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In a highly anticipated meeting, on March 21, 2022, the U.S. Securities and Exchange Commission (“SEC”) proposed sweeping new climate change disclosure requirements. This Briefing focuses on the proposed new financial statement disclosures for climate-related matters. Discussion will include materiality considerations, line-item requirements, and severe weather event disclosures. Companies should begin planning now for more extensive and complex disclosure requirements likely to be enacted from this proposal. Please join Gary M. Brown of Nelson Mullins Riley & Scarborough LLP and SEC Institute Directors Bob J. Laux and George M. Wilson as they discuss the proposed disclosure requirements and what to do now to plan for the new disclosures.
In this Briefing faculty will:
- Discuss the rationale for the changes presented in the SEC’s proposed rule – 3 minutes
- Review historical period considerations – 5 minutes
- Outline materiality considerations – 10 minutes
- Proposed disclosure thresholds of 1%
- Explain proposed disclosures for financial impact of severe weather events and natural conditions – 10 minutes
- Examples, including change in revenues or costs, impairments, etc.
- Describe proposed disclosures for financial impact of transition activities – 5 minutes
- Discuss proposed disclosures for expenditures to mitigate risks of severe weather and other natural conditions and transition activities – 5 minutes
- Review disclosure of impact of weather events and transition activities on estimates and assumptions – 5 minutes
- Describe disclosure of impact of climate-related risks on financial metrics – 5 minutes
- Climate-related opportunities
- Define phase-in requirements – 2 minutes
- Enumerate action steps for companies to consider – 10 minutes
- Systems and information considerations
- Internal control over financial reporting issues
You may also be interested in PLI’s two related One-Hour Briefings focused on the non-financial statement and greenhouse gas emissions disclosure requirements in the SEC’s Proposed Rule for climate-related disclosures.
If you would like an overview of the proposed rule, PLI’s One-Hour Briefing “Climate Change – The SEC’s Proposed New Disclosures” is available on-demand.
Program Level: Update
Intended Audience: Accountants and attorneys who deal with SEC reporting and disclosure and related accounting issues, including CFOs, controllers and their staff, internal auditors, partners of public accounting firms and their staff, in-house counsel, and outside attorneys
Advanced Preparation: None