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Climate-related resources

Investors, regulators and other business stakeholders are increasingly demanding better disclosures on climate change matters and challenging companies that are not factoring the effects of climate change into their critical accounting judgements.

The FRC’s Financial Reporting Lab (“the Lab”) published a report in October 2019, Climate-related corporate reporting, which aims to reflect the views of investors on existing reporting by companies and to help companies move towards more effective and comprehensive reporting. Structured around the TCFD framework, the Lab’s report sets out challenging questions for Boards to ask themselves and examples of good practice.

In its Annual Review of Corporate Reporting, and in an open letter to all Audit Committee Chairs and Finance Directors, the FRC has further emphasised their expectation that Boards address and report on the effects of climate change.

This page includes resources to help companies when making disclosures of the effects of climate change on their business, and vice versa.  It includes links to:

Related resources

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EC launches consultation on renewed sustainable finance strategy

09 Apr 2020

In the context of the European Green Deal and building on the 2018 Action Plan on financing sustainable growth, the European Commission (EC) has launched a consultation on its renewed sustainable finance strategy. Despite contrary findings of a recent study commissioned by the EC, the wording and the options for answering one of the questions of the consultation document seem to suggest that IFRSs may hamper sustainable finance.

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FRC publishes its plan and budget for 2020/21

24 Mar 2020

The Financial Reporting Council (FRC) has published its plan and budget for 2020/21.

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Consultation launched to assist trustees on aligning their pension scheme to the TCFD recommendations

17 Mar 2020

A new consultation has been launched which sets out non-statutory guidance for the trustees of occupational pension schemes on assessing, managing and reporting climate-related risks in line with the Taskforce on Climate-Related Financial Disclosures (TCFD).

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Comment deadline for FCA consultation paper proposing improvements to climate-related disclosures for listed companies

09 Mar 2020

The Financial Conduct Authority (FCA) has published a consultation paper (CP20/3) which proposes to enhance climate-related disclosures by companies with a UK premium listing and clarify existing disclosure obligations.

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FCA issues consultation paper proposing improvements to climate-related disclosures for listed companies

09 Mar 2020

The Financial Conduct Authority (FCA) has published a consultation paper (CP20/3) which proposes to enhance climate-related disclosures by companies with a UK premium listing and clarify existing disclosure obligations.

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Call to action in response to climate change

25 Feb 2020

14 accounting bodies have signed a call to action in response to climate change. The bodies, who are all members of A4S’s Accounting Bodies Network, represent over 2.5 million accountants and students globally.

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FRC to review how companies and auditors assess and report on the impact of climate change

21 Feb 2020

The Financial Reporting Council (FRC) has announced a major review of how companies and auditors assess and report on the impact of climate change.

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FRC publishes its draft plan and budget for 2020/21

12 Feb 2020

The Financial Reporting Council (FRC) has published its draft plan and budget for 2020/21. Comments are requested by 28 February 2020.

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European Reporting Lab issues report on climate-related disclosures

06 Feb 2020

The European Lab Project Task Force on Climate-related Reporting has issued, ‘How to improve climate-related reporting — A summary of good practices from Europe and beyond’.

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IBC discusses Big4 report on reporting sustainability information at WEF

24 Jan 2020

At the World Economic Forum (WEF), the chief executive officers of many of the world’s largest companies expressed support for aligning on a core set of metrics and disclosures in their annual reports on the non-financial aspects of business performance such as greenhouse gas emissions and strategies, diversity, employee health and well-being and other factors.

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ICAEW webinar on the TCFD recommendations

22 Jan 2020

The Institute of Chartered Accountants in England and Wales (ICAEW) will be hosting a webinar looking at the Task Force on Climate-related Financial Disclosures' recommendations in more detail.

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ICAEW webinar on the TCFD recommendations

22 Jan 2020

The Institute of Chartered Accountants in England and Wales (ICAEW) will be hosting a webinar looking at the Task Force on Climate-related Financial Disclosures' recommendations in more detail.

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FRC announces thematic reviews for 2020/2021

16 Dec 2019

The Financial Reporting Council (FRC) has announced the corporate reporting and audit quality thematic reviews that it will undertake in 2020/21.

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IFAC publishes call to action on climate change

12 Dec 2019

The International Federation of Accountants (IFAC) has published a ‘Points of view’ document calling on action from various stakeholders with respect to climate change highlighting that they should all “embrace climate action and be part of the solution”.

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A closer look — Climate change

12 Dec 2019

A growing number of scientific projections detail not only potential average increases in global temperatures, but also the consequences, such as rising sea levels and more frequent extreme weather events. Economic forecasts are also increasingly reflecting these impacts, including related factors such as carbon pricing initiatives and changing demand for fossil fuels and renewable energy. It is critical to recognise that the past is no longer a predictor of the future. As a result, investors, regulators and other business stakeholders are increasingly demanding better disclosures on climate change matters and challenging companies that are not factoring the effects of climate change into their critical accounting judgements. This Closer Look publication provides an overview of investor and regulatory focus, and explores a framework for companies to use in responding to climate-related matters, including areas in the financial statements and in narrative reporting that might be affected. It also signposts further guidance and resources.

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Accounting Roundup - Closing Out 2019

10 Dec 2019

Closing Out 2019 discusses the significant corporate reporting issues relevant to 31 December 2019 annual reports, covering areas of regulatory focus identified in the FRC’s Annual Review of Corporate Reporting 2018/2019 and the ESMA’s common enforcement priorities for issuers in the European Union, together with other developments in reporting standards and areas of investor interest.

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Governance in focus — On the board agenda 2020

05 Dec 2019

As 2019 draws to a close, our annual review of board topics will stimulate your thinking and help prepare you for the year ahead. After pieces on the economic outlook, the Nine Big Shifts and the “Social Enterprise”, we pull together, in one place, a series of articles reviewing many topics on the board agenda across four key themes – responsible business, risk & internal controls, remuneration and year-end reporting & assurance. Our annual review is, once again, a full read as there is much to consider.

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Governance in brief — FRC issues advice on annual reports for 2019/20 reporting season

14 Nov 2019

The FRC has issued its Annual Review of Corporate Reporting and annual open letter to finance directors and audit committee chairs covering its perspectives on key developments and areas of focus for 2019/20 annual reports. The report sets out the FRC’s “expectations for corporate reporting to improve trust in business”, emphasising the annual report is a vehicle of trust and stewardship.

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FRC publishes findings on the quality of corporate reporting in 2018/2019

30 Oct 2019

The Financial Reporting Council (FRC) has published its Annual Review of Corporate Reporting 2018/2019, which provides the FRC's assessment of corporate reporting in the UK based on evidence from a variety of sources, including the work of the FRC's own Corporate Reporting Review (CRR) team.

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FCA publishes feedback statement on climate change and green finance

22 Oct 2019

The Financial Conduct Authority (FCA) has published a Feedback Statement (FS 19/6) on climate change and green finance.

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