THE STANDARD STANCE: Turning Climate and Other Uncertainties into Objective Decision-making
The Accounting Advisory Services (AAS) team at BDO India is pleased to share 'THE STANDARD STANCE' – an expert insight into key accounting matters. Each monthly issue of the publication spotlights and discusses a key accounting matter noteworthy for organisations to stay ahead in their business journeys.
This issue of THE STANDARD STANCE - TURNING CLIMATE AND OTHER UNCERTAINTIES INTO OBJECTIVE DECISION-MAKING highlights how objective judgement can be applied to reflect uncertainties in financial reporting
Organisations around the world struggle to navigate uncertainties in financial reporting arising from climate-related and other emerging risks. To offer clarity to businesses as well as regulators, the International Accounting Standards Board (IASB) has issued illustrative examples to demonstrate how uncertainties may affect disclosures under IFRS Accounting Standards. These examples use climate as a type of uncertainty that may result in additional disclosures being made in financial statements.
This issue of The Standard Stance explores the illustrative examples that explore how entities may apply principles relating to materiality judgements, assumptions and estimation uncertainty, credit risk, disaggregation, provisions, and going concern. In the Indian context, they provide useful insight into how climate-related and other uncertainties may already be reflected in financial statements prepared in accordance with IND AS.
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