Climate reporting can no longer be simply a narrative report in the front end of financial statements. Climate change has irrefutable monetary impact and must be reflected as such in financial statements. Investors are keen to see the climate risk narratives incorporated into the balance sheet.
Small and midsized accountants were crucial to their clients around the world over the past year, say IFAC experts Chris Arnold and Monica Foerster, but they had to change their own practices to keep up.