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Article on IFRSs and climate-related disclosures

  • IASB (International Accounting Standards Board) (blue) Image

28 Nov 2019

IASB member Nick Anderson has issued an article discussing how existing requirements within IFRSs 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).

Please click to access the article on the IASB website.

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