BACKGROUND:

The 2021 Climate change conference in Glasgow, has alarmed the world to take urgent measures to combat climate change and related risks. Climate change is one of the most discussed topics in today's world. The Intergovernmental Panel on Climate Change (IPCC 2021) released a report entitled Climate Change 2021: The Physical Science Basis. The report confirms that climate change affects every region on earth and brings multiple different changes, such as changes to wetness and dryness; changes to winds, snow and ice; and changes to coastal areas and oceans. The report projects the very high probability of increased temperatures, moreheatwavesovermostlandareasandincreasedextremehighsealevels.Tasmania, being an island, is also experiencing the impacts of climate change that have far-reaching implications for agriculture, tourism, electricity generation, local businesses and biodiversity.

The world's climate crisis has raised questions regarding the role of accountants in measuring, recording, reporting, and managing climate change impacts. The focus of this assignment is contemporary and highly relevant as this assignment has been designed to help you in understanding the impact of climate change on financial statements and disclosures published by companies. This assignment not only enhances awareness on accounting and accountability related to the information that is published by companies,butalsomotivatesstudentstothinkbeyondtheboxbysuggestinganewform of reporting that should be adopted to deal with challenges associated with organisational responsibility to deal with climate change and itsimpacts.

In providing advice on climate change and climate change risk, the following must be included in the video presentation:

1. The risks climate change poses to businesses in general.
2. The risks climate change poses to mining companies specifically.
3. The financial impacts of climate change and the accounting treatment of these financial impacts (for example, contingent liabilities).
4. The impact of climate change on different accounts, transactions and financial statements.
5. The guidance provided by the United Nations, accounting standard setters, accounting firms and professional accounting bodies to deal with the issue.
6. Disclosures companies need to include in their annual reports and sustainability reports about climate change; and
7. Examples of how other publicly listed mining companies report on climate change.