We discuss the current financial reporting requirements for ESG topics and the accounting standard setters' agendas for updating guidance in these areas.
With so much focus on upcoming mandatory sustainability reporting requirements from jurisdictions around the globe, it’s sometimes easy to lose sight of the fact that many of the biggest sustainability-related topics often can and do have an impact not just on sustainability disclosures, but also on the financial statements.
Both the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB)® have provided educational materials on the topic of ESG in the financial statements under existing accounting standards – and both boards have added projects to their respective agendas that will impact accounting standards in the future.
This week, Heather Horn was joined by Scott Bandura, Valerie Wieman, and Katie Woods, who are all following sustainability-related projects from accounting standard setters, to share their insights on these projects and provide reminders under current accounting standards for reporting on ESG topics in the financial statements. Katie also addresses the topic of connectivity between sustainability reporting and financial reporting.
In this episode, you’ll hear discussion of:
  • 2:13 - An overview and status of the FASB’s sustainability-related agenda projects
  • 7:57 - An overview and status of the IASB’s project on climate in the financial statements
  • 13:45 - The connectivity between the IASB’s climate project and sustainability reporting
  • 24:20 - Challenges in reporting the impacts of sustainability related matters
  • 31:24 - Definitions of “pollution mechanisms” and “carbon offsets” as well as the accounting and reporting implications of these instruments
  • 36:17 - An overview of the types of power purchase agreements and their accounting and reporting implications
  • 43:27 - Final advice for companies to help them stay up to speed with evolving guidance

Interested in the letters and publications referenced in the podcast?
PwC content

Standard setter/regulator content
About our guests
Scott Bandura is a partner in the National and Global Accounting Consulting Services at PwC Canada with over 20 years of experience advising clients on international accounting standards.
Valerie Wieman is PwC’s National Office Editor-in-chief. She is involved in the creation, development, and publication of our brand-defining thought leadership, with a focus on ESG reporting. Prior to this role, she was part of PwC’s National Office SEC Services group, helping clients navigate SEC rules and regulations.
Katie Woods is a Director in PwC's Global Accounting Consulting Services group and advises on ESG and international accounting standards. Katie specializes in the new and emerging ESG reporting frameworks working across the PwC network. She has over 30 years of experience working with a broad range of companies. Katie speaks regularly on a range of ESG and accounting topics at national and international seminars.
About our host
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.
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