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Climate related publications

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 all of our publications on the financial reporting impacts of climate change.  In addition Deloitte's climate change website includes a suite of learning videos, interviews with people driving climate action, and a library of links to further resources and guidance.

Related publications

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.

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.

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.

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.

Annual report insights 2019 — Surveying FTSE reporting

21 Oct 2019

Our latest annual reporting survey, Annual report insights 2019, provides insights into practices in annual reporting, focusing on areas where requirements have changed, where regulators are focusing or where innovative practices are emerging.

Governance in brief — New 2019 reporting requirements for large private companies - a reminder

17 Oct 2019

This publication covers the new governance-related reporting requirements for large private companies in annual reports for periods commencing on or after 1 January 2019.

Robert Bruce Interviews – Hans Hoogervorst, Chairman, International Accounting Standards Board

25 Jul 2019

In a wide-ranging video interview Hans Hoogervorst, Chairman of the International Accounting Standards Board, (IASB), talks to Robert Bruce about the risks surrounding climate change, about climate-related financial disclosures, about how the revised Management Commentary Practice Statement will encourage investor-grade non-financial information. He talks about the upcoming Interbank Offer Rate Replacement project, IBOR and its likely accounting consequences, about how he considers the IASB’s Primary Financial Statements Project to be one of the most important pieces of work that the IASB is currently working on, and about the likely outcome of the amendments to the insurance Standard, IFRS17. And finally he discusses whether IFRS have evolved enough to provide security in any future crises, financial or climate, up ahead, and also describes frankly what he feels he has achieved halfway through his final term as Chairman.

Deloitte responds to the EC consultation on the update to non-binding guidelines on non-financial report

21 Mar 2019

We have commented on the European Commission's targeted consultation on the update of the non-binding guidelines on non-financial report and support the EC’s efforts to improve climate-related disclosures and welcome its approach in encouraging companies to implement the FSB’s Task Force on Climate-related Financial Disclosures (TCFD) and incorporating them into the EC guidelines.

Deloitte comment letter on FCA Discussion Paper - Climate change and green finance

01 Feb 2019

We have published our comment letter on the Financial Conduct Authority (FCA)'s Discussion Paper DP 18/8: Climate change and green finance.

Need to know — Task Force on Climate-related Financial Disclosures issues its final report

06 Jul 2017

This newsletter discusses the final report recently issued by the Task Force on Climate-related Financial Disclosures. The recommendations aim to provide investors, asset owners, asset managers, lenders and insurance underwriters with consistent climate-related financial disclosures that are useful in understanding material climate-related risks.

Robert Bruce interviews — Explaining the issues around climate-related financial disclosures

05 Apr 2017

As Special Advisor to the Financial Stability Board’s Climate-related Financial Disclosures Task Force, the body which produced the Bloomberg Report, Russell Picot is at the forefront of efforts to encourage the disclosure of climate risks in annual reports. Robert Bruce, our regular, resident columnist has interviewed him and reports on the latest progress.

Thinking allowed — Climate-related disclosure

15 Feb 2017

This publication looks at some of the issues involved and how companies and audit committees might respond to the challenges, drawing on a report issued by the FSB Task Force on Climate-related Financial Disclosure, to integrate the implications of climate change in their corporate reporting effectively.

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