RegulationAccounting StandardsUN report recommends accounting rules be used to safeguard biodiversity

UN report recommends accounting rules be used to safeguard biodiversity

Business interest in biodiversity may rest on accounting standards, report finds

Rules which may force businesses to record and report their impact on
biodiversity via their published accounts are being considered by the global
accounting standard setter.

The International Accounting Standards Board (IASB) is considering
recommendations by a United Nations affiliate, The Economics of Ecosystems and
Biodiversity (TEEB), to measure and report their biodiversity impact in
financial statements.

The IASB is already considering a standard framework for measuring carbon
emissions with an aim of releasing a final standard by 2012.

The TEEB report recommends the accounting profession accelerate efforts to
provide standards and metrics for disclosure of environmental impacts.

“Ultimately, the ability and interest of business to use such valuations in
their financial accounts may depend on developments in accounting standards,
financial disclosure requirements, and environmental liability regulations,” the
report states.

The report’s release comes as PwC releases its own study revealing that less
than one in five companies see biodiversity as an important business issue.

“The UK’s embedded and unconscious dependence on environmental resources,
largely unaccounted for and unvalued in market terms, will mean no sector or
business will escape unaffected by changes to the availability of environmental
goods and services,” the firm said.

Further reading:

UK
business is biting the hand that feeds as unchecked environmental resource loss
threatens to bite UK economy back

Accounting rules could force businesses to
disclose environmental impact

Related Articles

Demystifying GDPR for accountants

Accounting Standards Demystifying GDPR for accountants

6d Ellen Temperton, Lewis Silkin
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
The great professional services shake-up

Accounting Standards The great professional services shake-up

3m Fergus Payne, Lewis Silkin
What do clients actually want from an accountant?

Accounting Standards What do clients actually want from an accountant?

4m Emma Smith, Managing Editor
Accountants shouldn’t neglect hybrid mismatch anti-avoidance rules

Accounting Standards Accountants shouldn’t neglect hybrid mismatch anti-avoidance rules

4m Alison Conley
Membership of the accountancy profession on the rise

Accounting Standards Membership of the accountancy profession on the rise

5m Alia Shoaib, Reporter
The real price of mates' rates in the provision of professional services

Accounting Standards The real price of mates' rates in the provision of professional services

5m DAC Beachcroft
IASB overhauls insurance accounting with issuance of IFRS 17

Accounting Standards IASB overhauls insurance accounting with issuance of IFRS 17

7m Alia Shoaib, Reporter