The lASB has argued companies are already required to reflect the impact of climate change on a company's operations through the application of existing accounting standards. A view shared by the ASIC. The introduction of IFS S1 and S2 effectively codifies a number of existing reporting practices.

REQUIRED:

1. Identify at least two (2) accounting standards /requirements issued by the IASB/AASB that capture requirements to reflect the impact of climate change on a company's activities. (4 Marks)
2. Using Westpac company, identify how the current reporting practices of the company comply with the requirements of IFS S1/S2. (6 Marks)