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BAO3309: Accounting and Finance - (TCFD) Task Force on Climate-Related Financial Disclosures - Report Writing Assessment Answer
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Internal Code: 1AFIDJ
Code: BAO3309
Accounting and Finance Assessment Answer
Assignment Task: BAO3309Task Force on Climate-Related Financial Disclosures - BAO3309
Managing climate change risk is a significant issue for reporting entities, in particular from a corporate disclosure perspective. BAO3309 In June 2017, the Task Force on Climate-Related Financial Disclosures (TCFD) released a final report titled “Recommendations of the Task Force on Climate-related Financial Disclosures” (TCFD, 2017). This report provided an overview of climate-related risks, opportunities and financial impacts, as well as recommendations and guidance, in particular, recommended disclosures (TCFD, 2017). BAO3309 Subsequent to this, in December 2018, the Australian Accounting Standards Board (AASB) and the Auditing and Assurance Standards Board (AUASB) issued a document titled “Climate-related and other emerging risks disclosures: assessing financial statement materiality using AASB Practice Statement 2” (AASB and AUASB, 2018). This document identified the following key points: BAO3309- Climate-related risks and other emerging risks are currently predominantly discussed outside the financial statements, if at all
- qualitative external factors such as the industry in which the entity operates and investor expectations may make such risks ‘material’ and warrant disclosures when preparing financial statements
- Given investor statements on the importance of climate-related risks to their decision making, the impact of the materiality definition and APS 2 is that entities can no longer treat climate-related risks as merely a matter of corporate social responsibility and should consider them also in the context of their financial statements
- Entities preparing financial statements in accordance with Australian Accounting Standards consider:
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