FRC Pushes Cos. To Factor Climate Risk Into Asset Values

By Najiyya Budaly (November 15, 2021, 12:26 PM GMT) -- The Financial Reporting Council has told U.K. companies that they should record how climate change can affect their asset values, as it looks to guide businesses on reflecting risks from extreme weather conditions in their books.

The audit watchdog said in guidance published on Friday that all companies should consider climate risks when recording impairment losses in their financial statements. Impairment is the permanent reduction in the value of a company asset, which can be caused by a change in the business' economic environment, losses from an unforeseeable disaster or someone who owes money to the company falls into bankruptcy....

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