The Irish Auditing and Accounting Supervisory Authority (IAASA) has published “Observations on Selected Financial Reporting Issues – Years Ending on or after 31 December 2021”, highlighting some topics that preparers should consider when preparing their financial statements for 2021. It is no surprise to see Covid-19, impairments, fair values and expected credit losses discussed in detail. However, the observations also included commentary on the need to consider climate change in company reporting. The document identifies a study by the International Accounting Standards Board where there is discussion on the effects of climate change and how it would impact the accounting under IAS 1, 2, 12, 16, 38, 36 and 37 and IFRS 7, 9, 13 and 17. The IAASA said that it expects issuers to take this study into account when assessing the impacts of climate change and risks in their financial statements.