Unless otherwise stated, terms used in this standard have the same meaning as those terms have for the purposes of Chapter 2M of the Act. The following terms have the meanings attributed below:

AASB S2 – Australian Sustainability Reporting Standard AASB S2 Climate-related Disclosures.

Auditor – the audit firm, audit company or individual auditor of the entity for the purposes of Chapter 2M of the Act.

Group 1 entities – in this standard: 

i. entities to which paragraph 1707B(1)(a) of the Act applies; and 

ii. entities that apply paragraph 1707DA(1) of the Act for the first time for a year commencing on or after 1 January 2025 but on or before 30 June 2026.

Group 2 entities – in this standard: 

i. entities to which paragraph 1707B(1)(b) of the Act applies (other than an entity to which the definition of 'Group 1 entities' in this standard applies); 

ii. entities that apply paragraph 1707DA(1) of the Act for the first time for a year commencing on or after 1 July 2026 but on or before 30 June 2027; and

iii. entities that applied 1707DA(1) for a financial year and did not report under the Act for the following financial year that commenced before 1 July 2027.

Group 3 entities – in this standard: 

i. entities to which paragraph 1707B(1)(c) of the Act applies (other than an entity to which the definition of 'Group 1 entities' or 'Group 2 entities' in this standard applies); 

ii. entities that apply paragraph 1707DA(1) of the Act for the first time for a year commencing on or after 1 July 2027 but on or before 31 December 2027; and

iii. entities that applied s1707DA(1) for a financial year but not for a following financial year and recommenced reporting under the Act for a year that commenced before 1 January 2028, other than an entity that meets the definition of a Group 2 entity in paragraph (d).

First year of reporting – the first financial year commencing: 

1. For Group 1 entities – from 1 January 2025 to 30 June 2026; 
2. For Group 2 entities – 1 July 2026 to 30 June 2027; 
3. For Group 3 entities – 1 July 2027 to 30 June 2028.

Second year of reporting – the first financial year commencing: 

1. For Group 1 entities – 1 July 2026 to 30 June 2027; 
2. For Group 2 entities – 1 July 2027 to 30 June 2028; 
3. For Group 3 entities – 1 July 2028 to 30 June 2029.

Third year of reporting – the first financial year commencing;

1. For Group 1 entities – 1 July 2027 to 30 June 2028;
2. For Group 2 entities – 1 July 2028 to 30 June 2029;
3. For Group 3 entities – 1 July 2029 to 30 June 2030.

Fourth year of reporting – the first financial year commencing on or after:

1. For Group 1 entities – 1 July 2028;
2. For Group 2 entities – 1 July 2029;
3. For Group 3 entities – 1 July 2030.

Sustainability Report – A sustainability report required under section 292A of the Act (see section 9 of the Act). 

Sustainability Standards – those standards made for the purposes of the Act pursuant to section 336A of the Act.