英文_ACCA_碳相关工具会计的现实_42页_12mb

Summary of "Reality of accounting for carbon-related instruments"

Core Content

This document provides an in-depth analysis of the current state of corporate reporting and accounting practices related to carbon-related instruments. It highlights the growing importance of these instruments in the context of global climate change and the increasing number of companies participating in carbon markets, both mandatory and voluntary. The study focuses on the challenges in accounting for such instruments, the lack of clear guidance, and the implications for financial reporting and sustainability disclosures.

Main Findings

• Participation in Carbon Markets: Only 28% of the 300 sample companies disclose participation in carbon markets in their annual reports, despite operating in high-emission subsectors. Additionally, 20 companies express interest in future participation, with half based in Asia.
• Disclosure in Financial Statements: 40% of the sample (121 companies) mention carbon-related instruments in their financial statements, but only 51 of these disclose the associated amounts. The amounts vary significantly and are not always financially material.
• Variety of Terms: Companies use a wide range of terms to describe carbon-related instruments, including "carbon allowances," "carbon credits," "carbon rights," and "carbon offsets." These terms are often inconsistent or ambiguous, leading to confusion in understanding the nature and function of these instruments.
• Accounting Treatment: Companies apply diverse accounting treatments, such as classifying carbon-related instruments as "intangible assets," "inventories," or "other assets." Some recognize financial assets related to derivatives, while others record provisions or deferred income. Only 11 of the 121 companies that refer to carbon-related instruments specify their accounting treatment.
• Measurement Approaches: Most companies measure carbon-related instruments at either cost or fair value, but not all disclose their methods. The approach is influenced by how the instruments are acquired and their intended use.
• Carbon Taxes: Few companies disclose carbon tax regulations or issues they face. However, the EU Carbon Border Adjustment Mechanism (CBAM) is expected to expand, potentially increasing the relevance of carbon tax disclosures.
• Auditors' Reports: Very few auditors' reports address carbon-related instruments directly. When they do, they often focus on areas requiring judgment, such as measurement, impairment tests, and changes in accounting policy.

Key Challenges

• Lack of Global Standards: The IASB has not yet issued specific standards or guidance for accounting for carbon-related instruments, leading to inconsistent practices across companies.
• Regulatory Influence: The regulatory environment plays a significant role in determining whether and how companies disclose information about carbon-related instruments. European companies, in particular, are more likely to report due to the presence of the EU ETS.
• Disconnection in Reporting: There is a noticeable disconnect between the narrative and financial statement sections of annual reports, which can impair the coherence and comparability of financial information.

Policy Recommendations

To address these challenges, the document recommends the following interventions for different stakeholders:

Prepackers of Financial Statements

• Clearly state accounting policies for carbon-related instruments.
• Describe the nature, function, and intended use of these instruments.
• Provide coherent information in both financial statements and narrative sections.
• Collaborate with peers to promote consistency.
• Share best practices within subsectors.

Auditors

• Ensure coherence between narrative and financial statements.
• Support the development of globally applicable guidance for carbon-related instruments.
• Help ensure that new accounting and disclosure requirements are auditable.

Users and Those Charged with Governance

• Familiarize themselves with carbon markets and related instruments.
• Encourage companies to provide consistent and coherent information.
• Engage with standard setters and policymakers to shape the necessary information for decision-making.

Standard-Setters, Policymakers and Regulators

• Develop a dedicated accounting standard for carbon-related instruments, including appropriate definitions and requirements.
• Support the IASB in creating consistent application guidance and illustrative examples.
• Work collaboratively to promote a truly global standard and best practices for transparency and integrity in carbon markets.

Conclusion

The study underscores the need for globally applicable accounting guidance for carbon-related instruments to enhance transparency, comparability, and consistency in financial reporting. It also highlights the importance of stakeholder collaboration in shaping this guidance and ensuring that companies can effectively communicate the financial and sustainability impacts of their engagement with carbon markets.

Key Information

• Sample Size: 300 companies across high-emission subsectors.
• EU ETS Price Increase: From €24.61 in 2020 to €83.66 in 2023.
• Voluntary Carbon Credit Market: Valued at USD 1.7bn in 2024, projected to reach USD 15.7bn by 2034.
• CBAM Expansion: Expected to cover over half of emissions in the EU ETS sectors by 2034.
• IASB's Fourth Agenda Consultation: Scheduled to begin in 2025 and cover the period 2027–2031, with potential for a new project on pollutant pricing mechanisms.

Implications

• Engagement with carbon-related instruments is growing but not yet widespread.
• The diversity of terms and practices complicates understanding and comparability.
• The absence of clear accounting guidance leads to inconsistent treatment and disclosure.
• Auditors play a critical role in identifying and addressing issues related to carbon-related instruments during financial audits.