1、Designation: E2718 16Standard Guide forFinancial Disclosures Attributed to Climate Change1This standard is issued under the fixed designation E2718; the number immediately following the designation indicates the year oforiginal adoption or, in the case of revision, the year of last revision. A numbe
2、r in parentheses indicates the year of last reapproval. Asuperscript epsilon () indicates an editorial change since the last revision or reapproval.1. Scope1.1 PurposeThe purpose of this guide is to provide aseries of options or instructions consistent with good commer-cial and customary practice fo
3、r climate change-related disclo-sures accompanying audited and unaudited financial state-ments. This guide encourages consistent and comprehensivedisclosure of financial impacts attributed to climate change.1.2 ObjectiveThe objective of this guide is to determinethe conditions warranting disclosure
4、and the content of appro-priate disclosure.2. Referenced Documents2.1 ASTM Standards:2E2137 Guide for Estimating Monetary Costs and Liabilitiesfor Environmental MattersE2173 Guide for Disclosure of Environmental LiabilitiesE2725 Guide for Basic Assessment and Management ofGreenhouse GasesE3032 Guide
5、 for Climate Resiliency Planning and Strategy3. Terminology3.1 Definitions of Terms Specific to This Standard:3.1.1 climate changeany change in climate over timewhether due to natural variability or as a result of humanactivity. (Definition from the Intergovernmental Panel onClimate Change.)3.1.2 fi
6、nancial impacts attributed to climate changematerial financial impacts on a companys performance,operations, assets, and liabilities attributed to climate changeeffects, including but not limited to real or expected risks ofphysical damage to facilities, regulatory costs and incentives,and shifts in
7、 the market for products and services (includingstranded assets).3.1.2.1 DiscussionIn this guide, the short form designa-tions of financial impact and impact are also used todesignate this specific concept.3.1.3 financial statement(s)include, but are not limited to,statements associated with shareho
8、lder reporting, periodicreports, registration statements, loans, mergers, acquisitions, ordivestitures. Financial statements may include statements out-side of SEC filings.3.1.4 greenhouse gasincludes carbon dioxide, methane,nitrous oxide, hydrofluorocarbons, perfluorocarbons, and sul-fur hexafluori
9、de.3.1.5 materialitythe significance of an item to users of afinancial statement that considers all relevant and surroundingcircumstances. A material item is one that its omission ormisstatement is of such a magnitude in the surroundingcircumstances that either the judgment of a reasonable personrel
10、ying on the financial statement would have been changed orinfluenced by its inclusion or correction, or there is a substan-tial likelihood that the item, after assessing the inferences, andtheir significance, drawn from the given set of facts associatedwith the financial statement, would be viewed a
11、s significantlyaltering the information made available to the investor orshareholder. (For additional information on materiality, seeGuide E2173.)3.1.6 stranded assetsan asset that has become obsolete ornon-performing, as is accounted for to reflect its reduced value.3.1.7 supply chainthe sequence o
12、f processes involved inthe production and distribution of a commodity, for example,raw materials to manufactureres to customers/retail outlets.3.1.8 reporting entityany business or public agency pre-paring a financial statement.3.2 Acronyms and Other Abbreviations:3.2.1 FASBFinancial Accounting Stan
13、dards Board3.2.2 GAAPGenerally Accepted Accounting Principles3.2.3 SECSecurities and Exchange Commission4. Significance and Use4.1 UsesThis guide is intended for use on a voluntarybasis by a reporting entity that provides disclosure in itsfinancial statements regarding financial impacts attributed t
14、oclimate change. The degree and type of disclosure depends onthe scope and objective of the financial statements. This guide1This guide is under the jurisdiction ofASTM Committee E50 on EnvironmentalAssessment, Risk Management and Corrective Action and is the direct responsibil-ity of Subcommittee E
15、50.05 on Environmental Risk Management.Current edition approved Aug. 1, 2016. Published September 2016. Originallyapproved in 2010. Last previous edition approved in 2010 as E271810. DOI:10.1520/E271816.2For referenced ASTM standards, visit the ASTM website, www.astm.org, orcontact ASTM Customer Ser
16、vice at serviceastm.org. For Annual Book of ASTMStandards volume information, refer to the standards Document Summary page onthe ASTM website.Copyright ASTM International, 100 Barr Harbor Drive, PO Box C700, West Conshohocken, PA 19428-2959. United States1is intended to apply to U.S. and internation
17、al operations at thediscretion of the reporting entity.3The user should be awarethat there may be contractual obligations, court decisions, orregulatory directives that may affect the flexibility in use of thisguide. The user should also maintain an awareness of interna-tional regulations that may b
18、e relevant to disclosures, such asthose of the International Accounting Standards Board andInternational Financial Reporting Standards.4.2 Principle:4.2.1 The following principles are an integral part of thisguide and are intended to be referred to in resolving anyambiguity or dispute regarding the
19、interpretation of financialdisclosures regarding financial impacts attributed to climatechange.4.2.1.1 Uncertainty Not EliminatedAlthough a reportingentity, as of the time when its financial statements are prepared,may have evaluated the existence and extent of financialimpacts attributed to climate
20、 change, there remains uncertaintywith regard to the final resolution of scientific, technological,regulatory, legislative, and judicial matters, which could affectits financial impacts attributed to climate change. These uncer-tainties cannot be eliminated. While this standard recommendsthe develop
21、ment of reasonable scenarios or ranges to recognizeand address uncertainties, it is unlikely that all climate changeuncertainties will be foreseeable. However, it is likely thatsome financial impacts attributed to climate change are fore-seeable and that alternatives, boundaries, or ranges of potent
22、ialimpacts can be assessed and quantified.4.2.1.2 Comparison with Subsequent DisclosuresSubsequent disclosures that convey different information re-garding the extent or magnitude of the reporting entitysfinancial impacts attributed to climate change should not beconstrued as indicating the initial
23、disclosures were inappropri-ate. Disclosures shall be evaluated on the reasonableness ofjudgments and inquiries made at the time and under thecircumstances in which they were made. Subsequent disclo-sures should not be considered valid standards to judge theappropriateness of any prior disclosure ba
24、sed on hindsight,new information, use of developing analytical techniques, orother factors. However, information on trends between disclo-sure years may be of value to a user of financial statements.4.2.1.3 Not ExhaustiveAppropriate disclosure does notnecessarily mean an exhaustive disclosure. There
25、 is a point atwhich the cost of obtaining information or the time required togather it outweighs the usefulness of the information and, infact, may be a material detriment to the orderly preparation offinancial statements and the ability of readers to understand theinformation contained therein. How
26、ever, all relevant and rea-sonably ascertainable information should be used to determinethe content of appropriate financial impacts attributed toclimate change.5. Determining Whether a Disclosure is Warranted5.1 Circumstances Associated with Financial Impacts At-tributed to Climate Change:5.1.1 The
27、 following are examples of major circumstancesthat might give rise to financial impacts attributed to climatechange that may be subject to disclosure:5.1.1.1 Enforcement of laws or regulations regarding green-house gas emission levels (for example, caps, trade systems,emission taxes), investigations
28、, controls, resource use, technol-ogy use, compliance, reporting, and other costs attributed toclimate change. This includes predicted changes in federal,state, and local regulations that are anticipated to have amaterial effect upon the capital expenditures, earnings andcompetitive position of the
29、company and its subsidiaries, aswell as statutory and common law developments imposingliability for past emissions of greenhouse gases5.1.1.2 Predicted changes/trends in resource costs or avail-ability that may change a companys products, processes,and/or markets or services (including both positive
30、 and nega-tive impacts).5.1.1.3 Predicted changes in a companys assets due tofinancial impacts attributed to climate change, including butnot limited to changes in weather, sea levels, disease and pestlevels, drought and fires, stranded assets, and resource avail-ability (for example, food, labor, e
31、nergy, water).5.1.1.4 Contractual assumption of risk or risk transfer agree-ments. The most familiar forms of risk transfer agreements areinsurance contracts, hold harmless agreements, indemnityagreements, and similar terms within contracts for the transferof property or liabilities.5.1.1.5 Commence
32、ment of litigation or assertion of a claimor assessment by a party alleging legal liability related toclimate change on the part of the reporting entity.5.1.1.6 Information known by the reporting entity indicatingthat financial impacts attributed to climate change have beenincurred or are likely to
33、be incurred.5.2 Sources of InformationThis guide identifies standardsources that should be reviewed by a reporting entity toproperly determine if conditions warrant disclosure. Suchsources may include but are not limited to the followingcategories:5.2.1 Publicly Available Environmental Record Source
34、sAny environmental record available from a government agencyor commercial entity.5.2.2 Internal Reporting Entity RecordsThe reporting en-titys internal records regarding greenhouse gas emissions andfinancial impacts attributed to climate change (for example,see management and planning records in Gui
35、de E2725 andGuide E3032.)5.2.3 Current and proposed foreign, national, state, andlocal environmental laws or rules related to climate change.5.2.4 Publicly available and internal studies onbenchmarking, modeling, trends, and forecasts.5.3 Estimation of Financial Impact Attributed to ClimateChangeOnc
36、e a reporting entity has identified potential finan-cial impacts attributed to climate change, it should determinewhether these impacts (1) have a likelihood that is more thanremote, (2) could have a severe impact that would disrupt thenormal functioning of the entity or the entitys financialpositio
37、n, cash flows, or operations, and (3) are near-term,occurring during the next year. If these criteria apply, the3See for example, Securities and Exchange Commission (SEC), CommissionGuidance Regarding Disclosure Related to Climate Change (Release Nos. 339106;3461469; FR-82), 17 CFR Parts 211, 231, a
38、nd 241, February 8, 2010.E2718 162reporting entity should estimate the likelihood, magnitude, andtiming of potential impacts to the entitys financial position,including assets, liabilities, and income. (For additional guid-ance on estimating environmental costs and liabilities, seeGuide E2137). Note
39、 that iIf the level of uncertainty or the timehorizon of the financial impact is determined to be too great toallow meaningful estimation, disclosure may still be warrantedas described below in Section 6.NOTE 1For longer-term financial impacts attributed to climatechange, the company should, when po
40、ssible, estimate the likelihood,magnitude, and timing of potential impacts.5.4 Estimation of MaterialityThe materiality of the finan-cial impacts attributed to climate change should be evaluatedin the aggregate to determine whether disclosure is warranted.While there currently is no bright-line or s
41、imple formulaic testfor materiality, guidelines for this analysis are provided in theappendix of Guide E2173. In general, FASB states in State-ment of Accounting Concepts No. 2 that an item is material if“the judgment of a reasonable person relying on the informa-tion would have been changed or infl
42、uenced by the omission ormisstatement.” The U.S. Supreme Court ruled in 1976 that adisclosure is material if there is “a substantial likelihood thatthe disclosure of the omitted fact would have been viewed bythe reasonable investor as having significantly altered the totalmixof information made avai
43、lable” or if there is “a substantiallikelihood that a reasonable shareholder would consider itimportant in deciding how to vote.”46. Content of the Disclosure Accompanying FinancialStatements6.1 Application:6.1.1 The content of the disclosures addressed by this guideare provided by management and ar
44、e meant to supplement,rather than replace, the disclosure requirements as prescribedor regulated through GAAP, SEC, or any other agency orregulatory body. Disclosures may occur in many places,including but not limited to the notes and narrative text offinancial statements. Some third-party reporting
45、 standards arelisted in Related Materials.6.1.2 Reporting entities should disclose the financial im-pacts attributed to climate change and the impacts of bothexisting and anticipated future regulation of greenhouse gasemissions on their business, results of operations, and financialcondition, or dis
46、close their basis for determining that such anassessment is not warranted.6.2 Disclosures to be Made for Financial Impacts Attributedto Climate Change:6.2.1 Disclosure should be made when an entity believes itsfinancial impacts attributed to climate change in the aggregateare material. These amounts
47、 include, but are not limited to,damages attributed to the entitys products or processes,regulatory compliance costs (including changes in resourcecosts, technology costs, distribution and transportation costs,and costs in its supply chain), physical costs (including assetimpairments and stranded as
48、sets), changes in income due tochanges in markets for products and services, and litigation andmanagement costs. Costs include both initial response costs aswell as long-term costs (for example, operations and mainte-nance costs, changing energy costs).6.2.2 The following disclosures should be made
49、by thereporting entity for material circumstances described in 6.2.1:6.2.2.1 Statement concerning managements strategic analy-sis of the companys financial impacts attributed to climatechange, including but not limited to:(1) An assessment of regulatory risks and opportunities(for example, greenhouse gas emission limits or reduction,taxation, trading systems, resource limitations, greenhouse gasemissions allowances and/or credits),(2) An evaluation of physical risk to companys facilities(for example, asset impairment) and operations,(3) A d
