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A global accounting body on Wednesday proposed guidance on how companies can do more to show the impact of climate change on their financial performance, saying standalone disclosures do not give investors the clarity they need. Norms written by the International Accounting Standards Board (IASB) are applied by listed companies in more than 140 jurisdictions, including the European Union, Canada, Japan and Britain, though the United States has its own rules. The IASB launched a consultation on Wednesday on proposed guidance for companies to apply the board’s existing rules for reporting climate change impacts or other uncertainties in their financial statements. Regulators have already begun to roll out sustainability disclosures for listed companies, but these are published outside financial statements and audited less rigorously.
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