BAO3309 Advanced Financial Accounting- Opportunities and Financial

BAO3309 Advanced Financial Accounting- Opportunities and Financial

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BAO3309 Advanced Financial Accounting

Task

Word length: 3000 words

Research topic: Climate change risk and Climate-related financial disclosures

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

In addition to the reports prepared by the TCFD and the AASB / AUASB, both Deloitte and Ernst and Young (EY) have released documents which provide advice to organisations with regards to how to address the TCFD’s recommendations with regards to disclosing climate change risk (Deloitte, 2018, EY, 2017)

Required

1. With reference to the above documents and associated resources:

a. Explain climate-related risks in terms of:

i. Transition risks; and

ii. Physical risks;

b. How and why are climate related risks different to other emerging risks?

c. Identify and explain climate related opportunities, using examples, in terms of:

i. Resource efficiency;

ii. Energy source;

iii. Products and services;

iv. Markets; and

v. Resilience

d. Identify and explain the financial impacts of climate related risks and opportunities in terms of:

i. The Income Statement;

ii. The Cash flow Statement; and

iii. The Balance Sheet

2. Identify and explain the recommended disclosures that organisations should provide in their financial statements with regards to:

a. Governance;

b. Strategy;

c. Risk Management; and

d. Metrics and Targets.

3. Identify and explain the principles for effective disclosure developed by the TCFD

4. Analyse the extent to which the TCFD principles for effective disclosure are consistent with the IASB / AASB conceptual framework

5. Select two companies, one from: (a) either the banking or insurance industries; and (b) the energy industry (oil and gas, coal, electric utilities) and select either their financial, sustainability or integrated report for the financial year ending June 30, 2018 and describe, compare and contrast the climate change disclosures that they provided with regards to:

a. Governance;

b. Strategy;

c. Risk Management; and

d. Metrics and Targets.

6. How could the voluntary disclosures that were analysed in question 5 be explained from the perspective of either legitimacy theory, stakeholder theory or institutional theory?

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