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Climate-related and other emerging risks disclosures: assessing financial statement materiality using AASB Practice Statement 2

Author: Australian Accounting Standards Board, Australian Auditing and Assurance Standards Board

Industry Group: All Industry Groups

Guidance / Tool - 2018

This publication argues that climate-related risks and other emerging risks are currently predominantly discussed outside the financial statements, if at all, while 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, regardless of their numerical impact. It also notes investor statements on the importance of climate-related risks to their decision making so 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 statement.

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