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Educational material on applying IFRSs to climate-related matters

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

20 Nov 2020

The IFRS Foundation has released a publication that shows how existing IFRS requirements require companies to consider climate-related matters when their effect is material to the financial statements.

The publication mainly consists of a non-exhaustive list of examples illustrating when IFRS Standards may require companies to consider the effects of climate-related matters in applying the principles in a number of standards.

The examples in the list refer to the following standards:

  • IAS 1 Presentation of Financial Statements
  • IAS 2 Inventories
  • IAS 12 Income Taxes
  • IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets
  • IAS 36 Impairment of Assets
  • IAS 37 Provisions, Contingent Liabilities and Contingent Assets and IFRIC 21 Levies
  • IFRS 7 Financial Instruments: Disclosures
  • IFRS 9 Financial Instruments
  • IFRS 13 Fair Value Measurement
  • IFRS 17 Insurance Contracts

The publication also notes that in addition to the specific requirements outlined in the table, IAS 1 contains some overarching requirements that could be relevant when considering climate-related matters.

In an article published in November 2019, IASB Board member Nick Anderson had already explained how IFRS requirements can be used to report on climate and other emerging risks.

Please click to access Effects of climate-related matters on financial statements on the IASB website.

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