notes.

ASRS 2 Para 29(a)(vi) · Transitional relief available · Safe harbour applies to Scope 3 disclosures

4.3 Targets set and progress tracked

Climate-related targets are established (emissions reduction, renewable energy, etc.). Targets specify base year, target year, scope, and metric. Progress is tracked and reported. SBTi alignment is considered where applicable.

ASRS 2 Para 33-36 · Disclose targets, base year, progress, and whether externally validated

5. Evidence & Assurance Readiness

5.1 Evidence architecture designed

Data collection processes have documented evidence trails. Source data, calculations, assumptions, and methodological choices are traceable and auditable. Internal controls exist over climate data (analogous to financial reporting controls).

Required for limited assurance · Design evidence systems before data collection, not after

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