SGV’s Financial Accounting Advisory Services (FAAS) and Climate Change and Sustainability Services (CCaSS) teams hosted a webinar titled Climate change and its impact on your reporting on 5 December 2022. The webinar was attended by about 121 Chief Financial Officers and finance team members.
Assurance Leader Martin C. Guantes (MCG) delivered the opening remarks while FAAS and CCaSS Partner Benjamin N. Villacorte (BNV) and FAAS Senior Director Anna Maria Rubi B. Diaz (Rhia) were the resource speakers at the event. Benjamin and Rhia were also joined by EY Asean FAAS Leader Aris C. Malantic (ACM) for a panel discussion moderated by FAAS Director Sheena Dyan C. Suarez, who hosted the webinar as well.
Martin delivers his opening remarks
Benjamin talks about creating long-term value with sustainability
Rhia talks about accounting for climate change
Benjamin and Rhia talked about creating long-term value with sustainability, developments on sustainability standards, and accounting for climate change. Benjamin said that creating long-term value is a strategic move by organizations. He also added that long-term value and sustainability have created a strategic imperative for business leaders to act, driven by investors, regulators, employees, consumers, and a broader society.
Rhia talked about increasing expectations from stakeholders and the role of entities in explaining how climate-related matters are considered material from a qualitative perspective in preparing their financial statements. She also discussed accounting considerations that entities need to contemplate in accounting for climate change particularly Philippine Accounting Standard (PAS) 16, Property, Plant and Equipment; PAS 36, Impairment of Assets; PAS 37, Provisions, Contingent Liabilities and Contingent Assets; and PAS 1, Presentation of Financial Statements.
CCaSS Senior Director Crystal Aleli R. Cornell, CCaSS Associate Director Rosheena E. Borlaza, FAAS Associate Director Russel P. Ocol, FAAS Administrative Lead Kristine Kaye E. Bacay, FAAS Senior Associate John Andrew H. King, FAAS Associate Julia John B. Tabuzo, and EY Technology Associate John Edward C. Saw were part of the organizing team.