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IFRS® Accounting Standards

Climate-related and Other Uncertainties in the Financial Statements

Summary

The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project to explore whether and how financial statements can better communicate information about climate-related and other uncertainties.

The project aims to research causes of concern about the inconsistent application of IFRS® Accounting Standards to climate-related and other uncertainties, and about insufficient information being disclosed in the financial statements regarding such uncertainties. The Boards will also consider whether and what actions might be needed. 

Refer to the IASB Climate-related and Other Uncertainties in the Financial Statements project page for more information.

Staff Contact(s)

Shalini Gupta, CPA, CA Principal, Accounting Standards Board

Phone number  +1 647 956 6628
Email address  [email protected]
Alex Levine, CPA, CA Principal, Accounting Standards Board and Sustainability Reporting

Phone number  +1 604 449 2439
Email address  [email protected]

Project Status

  • Information gathering

    Based on the feedback received through its Third Agenda Consultation, the IASB added this project to its maintenance project pipeline in March 2022

  • Approving project

    The IASB decided to commence work on this project and moved the project to its work plan in March 2023

  • Engaging Communities
  • Deliberating feedback
  • Final pronouncement

Meeting & event summaries

July 9, 2024

AcSB Decision Summary – June 19-20, 2024

The AcSB discussed its plan to respond to the IASB’s upcoming exposure draft on Climate-related and Other Uncertainties in the Financial Statements. The exposure draft is expected to be issued in July 2024, with a 120-day comment period. The AcSB approved outreach and communications plans, which include gathering feedback from advisory committees and working groups, and holding a public webinar. More information on the public webinar will be shared on our website following the issuance of the exposure draft.