The effect of sustainability-related matters on financial statements
Accounting Standards Board Newsletter #2 - September 2024
In this edition of the Newsletter
The effect of sustainability-related matters on financial statements
The effect of sustainability-related matters on financial statements
The hype of sustainability reporting in the accounting profession has highlighted a need to apply a “sustainability lens” to everything entities do. The Secretariat of the ASB issued guidance on the effect of sustainability-related matters on an entity’s reporting in the financial statements.
“Sustainability-related matters” refers to the events that have an impact on the sustainable development goals determined by the United Nations. The guidance provides a snapshot of how the effect of sustainability-related matters can affect the reporting requirements in the various GRAP Standards. The guidance does not address all instances of sustainability-related matters - there could be other instances where sustainability-related matters are relevant when preparing financial statements. Entities should apply judgement when assessing whether the effect of sustainability-related matters are material to their financial statements. The guidance is not authoritative.
The article has been prepared by the Secretariat of the ASB for information purposes only. It has not been reviewed, approved, or otherwise acted on by the Board.
