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IFRS® Accounting Standards

Climate-related Risks in the Financial Statements


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 risks.

The project aims to:

  • research the causes of stakeholders’ concerns about inconsistent application of IFRS® Accounting Standards to climate-related risks and insufficient information disclosed in the financial statements about such risks;
  • research whether the IFRS Foundation’s educational material on the effects of climate-related matters on financial statements and the application of the International Sustainability Standards Board’s (ISSB) future standard on climate-related disclosures help to address these concerns; and
  • consider whether and what actions might be needed. 

Refer to the IASB Climated-related Risks in the Financial Statements project page for more information.

Staff Contact(s)

Davina Tam, CPA, CA Principal, Accounting Standards Board

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

  • Consulting stakeholders
  • Deliberating feedback
  • Final pronouncement

This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal voting process.