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 – entities to which paragraph 1707B(1)(a) of the Act applies.

Group 2 entities – entities to which paragraph 1707B(1)(b) of the Act applies.

Group 3 entities – entities to which paragraph 1707B(1)(c) of the Act applies.

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.