Global Accounting Rules for Income, Climate, Intangibles on Tap - Bloomberg Tax
Global Accounting Rules for Income, Climate, Intangibles on Tap
A hiatus in the rollout of new global accounting standards is ending as rulemakers look to update some decades-old rules to better fit financial value concerns for today’s companies.
The International Accounting Standards Board is expected to launch or finish a few key standards in 2024. Among the board’s most important projects will be finalizing big changes to the income statement, in a rethink of its first-ever standard covering what companies must report in their financial statements.
The board also is taking a close look at long-standing problem areas like measuring intangible assets, such as branding and intellectual property. Improving ...
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Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”