PART A

I. Provide a comparative analysis of the climate-related disclosure in the 2022 annual reports of Coles Ltd and Woolworths Ltd. (40%)

II. Discuss the extent to which Coles Ltd and Woolworths Ltd 2022 annual report climate- related disclosures meet i) the requirements proposed in IFRS S2 Climate-related Disclosures ED and ii) the IASB educational material Effects of climate-related matters on financial statements (IASB, 2020). (40%)

III. In your opinion, which of the two companies seems to be better at reporting climate- related information in their annual reports? Please explain your opinion. (5%)

IV. Now consider the two companies climate-related strategy, practices and climate- related performance. As an investor, which company seems to be performing better in relation to climate impact? Please explain your answer.(5%)

V. Do you think that companies that are good at climate-related disclosure are usually better at managing climate-related impacts i.e. does good reporting necessarily imply good practices? Please explain.(5%)

VI. In your opinion, are there any climate-related disclosures in the Coles or Woolworths 2022 annual reports that you think could attract the attention of ASIC for greenwashing violations? Explain why or why not. What measures can organisations in general put in place to assist in avoiding greenwashing claims? (5%)

PART B

You have an uncle who is an English teacher (without a formal accounting background). He has asked you (your familys star business student) to explain how climate change may affect the numbers and information in the income statement and balance sheet of companies and to provide some examples.

Required: Please write an email to your uncle to answer his question.

Note: Your written email response should be much less formal and should be in a style and format that is easily understood by a non-accountant. No references are required for the email.