The IPSASB’s proposed standard on Climate-related Disclosures was exposed locally as ED 213. We thank our stakeholders for their engagement in our discussions and their comment letters.

The main concern raised in our comment letter to the IPSASB is the inclusion of reporting on the climate-related risks and opportunities to an entity’s own operations and reporting on climate-related public policy programmes (PPP) and their outcomes in one standard.

We proposed that the IPSASB issues two separate standards because:

• The purpose of reporting on an entity’s own operations and reporting on PPP is different.
• Combining the requirements in one standard, together with the respective appendixes, makes the standard confusing and difficult to read and apply.
• The urgency of the disclosures may not be the same in all jurisdictions. Local stakeholders indicated a higher sense of urgency for disclosures on the outcomes of PPP than on an entity’s own operations.
• The disclosure of climate-related risks and opportunities to an entity’s own operations is aligned to IFRS S2 Climate-related Disclosures. Having a separate standard for reporting on an entity’s own operations will allow the IPSASB to easily make changes to the standard to keep alignment with IFRS S2, where relevant.

Read our comment letter here.

Disclaimer

The article has been prepared by the Secretariat of the ASB for information purposes only. It has not been reviewed, approved, or otherwise acted on by the Board.