28 November 2019
The International Accounting Standards Board (IASB) today released an update clarifying the implications of climate change-related risks for the application of accounting standards.
ClientEarth lawyer Daniel Wiseman said: “Because of investors’ clear demands, it is now beyond doubt that the financial impacts of climate change will be material for the vast majority of large companies. Directors, accountants and auditors who fail to realise this are now at serious risk of breaching the law.
“This update from the IASB sends a clear signal that companies and their auditors must urgently review how climate change risks and impacts will affect disclosures in financial accounts.”