How climate-related matters can affect reporting in GRAP financial statements
Accounting Standards Board Newsletter #3 - September 2024
In this edition of the Newsletter
How climate-related matters can affect reporting in GRAP financial statements
How climate-related matters can affect reporting in GRAP financial statements
Entities are affected by climate change, some more than others, which impacts their operations and delivery of their mandate. The United Nations defines climate change as the long-term shifts in temperatures and weather patterns. The Secretariat of the ASB developed guidance on the effect of climate-related matters on an entity’s reporting in the financial statements.
Climate-related matters encompass the events that result from climate change, e.g. natural disasters, drought, etc. The guidance provides considerations on how the effect of climate-related matters can affect the reporting requirements applicable to the different elements of financial statements. The guidance does not address all instances of climate-related matters - there could be other instances where climate-related matters are relevant when preparing financial statements. Entities should apply judgement when assessing whether the effect of climate-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.
