KPMG International has recently launched the Clear on Climate Reporting Hub, an innovative platform designed to offer valuable insights and guidance on corporate reporting of climate-related matters.
The hub is poised to become an essential resource for organisations seeking clarity on their climate commitments and their financial implications.
Amid escalating scrutiny from regulators, investors, and the public, the hub provides timely support on how companies can transparently communicate their efforts towards achieving net-zero goals. It features a variety of resources, including FAQs, podcasts, and videos, tailored to address the key issues companies face today in climate reporting.
The initiative underscores the necessity for companies to ensure their financial statements reflect climate considerations as expected by stakeholders. According to Larry Bradley, Global Head of Audit at KPMG International, integrating financial and non-financial data is crucial. He stressed the importance of adhering to IFRS® Accounting Standards and providing a holistic view that connects all dots for the users of financial statements.
Bradley said, “What’s described in the front of the annual report won’t always be mirrored in the financial statements in the way users expect. This is often true for climate. It is important that companies both comply with the IFRS® Accounting Standards and connect the dots between financial and non-financial information.”
Companies are increasingly required to evaluate the materiality of climate-related matters in their financial disclosures. The hub aids in guiding firms on how to document and explain the financial impacts of climate-related issues to stakeholders, ensuring comprehensive and comprehensible reporting. A significant update, including a new emissions section, is anticipated to further enhance the hub’s offerings.
As corporate reporting evolves, the need for clarity and connectivity between a company’s financial and sustainability performance has never been more critical.
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