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AFA
Climate Reporting - Slides
| Question | Answer |
|---|---|
| IFRS 3 main aims | standardise financial information presentation provide consistent high quality information for stakeholders enhance economic efficiency |
| climate risks | transition and physical |
| transition risks | policy and legal, technology, market, reputation |
| physical risks | acute and chronic |
| climate opportunities | resource efficiency, energy source, products, materials, markets, resilience |
| physical and transition risks will | materialise in the future |
| magnitude of risks based on | actions made currently |
| road to current standards - 2019 | IFAC call for policy, disclosure and assessments on climate related risks |
| road to current standards - 2021 | government confirmed mandated disclosures at COP conference |
| road to current standards - 2022 | US SEC released proposal on disclosures ISSB released exposure draft 2 ESRS E1 released European Parliament adopt CSRD |
| road to current standards - 2023 | ISSB issue IFRS S1 and S2 US SEC finalised disclosure requirements G20 endorsed global approach |
| road to current standards - 2024 | IFRS Foundation and EFRAG show alignment between ISSBs and ESRSs |
| 4 different international climate reporting standards | 1. IFRS Sustainability Disclosures 2. European Sustainability Reporting Standards 3. The Integrated Reporting Framework 4. Global Reporting Initative |
| IFRS Sustainability Disclosures | issued by ISSB meant for global integration align with IFRS |
| European Sustainability Reporting Standards | adopted by European Commission defines content and format of non-financial reporting |
| Integrated Reporting Framework and Global Reporting Iniative | both significant initiatives which have frame non-financial reporting |
| National Climate Disclosures | UK Sustainability Disclosure Standards - aligns with IFRS US SEC Climate Guidance |
| key purpose of IFRS S2 | - satisfy information needs - single materiality focus (financial) |
| key headings in IFRS S2 | governance strategy risk management metrics and targets |
| governance IFRS S2 | understand governance processes, controls in place to monitor risks and opportunities |
| strategy IFRS S2 | to understand entity strategy on climate risks and opportunities, decision making, fin position, climate resilience |
| risk management IFRS S2 | - how risks and opportunities identified, assessed and managed - allows view of overall risk profile and process |
| metrics and targets IFRS S2 | - how entity measures, monitors, manages climate risks and opportunities - can assess progress towards targets |
| EU Directive for non financial reporting | - non financial disclosures from 2018 - encompasses all listed companies |
| 12 ESRSs headings | cross cutting, environmental, social, governance |
| cross cutting ESRSs | general requirements and general disclosures |
| environmental ESRSs | climate change, pollution, water and marine resources, ecosystems, resource use |
| social ESRSs | own workforce, workers in value chain, affected communities, consumers and end users |
| governance ESRS | business conduce |
| key issues in climate change reporting | location, measurement, connectivity, financial statement implications |
| financial materiality | climate impact on firm -> how factors are impacting financial performance and position |
| impact materiality | firms impact on client -> business impact on society and environment |
Created by:
amyperston
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