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Climate Reporting - Slides

QuestionAnswer
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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