Educational material on applying IFRSs to climate-related matters updated
04 Jul, 2023
The IFRS Foundation has released an updated version of its 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.
Please click to access Effects of climate-related matters on financial statements on the IASB website.
Similar educational material on applying the IFRS for SMEs to climate-related matters was published by the IASB in May 2023.
Related Topics
- IFRS 17 — Insurance Contracts
- IAS 1 — Presentation of Financial Statements
- IAS 2 — Inventories
- IAS 12 — Income Taxes
- IAS 36 — Impairment of Assets
- IAS 37 — Provisions, Contingent Liabilities and Contingent Assets
- IAS 38 — Intangible Assets
- IFRS 7 — Financial Instruments: Disclosures
- IFRS 9 — Financial Instruments
- IFRS 13 — Fair Value Measurement
- IFRIC 21 — Levies
