Clarity in corporate reporting - March-April 2026 monthly newsletter

Use our models to enhance your corporate reporting for the June 2026 reporting season

The Tier 1 model financial report is now available and can be used as a guide in achieving best practice outcomes in annual reports of ‘Tier 1’ entities. This document outlines key developments and considerations applicable to Australian businesses currently navigating global uncertainties arising from geopolitical conflict and mandatory climate reporting.

The Tier 2 model financial report will be available in due course on our model financial statements page.

In addition, we have our Australian financial reporting guide and other editions of model financial reports, available on our model financial statements page.

Entities need to update disclosures in their reports to reference the replacement instruments

ASIC has reissued two Corporations Instruments which impact financial reporting:

• ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2026/183 (Instrument 2026/183) permits entities to round information in directors’ reports and financial reports. The level of rounding depends on the size of the entity and the nature of the item (e.g. information about key management personnel remuneration and audit fees is required to be rounded to a higher level of precision than other amounts in the reports)
• ASIC Corporations (Electronic Lodgement of Financial and Sustainability Reports) Instrument 2026/59 (Instrument 2026/59) permits disclosing entities that are companies and registered schemes to electronically lodge their financial and sustainability reports with the ASX and other market operators without having to also lodge those reports with ASIC. It also exempts these entities from requirements in the Corporations Regulations 2001 to lodge accompanying information with those reports.

The new instruments replace previous instruments that provided equivalent relief as those instruments were due to automatically ‘sunset’ after 10 years (on 1 April 2026). There are no substantive changes from the previous financial reporting-related instruments, other than extending dual lodgement relief under Instrument 2026/59 to disclosing entities that are listed on the Cboe Australia exchange.

Why does this matter?

All entities preparing financial reports under Parts 2M.3 and 7.8 of the Corporations Act 2001 rely on the rounding relief in Instrument 2026/183 and its predecessor, even if only to round most amounts in the financial report to the nearest dollar. The Instrument requires that the directors’ report and financial report include a statement that the relevant entity is an entity to which the Instrument applies and that amounts have been rounded off in accordance with the Instrument.

Entities will therefore need to update disclosures in their reports to reference the replacement Instrument.

However, the transitional provisions of the instrument note that Instrument 2026/183 applies for financial years and half-years ending on or after 30 June 2026, with the superseded instrument (ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191) continuing to apply to financial years and half-years ending before that date.

Therefore, 30 June 2026 annual and half-year reports will be the first to refer to the new instrument. Our Tier 1 and Tier 2 model financial reports include new
illustrative wording.

Secure your place at Deloitte’s upcoming corporate reporting updates

Corporate reporting is an integrated network – constantly evolving as new requirements come online. This session explores how to integrate emerging developments, including mandatory climate reporting, into the existing corporate reporting suite.

Reserve your seat today by following the registration link.  

Session details are as follows:

• Perth - Tuesday 19 May
• Brisbane - Thursday 21 May
• Melbourne - Thursday 21 May
• Adelaide - Tuesday 9 June
• Sydney - Tuesday 9 June
• Virtual - Tuesday 9 June.

New publications on sustainability reporting

In March 2026 a special edition of this newsletter released a new Clarity publication highlighting key observations and emerging practice from the first cycle of AASB S2 Climate-related Disclosures (AASB S2) reports in Australia.

As part of our CFO Sustainability Reporting Series, a special edition was also published that examines the reports of the first 25 listed entities disclosing under AASB S2. The publication identifies key takeaways and provides practical guidance based on feedback from finance and sustainability teams.

All publications can be accessed here:

• Clarity publication Early insights into Wave 1 of Australian climate reporting
• ASIA Pacific Mandatory Sustainability Reporting Series
• Special edition Reporting starts in Australia.

Financial reporting considerations arising from the conflict in the Middle East

The ongoing conflict and instability across parts of the Middle East have introduced uncertainties that may affect financial reporting for many entities, including those with and without direct operations in the region.

The following resources are available to raise awareness of some of the key potential impacts that entities should consider:

• Deloitte iGAAP in Focus Closing Out (March 2026)
• Deloitte June 2026 Tier 1 models
• ASX Listed@ASX Compliance Update – 02/26¹
• Deloitte Financial Reporting Alert 26-1 Financial reporting considerations arising from the conflict in the Middle East²

¹ Section 4 deals with continuous disclosure requirements as a result of the conflict in the Middle East.

² Although the publication focuses on US GAAP reporting, it provides valuable considerations for preparers of financial reports under IFRS and Australian Accounting Standards.

Responses by the Australian Federal Government to date includes the following:

• Fuel excise halved for three months
• Government delivering more fuel relief through deal with states

ASIC releases e-learning on sustainability reporting

ASIC has released three e-learning sustainability reporting educational modules to help smaller companies and other report preparers understand and apply Australia's new mandatory climate-related financial sustainability reporting requirements.

ASIC will publish five more e-learning modules in the coming months, followed by in-person workshops.

The e-learning modules were developed in partnership with the Australian Accounting Standards Board (AASB).

ISSB publishes proposals for revising three SASB Standards reporting

In March 2026 the International Sustainability Standards Board (ISSB) published an exposure draft with proposed changes to three SASB Standards and consequential amendments to the Industry-based Guidance on Implementing IFRS S2:

• Agricultural Products
• Meat, Poultry & Dairy
• Electric Utilities & Power Generators

The proposed amendments are intended to align the language and the concepts in the SASB Standards with ISSB Standards, improve the international applicability and decision-usefulness of the disclosures, support interoperability with other standards as well as maintain alignment between climate-related content in the SASB Standards and the ISSB’s Industry-based Guidance on Implementing IFRS S2. The exposure draft is open for comment until 24 July 2026.

In the Australian context, AASB S2 Climate-related Disclosures does not require entities to refer to or consider the SASB Standards or Industry-based Guidance on Implementing IFRS S2, but entities can voluntarily choose to do so.

Further information:

• iGAAP in Focus ISSB proposes amendments to three SASB standards and the Industry-based Guidance on Implementing IFRS S2
• Exposure Draft Proposed amendments to the SASB Standards and IFRS S2 Industry-based Guidance

GRI issues three exposure drafts on pollution

The Global Sustainability Standards Board released the following Global Reporting Initiative (GRI) exposure drafts:

• GRI Air Pollution
• GRI Soil Pollution
• GRI Critical Incidents

The exposure drafts look at pollution more broadly to reflect the latest internationally agreed best practices and relevant intergovernmental instruments. The comment period closes on 8 June 2026.