KPMG Opens Reporting Hub to Clarify ESG Financial
Post# of 137
(Total Views: 145)
Posted On: 07/17/2024 5:25:23 PM
KPMG Opens Reporting Hub to Clarify ESG Financial Reporting
KPMG International Ltd is a multinational professional services network, operating as one of the Big 4 accounting firms globally. The company recently launched its reporting hub, which provides insights and guidance that will assist organizations and their shareholders in better understanding climate transparency in corporate reporting.
This comes as climate change continues to increase scrutiny in financial reporting, with many stakeholders demanding clarity on how companies report on matters related to climate.
The hub, dubbed the Clear on Climate Reporting Hub, shall cover critical reporting issues through podcasts, FAQs and videos. It will be the ideal resource for companies seeking to clearly communicate the financial implications of matters related to climate. These resources are expected to refresh and grow, with a new emissions section expected to be rolled out soon.
Common questions on the financial implications of matters related to climate shall include the following:
- Is the company exposed to carbon-regulated regulations?
- Has the company made net-zero commitments?
- Does the company have any polluting assets?
- Has the company committed to buying carbon credits?
- Does the company participate in an emissions scheme?
- Does the company offer financing?
- Do any climate-related matters affect the company’s borrowing?
KPMG International’s global head of audit, Larry Bradley, emphasized the materiality of risks related to climate. Bradley stated that most companies are facing risks originating from the transition to a lower-carbon economy and physical effects of climate change.
He noted that these companies need to consider if these matters are material to financial statements and make sure that users understand the climate’s impact. Bradley also highlighted the importance of companies complying with IFRS Accounting Standards.
Regulators and investors want connectivity and clarity between sustainability and financial performance. Companies must touch on climate in their financial statements, while ensuring they are compliant with the needed requirements and transparency on judgments and policies.
It is necessary that all climate-related data in corporate reporting is connected.
KPMG International’s global IFRS and corporate reporting leader, Brian O’Donovan, supports the hub’s role in assisting companies. O’Donovan stated that the hub is designed to help companies maneuver the complexities of financial reporting related to the climate, while also ensuring that they meet shareholder expectations.
He then noted that investors were looking for a picture of performance that demonstrated the financial implications of sustainability actions and plans. On sustainability, the tool highlighted the need to have all disclosures be derived from data and information with that used to prepare financial statements.
As more companies introduce innovative solutions geared at bringing clarity to environmental, social and governance (ESG) financial reporting, enterprises such as First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF) will have a variety of models from which to take pointers from as they fine-tune their own in-house reporting metrics.
NOTE TO INVESTORS: The latest news and updates relating to First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF) are available in the company’s newsroom at https://ibn.fm/FSTTF
Please see full terms of use and disclaimers on the ESGWireNews website applicable to all content provided by ESG, wherever published or re-published: https://www.ESGWireNews.com/Disclaimer
KPMG International Ltd is a multinational professional services network, operating as one of the Big 4 accounting firms globally. The company recently launched its reporting hub, which provides insights and guidance that will assist organizations and their shareholders in better understanding climate transparency in corporate reporting.
This comes as climate change continues to increase scrutiny in financial reporting, with many stakeholders demanding clarity on how companies report on matters related to climate.
The hub, dubbed the Clear on Climate Reporting Hub, shall cover critical reporting issues through podcasts, FAQs and videos. It will be the ideal resource for companies seeking to clearly communicate the financial implications of matters related to climate. These resources are expected to refresh and grow, with a new emissions section expected to be rolled out soon.
Common questions on the financial implications of matters related to climate shall include the following:
- Is the company exposed to carbon-regulated regulations?
- Has the company made net-zero commitments?
- Does the company have any polluting assets?
- Has the company committed to buying carbon credits?
- Does the company participate in an emissions scheme?
- Does the company offer financing?
- Do any climate-related matters affect the company’s borrowing?
KPMG International’s global head of audit, Larry Bradley, emphasized the materiality of risks related to climate. Bradley stated that most companies are facing risks originating from the transition to a lower-carbon economy and physical effects of climate change.
He noted that these companies need to consider if these matters are material to financial statements and make sure that users understand the climate’s impact. Bradley also highlighted the importance of companies complying with IFRS Accounting Standards.
Regulators and investors want connectivity and clarity between sustainability and financial performance. Companies must touch on climate in their financial statements, while ensuring they are compliant with the needed requirements and transparency on judgments and policies.
It is necessary that all climate-related data in corporate reporting is connected.
KPMG International’s global IFRS and corporate reporting leader, Brian O’Donovan, supports the hub’s role in assisting companies. O’Donovan stated that the hub is designed to help companies maneuver the complexities of financial reporting related to the climate, while also ensuring that they meet shareholder expectations.
He then noted that investors were looking for a picture of performance that demonstrated the financial implications of sustainability actions and plans. On sustainability, the tool highlighted the need to have all disclosures be derived from data and information with that used to prepare financial statements.
As more companies introduce innovative solutions geared at bringing clarity to environmental, social and governance (ESG) financial reporting, enterprises such as First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF) will have a variety of models from which to take pointers from as they fine-tune their own in-house reporting metrics.
NOTE TO INVESTORS: The latest news and updates relating to First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF) are available in the company’s newsroom at https://ibn.fm/FSTTF
Please see full terms of use and disclaimers on the ESGWireNews website applicable to all content provided by ESG, wherever published or re-published: https://www.ESGWireNews.com/Disclaimer
(0)
(0)