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New steer for IASB project on climate-related risks in the financial statements
At its September meeting, the IASB reconsidered the focus of its project on climate-related risks in the financial statements. The first of the two decisions on the agenda related to whether or not to extend the focus beyond climate-related risks to include “other uncertainties”. The Board voted in favour.
Keywords: Mazars, Thailand, IASB, IFRS, IAS, Climate-Related Risks, Financial Statements
The IASB then discussed research on the nature and causes of concerns about this type of reporting, as well as potential ways of addressing these concerns through standard-setting or non-authoritative guidance. The Board unanimously voted in favour of a (tentative) decision to develop illustrative examples to assist with implementation of IFRSs.
A majority also voted to explore how to improve requirements in IFRSs in relation to disclosures about estimates.
However, the Board voted not to explore other potential amendments to standards, relating to connectivity, materiality thresholds, and general requirements in IAS 1. The IFRS Interpretations Committee will be consulted on certain topics.
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