New IFAC guidance on greenhouse gas reporting

New guidance to help accountants and finance professionals deliver robust greenhouse gas (GHG) reporting has been released by the International Federation of Accountants (IFAC) and We Mean Business Coalition (WMBC), in partnership with Accounting for Sustainability (A4S), Global Accounting Alliance (GAA) and World Business Council for Sustainable Development (WBCSD).

The first part of the guidance, 8 Steps to Enhance GHG Reporting: A Roadmap for Accounting and Finance Professionals, provides finance and accounting professionals with a roadmap to engage with others across their business to prepare for GHG emissions reporting requirements aligned to financial reporting processes. While the second, GHG Reporting Building Blocks for Accountants, equips accountants with the technical guidance necessary to collect and enhance the quality of data related to all scopes of GHG emissions at individual entity and group levels.

Kevin Dancey, IFAC CEO, said: “The release of this guidance is a significant step towards enabling professionals to prepare for the increasing demand for investor-grade climate reporting by aligning GHG emissions accounting with financial accounting.”