BAO3309 - Climate Change Risk and Climate Related Financial Disclosures - Managing Climate Change Risk - Management Assignment Help

Assignment Task:

BAO3309: Climate Change Risk and Climate Related Financial Disclosures Management Assignment Help

Managing climate change risk is a significant issue for reporting entities, in particular from a corporate disclosure perspective.

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).

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:

•  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:

o whether investors could reasonably expect that emerging risks, including climate-related risks, could affect the amounts and disclosures reported in the financial statements and have indicated the importance of such information to their decision making; and

o what disclosures about the impact of climate-related risks are material to the financial statements in light of the guidance in APS 2

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