Free AASB S2 Reporting Gap Analysis Template

Mandatory climate-related financial disclosures are now a reality for many Australian organisations. As businesses work to meet the new requirements under the Australian Sustainability Reporting Standards (ASRS), it’s essential to understand where reporting capabilities are strong — and where critical gaps remain. To support sustainability managers, CFOs, and governance teams in this process, Avarni has released a free Reporting Gap Analysis Template: a practical resource designed to simplify self-assessment and action planning against the requirements of AASB S2: Climate-related Disclosures.

If you’re preparing for phased obligations under the Corporations Act, this tool will help you get there with confidence.

Why a gap analysis is critical right now

The introduction of AASB S2: Climate-related Disclosures marks a major shift for corporate reporting in Australia. While it draws heavily from the global ISSB standards, AASB S2 includes key adjustments for the Australian market, requiring organisations to evaluate not just their climate-related risks and opportunities but also the governance structures, strategies, and metrics they use to manage them.

Now that mandatory climate-related disclosures are here, conducting a structured gap analysis is essential. It allows organisations to pinpoint where they already meet requirements, where evidence is lacking, and where new capabilities need to be built. Acting early avoids last-minute compliance rushes, strengthens internal processes, and builds investor and stakeholder confidence.

At the same time, this isn’t just about ticking regulatory boxes. Early movers will position themselves strategically — building more credible reporting frameworks, enhancing market trust, and demonstrating real climate resilience. Avarni’s free Gap Analysis Template helps make this process simple, repeatable, and actionable, turning uncertainty into a clear roadmap for future success.

What’s included in the Reporting Gap Analysis Template

The Reporting Gap Analysis Template is a structured matrix aligned directly to the AASB S2 paragraph references. It covers all key disclosure requirements, helping users perform a comprehensive self-assessment without needing to cross-reference multiple documents manually.

Each item in the matrix allows you to:

• Assess capability status: Indicate whether your organisation’s current practices Fully Meet, Partially Meet, or do Not Meet each disclosure requirement.
• Identify supporting evidence: Confirm whether documentation or audit-ready evidence exists for each item.
• Describe reporting gaps: Capture specific weaknesses or missing elements clearly.
• Assign responsibility: Designate an owner for closing each identified gap.
• Set deadlines: Establish due dates to build an actionable roadmap to compliance.

By linking every requirement back to the official AASB S2 paragraph references, the template ensures nothing critical gets missed — and it makes it easy to cross-check your responses against the formal standard.

Who should use this tool

The Reporting Gap Analysis Template has been designed with two main user groups in mind:

• Sustainability Managers: Professionals leading climate-related disclosure efforts can use this tool to benchmark current readiness and set clear priorities for improvement.
• CFOs and Finance Teams: As climate reporting becomes increasingly tied to financial performance, finance leaders need visibility over gaps that could impact external disclosures and financial filings.
• Governance and Risk Committees: Board and executive teams charged with overseeing disclosure obligations can also use this tool to assess and oversee management’s progress.

Regardless of where you sit within your organisation, this template provides a common language and structure for evaluating and advancing your climate reporting capabilities.

How to get the most out of the template

Using the Reporting Gap Analysis Template is straightforward:

First, carefully review each disclosure requirement listed in the matrix. For every item, select your current capability status. Then, document whether you have supporting evidence on hand, and describe any areas where evidence is weak or absent. Assign an owner responsible for addressing the gap, and set a realistic due date.

We recommend using the template as a working document during cross-functional workshops involving sustainability, finance, risk, and governance teams. Regular reviews of the template will help organisations stay on track toward phased compliance deadlines and make continuous improvements over time.

👉 Download: Reporting Gap Analysis Template