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

+1 647 956 6628

[email protected]

Alex Levine, CPA, CA Principal, Accounting Standards Board and Sustainability Reporting

+1 604 449 2439

[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

The IASB issued its Exposure Draft, “Climate-related and Other Uncertainties in the Financial Statements,” in July 2024

IASB Exposure Draft
Deliberating feedback
Final pronouncement

Roundtable – IASB Exposure Draft, “Climate-related and Other Uncertainties in the Financial Statements”

Join the AcSB for a roundtable (in English) on September 19, 2024, to learn about the IASB’s Exposure Draft, “Climate-related and Other Uncertainties in the Financial Statements,” and to share your feedback on the proposals. Register now to save your spot!

News

September 19, 2024

International Activity, Document for Comment

Roundtable – IASB Exposure Draft, “Climate-related and Other Uncertainties in the Financial Statements”

Join us for a roundtable (in English) to learn more about the IASB’s Exposure Draft, “Climate-related and Other Uncertainties in the Financial Statements.” You will also have the opportunity to share your feedback directly with us to help shape our response to the IASB. Register now to save your spot!

August 22, 2024

International Activity, Document for Comment, News

IASB Exposure Draft – Climate-related and Other Uncertainties in the Financial Statements

The IASB has published its Exposure Draft, “Climate-related and Other Uncertainties in the Financial Statements.” It proposes eight examples to illustrate how companies apply IFRS® Accounting Standards when reporting the effects of climate-related and other uncertainties in their financial statements. Respond directly to the IASB with your feedback by November 28, 2024. Stay tuned for an opportunity to participate in an English-language roundtable to learn more about the proposals and help inform our response to the IASB.

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.

Disclaimer

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.