SOCPA Presents its Views on Developing Examples for Reporting Climate Effects and Other Uncertainties in Financial Statements
The International Accounting Standards Board (IASB) has published an exposure draft for developing examples on reporting climate effects and other uncertainties in financial statements. The proposed examples aim to provide guidance on how to apply specific requirements in international standards that enhance the relevance of information presented in financial statements and provide information about such effects within financial statements.
SOCPA's Accounting Standards Council found these examples appropriate and suggested several improvements, particularly regarding qualitative factors for determining the materiality of information included in financial statements, to limit unnecessary disclosures compared to their cost while considering the timeframe of future assumptions.
The full details of SOCPA's comments on the exposure draft can be accessed by clicking
here.