Accounting updates: May 2019

1 May 2019

In this month’s accounting updates, the PRA calls for greater climate change risk reporting while the IASB says it will not move into sustainability reporting standard setting, PwC reports significant accounting irregularities at Datalex, Garden Bridge Trust is slated, and CIPFA consults on first financial management code

Financial services must focus on climate change risk reporting

The Prudential Regulation Authority (PRA) says banks and insurers need to do more to manage the financial risks from climate change.

According to the outcome of a recent PRA consultation, few financial services firms are taking a strategic approach that considers how current actions affect future financial risks.

The regulator said it had 54 responses to its consultation paper, Enhancing banks’ and insurers’ approaches to managing the financial risks from climate change, with some respondents urging the PRA to move more quickly and decisively on climate change issues.