Submissions to the XRB closed on 25 October 2024. Submissions to the IASB closed on 28 November 2024.
Reporting Climate-related and Other Uncertainties in Financial Statements
Proposed illustrative examples to support disclosures
Stakeholder concerns about inconsistent application and insufficient disclosures of climate-related matters in financial statements has led the International Accounting Standards Board (IASB) to develop eight illustrative examples to demonstrate how entities should report the effects of climate-related and other uncertainties in their financial statements.
The illustrative examples highlight:
- Materiality judgements
- Assumption and other sources of estimation uncertainty
- Aggregation and disaggregation.
What’s your view?
We are keen to get your perspective on the proposed illustrative examples to inform our submission to the IASB. Specifically, we would like to understand, should these illustrative examples be introduced in New Zealand, whether they help improve disclosures in this area, and what the initial and ongoing cost implications might be on your business, such as system or process changes and staff training.
Thank you to everyone who provided feedback on this consultation. The New Zealand Accounting Standards Board considered the informal feedback received at as part of developing the Board's comment letter to the IASB.
The Board's comment letter to the IASB can be viewed below.