Autor
Fecha de publicación
30-may-2023
Descripción física
18 p.
Resumen
The notes to financial statements and, in the case of credit institutions, Pillar 3
reports complete and supplement information contained in the balance sheet and
income statement. This helps to provide a better estimate of the amount and timing
of expected cash flows, and of the associated risks. The climate change challenge
introduces new factors that affect the materialisation of those risks, and standards
are being developed, from different vantage points and by various organisations,
aiming to specify the type of public information –in addition to the notes to financial
statements and Pillar 3 reports –that could provide a better picture of these factors.
This article presents an overview of the initiatives under way to address the disclosure
of climate-related financial risks, focusing on the main international work streams
promoted by the International Financial Reporting Standards Foundation, the
European Financial Reporting Advisory Group and the US Securities and Exchange
Commission. It sets out the context and rationale behind the proposals, their current
status and their main content. It also discusses the mechanisms being considered
to make the initiatives interoperable and to link this type of information with that
provided in the financial statements, in order to prevent fragmentation that could
affect financial stability.
Notas
Artículo de revista
Publicado en
Financial Stability Review / Banco de España, 44 (Spring 2023), p. 93-110
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