| How climate-related matters can affect reporting in GRAP financial statements |
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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.
Access the guidance here. |
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