Article on IFRS Standards and climate-related disclosures
Nov 28, 2019
On November 28, 2019, the International Accounting Standards Board (the Board) released an article by IASB member Nick Anderson discussing how existing requirements within IFRS Standards relate to climate change risks and other emerging risks.
In the article In Brief: IFRS Standards and climate-related disclosures, Mr Anderson provides an overview intended to help investors understand what already exists in the current requirements and guidance on the application of materiality, and how it relates to climate and other emerging risks.
Aspects he considers are:
- Board guidance on how to make materiality judgements
- Applying IFRS Practice Statement 2 Making Materiality Judgements to climate-related and emerging risks
- Financial reporting considerations when applying IFRS Standards
- Disclosing climate-related and other emerging risks in the financial statements
- Management commentary: providing context to the financial statements
- Summary: materiality judgements should serve investors’ information needs
The article notes that Mr Anderson's thoughts have been inspired by work from the Australian Accounting Standards Board (AASB) and Audit and Assurance Board (AUASB).
Review the press release and article on the Board's website.
