A report by ACCA and the University of Glasgow has found significant inconsistencies in accounting treatments for carbon-related instruments, underlining calls for globally applicable guidance, rather than a fragmented approach in the absence of a specific accounting standard.

This means that the Financial Reporting Council (FRC) and the International Accounting Standards Board (IASB) really need to take action to improve reporting rules for companies, as nothing relevant exists, despite the urgent focus on net zero and sustainability reporting.