b'reporting and often reporting the same data inimportant distinction must be made between GRI slightly different formats or measuring the sameand the new IFRS Sustainability Standards. The metrics according to different criteria, leading toIFRS Sustainability Standards call for transparency inconsistent disclosures that hinder comparabilityon how sustainability-related matters may have and transparency. This fragmentation has madea material financial impact on an organisation. it difficult for investors and other stakeholdersThe focus is looking inward on how the evolving to assess corporate sustainability performancesustainability landscape may impact the financial accurately, undermining the very goal ofpositions and performance of the organisation. accountability and transparency that theseGRI focuses more prominently on the outward frameworks were designed to promote. impact an organisation has on the environment and society as a whole. These impacts are not However, significant progress has been madelimited to being of a financial nature either. in recent years to address these issues and to bring greater coherence to the sustainabilityWith this convergence of sustainability reporting reporting landscape. Over time efforts have beenstandards and frameworks, the path towards made to align the various reporting standards,improved interoperability has improved reducing complexity and enabling bettersignificantly. However, it will still require comparability of ESG data. For instance, thecontinued collaboration between standard-collaboration between the GRI and SASB to mapsetters, regulators, and corporates. A unified their standards has created greater alignmentapproach to sustainability reporting should between their disclosure frameworks. Moreover,emphasize clear, comparable, and reliable ESG the bridging of SASB and the IR Frameworkdata. under the banner of the Valuation Reporting Foundation in 2021 and the consolidation ofLaw firms should look to the IFRS and ASRS CDP into CDSB in 2022. More recently, Thestandards. While many law firms in Australia will Value Reporting Framework and CDSB werenot be directly impacted by the recent legislated consolidated under the IFRS Foundation andclimate-related disclosures they will be indirectly the ISSB was established. The creation of theimpacted and will have begun feeling the pinch ISSB by the IFRS Foundation has been a crucialfrom their clients requesting detailed climate-step forward in harmonizing global sustainabilityrelated disclosures, particularly information on reporting, offering a global baseline forthe firms greenhouse gas emissions and whether companies to report on financial materiality whilethe firm has emissions reduction targets that are providing flexibility for sector-specific disclosures.science aligned supported by a decarbonisation This has led to the IFRS Sustainability Standardsplan. Many of the companies facing mandated on which the Australia variants, the Australiandisclosure requirements may also seek legal Sustainability Reporting Standards (ASRS) AASBadvice to interpret what the new disclosure S1 and AASB S2, are based. The Australianrequirements mean for their organisations. Law Government has also mandated climate-relatedfirms have an important role to play in support disclosures aligned to ASRS. The developmentof organisations directly impacted by the new of the IFRS Sustainability Standards and ASRSdisclosure requirements.were also guided and influenced by GRI. An'