Accounting and Capital Markets Round-Up
August 2024
Hi,
Here are your articles on accounting and capital market updates for the month.
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Accounting implications of geopolitical conflicts
Geopolitical risk and uncertainty from various international conflicts and related sanctions has become commonplace in recent times. It is important for reporting entities to recognise the significance of the impacts that these types of events will have on the business environment, liquidity and asset values, not only in the affected regions but also globally. Global businesses might be severely impacted by supply chain disruption, market volatility, payment risk and increasing commodity costs.
The potential implications for financial statements include not only the recognition and measurement of assets and liabilities but also presentation, disclosure and, possibly, a company’s ability to continue as a going concern. Read PwC In depth to find out more.
The International Accounting Standards Board (IASB) proposes illustrative examples to improve reporting of climate-related and other uncertainties in financial statements
Many stakeholders expressed their concern that information about the effects of climate-related risks in the financial statements was insufficient or appeared to be inconsistent with information companies provide outside the financial statements.
In response to stakeholder demand, the IASB has published an exposure draft (“ED”) with eight illustrative examples aimed at improving the reporting of climate-related uncertainties in the financial statements. The principles-based examples focus on areas such as materiality judgments, disaggregation of information, and disclosures about assumptions and estimation uncertainties.
We encourage you to share your comments on the questions asked in this ED. Comments should be submitted to the IASB by 28 November 2024 or shared with the Malaysian Accounting Standards Board by 30 October 2024.
PwC’s Global Sustainability Reporting Guide
PwC’s Global Sustainability Reporting Guide is a compendium of the disclosure requirements under the primary global sustainability reporting frameworks of Corporate Sustainability Reporting Directive (CSRD), International Sustainability Standards Board (ISSB), and SEC – with insights, application guidance, and illustrative examples from our global sustainability reporting specialists. Seven new chapters have been added to help companies get ready for enhanced sustainability reporting, covering key foundational topics such as materiality and greenhouse gas emissions across the primary global frameworks.
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