Corporations Act 2001

The AASB may, by legislative instrument, make sustainability standards for the purposes of this Act or the ASIC Act. The standards must not be inconsistent with this Act, the regulations or a legislative instrument made under this Act.

A sustainability standard applies to:

periods ending after the commencement of the standard; or

periods ending, or starting, on or after a later date specified in the standard.

A company, registered scheme, registrable superannuation entity or disclosing entity may elect to apply the sustainability standard to an earlier period unless the standard says otherwise. The election must be made in writing by the directors.