ACC80005 FINANCIAL ACCOUNTING THEORY Take-home Assessment Semester 1

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QUESTION 2 (10 Marks)

“Investment managers Blackrock, Vanguard and HSBC have been calling for investors to consider the impact of climate-related risk on a company’s long-term financial value. Glencore responded to shareholder pressure by capping its future coal production in Australia at 2019 levels.”. (Source: Grayston, C (2019) ‘Accounting for climate risk is now the auditor’s business’

INTHEBLACK
https://www.intheblack.com/articles/2019/05/01/climate-change-risk-auditor-business

REQUIRED:
After reading the above extract, answer the following question. Using a normative theory, explain why the general purpose financial statements of entities whose business model depends on extracting, transporting and burning fossil fuels may include climate risk disclosures in their General Purpose Financial Statements? (Maximum word limit: 500 words) (10 marks)

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