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The Australian Securities and Investments Commission (ASIC) has published observations on the first sustainability reports prepared under Chapter 2M of the Corporations Act 2001 and reporting framework AASB S2 Climate-related Disclosures. The observations are intended to help entities as they prepare for the 30 June 2026 reporting season.

Whilst ASIC noted an overall improvement in the quality of climate-related financial disclosures under the new mandatory requirements, several areas were identified for improvements:

• avoiding the use of disclaimers that conflict with the reporting framework
• ensuring climate-related risks are identified using reasonable and supportable information which includes past events, current conditions and future forecasts
• clearly disclosing key judgements, assumptions and areas of estimation uncertainty
• ensuring additional voluntary disclosures do not obscure material climate-related financial information
• ensuring cross-referenced information complies with the reporting framework and ASIC guidance RG 280
• ensuring climate-related targets, including those required by law or regulation, complies with the reporting framework.

ASIC will continue its review of sustainability reports for 31 December 2025 and plans to publish further observations in the second half of 2026.

To support entities’ compliance with the mandatory sustainability reporting, ASIC has released guidance, relief and educational materials and are available on their website.

ASIC has also outlined its key focus areas for the 2026-27 financial year around:

• financial reporting
• audit
• compliance activities
• sustainability reporting and assurance.

The NSW Ombudsman has tabled a report in Parliament providing a high-level snapshot of the maturity and effectiveness of complaint handling systems across NSW public authorities. The review is based on self-assessment and staff survey results collected in 2025 and was the first review conducted under section 25A of the Ombudsman Act 1974.

The review assessed how closely agencies align with the NSW Ombudsman’s six principles of effective complaint management. The report highlighted information and accessibility, taking ownership and transparency as the key areas where improvement is needed across the sector.

The findings provide a foundation for sector-wide improvement and will inform future reviews and follow-up discussions with selected agencies.

Updated TPG 24-33 Reporting framework for climate-related financial disclosures

NSW Treasury has updated TPG 24-33 to reflect the outcomes of the year 1 post implementation review of Phase 1 climate disclosures, together with sector consultation undertaken in late 2025 and early 2026 on final phases of reform implementation. 

The changes have been highlighted in June 2026 Version Update – Summary of changes and summarised here:

• where and how disclosures are published
• who needs to report and what is in scope
• timing for the final group of agencies
• simpler pathway for smaller entities
• slower rollout of assurance
• transparency on disclosures
• practical guidance on emissions gaps
• tools to help entities with their emissions reporting
• example of what good looks like.

TPG 26-10 Mandatory Annual Returns

This TPG provides the requirements and guidance for mandatory annual returns and procedures for the year ended 30 June 2026. It adopts and incorporates the relevant pars of Treasurer’s Directions TD 25-02 Financial Reporting Requirements.

TPG 26-10:

• is a mandatory policy
• applies to chief financial officers (CFOs) of agencies and other entities controlled by the NSW Government, in accordance with AASB 10 Consolidated Financial Statements. These controlled entities are referred to as ‘prime agencies’ and ‘other agencies’ (‘other agencies’ are listed in Appendix R)
• replaces TPG 25-08 Agency Direction for the 2024-25 Mandatory Annual Returns to Treasury.

The timetable for the annual return procedures and submission dates for prime agencies and other agencies are detailed in sections 1.1 and 2.2, respectively.

While the TPG is a mandatory policy, it permits an agency’s CFO to request an exemption from, or extension in relation to, one or more of the requirements of the TPG by writing to the Executive Director, Financial Stewardship & Public Reporting of NSW Treasury. Before making such a request, the CFO must consult with the Audit Office.

TPG 26-09 Contributions by Owners – Treatment of Inter-Sector Transfers as Equity Injections of Grants

TPG 26-09 provides guidance on the accounting treatment at the General Government and Total State Sector level for transfers made that are less than fair value or without consideration, between NSW Government entities in the General Government Sector and public corporations (Public Non-financial Corporations and Public Financial Corporations).

This guidance only applies to inter-sector transfers and is not intended for the treatment of transfers (under the same terms) between entities in the same sector.

It replaces TPG 22-28 Returns on Equity Investment and is mandatory for entities in the general government sector and public corporations.

TPG 26-08 Intergovernmental Agreements

TPG 26-08 provides guidance to NSW Government agencies on the consultation, drafting, negotiation, and approval of new and amended Commonwealth-State agreements on behalf of New South Wales.

This policy outlines expectations for agencies entering into intergovernmental agreements, emphasising the need for clear accountability, appropriate approvals, and consistent documentation throughout the lifecycle of agreements.

It replaces TC22-14 Commonwealth – NSW Funding Agreements and is mandatory for departments, executive agencies related to departments and GSF agencies.

Updates to TPG 25-10 Framework for Financial and Annual Reporting

NSW Treasury published an update to TPG25-10 Framework for Financial and Annual Reporting and the 3 related TPGs:

• TPG25-10a Group 1 - Annual report
• TPG25-10b Group 2 - Annual information statement
• TPG25-10c Group 3 - Financial information return (FIR).

For more information, Treasury’s summary of changes and frequently asked questions are accessible via Treasury’s website ‘Annual reporting in NSW’.

Circular 26-08 Consultation on Councillor Conduct Reforms

The Office of Local Government (OLG) is inviting feedback on its reforms which are outlined in the proposed ‘Councillor Conduct Reform Policy Statement’ and ‘Model Code of Conduct for Councillors’. Details of the proposed changes are available on their website and include:

• centralising the process through OLG for the handling of complaints against councillors
• establishing a new Privileges Committee of experienced mayors and councillors to assess less serious complaints of unsatisfactory councillor conduct
• splitting the Model of Code of Conduct into two, separating the code for councillors and the code for council staff, delegates, and committee members
• modernising how councillors disclose their personal interests to align with the requirements being applied to Members of NSW Parliament.

Feedback on these reforms can be submitted through OLG’s website and will close 7 August 2026.

Topics discussed included:

AASB Meeting Highlights – 18-19 June 2026

• Review of AASB 1060 General Purpose Financial Statements – Simplified Disclosures For-Profit and Not-for-Profit Tier 2 Entities
• Post-implementation review of AASB 1060 and AASB 2020-2 Amendments to Australian Accounting Standards – Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities
• Climate-related Financial Disclosures
• Presentation and Disclosure of Financial Statements of Superannuation and Not-for-Profit Entities
• Sustainability reporting
• Research report.

AASB Meeting Highlights – 14 May 2026

• Climate-related Financial Disclosure
• Presentation and Disclosure in Financial Statements of Superannuation and Not-for-Profit Entities
• AASB agenda consultation
• Post-implementation review - Leases

Latest news, accounting standards and work-in-progress documents from the AASB included:

Topics discussed included:

IASB Meeting Highlights – 22-24 June 2026

• Post-implementation review of IFRS 16 Leases
• Amortised cost measurement
• Maintenance and consistent application
• Equity method
• Statement of Cash Flows and related matters
• Provisions – targeted improvements.

IASB Meeting Highlights – 18-20 May 2026

• Risk mitigation accounting
• Rate-regulated activities
• Maintenance and consistent application
• Equity method
• Intangible assets
• Business Combinations – Disclosures, Goodwill and Impairment
• Statement of Cash Flows and related matters
• Provisions – targeted improvements.

IASB Meeting Highlights – 20-22 April 2026

• Financial instruments with characteristics of equity
• Post-implementation review of IFRS 16 Leases
• Amortised cost measurement
• Maintenance and consistent application
• Equity method
• Business Combinations – Disclosures, Goodwill and Impairment
• Statement of Cash Flows and related matters.

Latest news from the IFRS Foundation included:

Topics discussed included:

IPSASB Meeting Highlights – 9-11 June 2026

• Improvements to IPSAS Standards
• Measurement – Application phase: Current Operational Value (COV) in IPSAS 31
• Climate-related disclosures – Phase 2: Public policy outcomes
• Technology update – External presentation – Intellectual Property and the Use of Artificial Intelligence at the IPSASB.

Recent news from the IPSASB included:

Topics discussed included:

AUASB Meeting Highlights – 1 June 2026

• ISA 540 Accounting Estimates – Post-implementation review
• Audit evidence and risk response
• Inventory
• External confirmations
• Legal advice – Illustrative Corporations Act Sustainability Assurance Reports.

AUASB Meeting Highlights – 15 April 2026

• Revised GS 002 Audit Implications of Prudential Reporting Requirements for Registered Superannuation Entities
• Update on revised GS 007 Audit Implications for the Use of Service Organisations for Investment Management Services.

Latest news from the AUASB included:

Topics discussed included:

IAASB Meeting Highlights – 15-18 June 2026

• Audit evidence and risk response
• The ISA for less complex entities
• Targeted standards in the ISA 500 series (issues)
• Strategy and work plan 2028-2031
• Technology quality management
• Technology catalog.

IAASB Meeting Highlights – 6 May 2026

• Audit evidence and risk response.

Latest news from the IAASB included:

Topics discussed included:

APESB Meeting Highlights – 4 June 2026

• Sustainability reporting, assurance and ethics developments
• Project update on the review of APES GN 40 Ethical Conflicts in the Workplace – Considerations for Members in Business
• Update on financial planning services
• Impact of AI on the accounting profession
• Project update on the impact of AI on forensic accounting and valuation services
• Proposed revised guidance whistleblowing and confidentiality
• Proposed revised APESB guidance on audit partner rotation
• Revision of the Auditor Independence Guide.

Latest news and media releases from the APESB included:

Topics discussed included:

IESBA Meeting Highlights – 8-11 June 2026

• Firm culture and governance
• Private equity investments in accounting firms
• Technology
• Role of CEOs
• Strategy & work plan 2028-2031
• Part 4B Sustainability.

Latest news and publications from the IESBA included:

Treasury’s recent releases and other guidance included:

^#For more information refer to Hot Topics section.

The Premier released the following memos and circulars:

TCO released the following memos and circulars:

DCS released the following circulars:

NSW Procurement Board’s recent Directions included:

Inquiries and Reports tabled in NSW Parliament included:

Recent publications included:

Recent media releases included:

Recent IPART papers and reports included:

Recent news and media releases included: