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ESG and the financial statements

Defining Issues | March 2021

FASB staff educational paper highlights how environmental issues may affect the financial statements.

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The FASB staff paper discusses the intersection of environmental, social and governance matters with the accounting standards, and highlights how environmental issues may affect the financial statements.

Applicability

  • All companies

Key Impacts:

The paper highlights the following as examples of how environmental matters might affect financial statements:

  • Presentation on a going concern basis
  • Disclosure of risks and uncertainties
  • Valuation of inventories
  • Impairment of nonfinancial assets
  • Useful lives and salvage values of long-lived assets
  • Loss (and gain) contingencies
  • Environmental obligations
  • Asset retirement obligations
  • Income taxes
  • Fair value measurement

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