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Financial Reporting Act 2013

External Reporting Board, standards, and provisions that apply to other enactments - Standards - Climate standards

19C: Climate standards

You could also call this:

"Rules about what companies must report on climate change"

Illustration for Financial Reporting Act 2013

When it comes to climate standards, you need to know that they can apply to everyone or just to specific groups. They can also change depending on the time or situation. You might see that some climate standards apply to all companies that have to report their finances, while others only apply to certain types of companies.

A climate standard can say which accounting periods it applies to, like a specific year or a shorter period of time. This means that companies might have to follow the standard for their whole year, or just for a few months. The standard can be expressed in a way that is clear about when and how it applies to companies.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS592174.

Topics:
Environment and resources > Climate and energyBusiness > Industry rules
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19B: Purpose of climate standards and climate-related disclosures, or

"Helping companies tell people how climate change affects their work"

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20: Auditing and assurance standards, or

"Rules for auditors to follow when checking finances"

Part 2External Reporting Board, standards, and provisions that apply to other enactments
Standards: Climate standards

19CClimate standards

  1. Climate standards may—

  2. have general or specific application:
    1. differ according to differences in time or circumstance.

      1. A climate standard may be expressed to apply to all reporting entities or groups or to specified classes of reporting entities or groups.

      2. A climate standard may specify the accounting periods or interim accounting periods in relation to which the standard applies.

      Notes
      • Section 19C: inserted, on , by section 40 of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 (2021 No 39).