Details

Service: Audit, Accounting Advisory Services, Climate Change & Accounting Assurance, Tax, R&D Incentives, Environmental Incentives, Advisory, Risk Consulting, Climate Change & Sustainability Services, Special Interests, Climate Change
Industry: Agribusiness, Automotive, Building materials, Chemicals, Diversified Industrials, Energy & Natural Resources, Energy & Mining Services, Forestry, Mining, Oil & Gas, Power & Utilities, Renewables, Water
Type: Business and industry issue, Case study
Date: 23/10/2012

Australia's Climate Change Plan analysis

KPMG's analysis of the Australian Government’s Climate Change Plan, including the carbon price mechanism.

Accounting for carbon

Australia is taking steps to move towards a low carbon emission economy, with the result that many entities now have to account for the cost of their carbon emissions.

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Accounting for carbon - September 2012 [PDF 1.71MB]

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This paper is designed to provide guidance on some of the main accounting considerations affecting those entities that will be purchasing or receiving carbon units under the Clean Energy Act 2011.

Key insights

Many liable entities (large emitters of carbon) now have to account for the cost of their carbon emissions.
There is no single accounting standard that specifically deals with accounting for carbon and therefore a compelling need for clear guidance as outlined in this Accounting for carbon paper.
We provide three example case studies which are likely to capture the majority of scenarios relevant to liable entities.

Climate Change & Sustainability Services

KPMG works with clients to respond to sustainability, climate change and water issues to manage risk, create value and achieve competitive advantage.

Climate Change Accounting & Assurance

KPMG helps clients respond to the accounting, reporting, disclosure and assurance requirements associated with climate change.

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KPMG International Cooperative ("KPMG International") is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.