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Accounting alert 2011/03 — Impacts of the proposed Australian carbon pricing mechanism

Published on: 26 May 2011

At the date publication of this Accounting alert (May 2011), the Federal Government had announced a proposal for a two-stage plan for a carbon price mechanism for the Australian economy. The proposal currently envisages a scheme involving a fixed carbon price period for three to five years before a transition to an a market based emissions trading scheme. The Federal Government has proposed that the carbon price mechanism commence on 1 July 2012, subject to the ability to negotiate agreement with a majority in both houses of Parliament to pass legislation during calendar 2011.

Notwithstanding the lack of an enacted carbon pricing mechanism in the Australian economy, the effects of a price on carbon cannot be ignored in financial reporting or the wider business context. Existing legislation requires an increasing number of entities to monitor their carbon emissions and the uncertainty surrounding a carbon price is being reflected in market transactions in industries heavily exposed to a carbon price.

Note: the link below will redirect you to the Deloitte (Australia) website.

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