In 2017, the Task Force for Climate Related Financial Disclosures (TCFD) released recommendations to address the need for reliable corporate disclosure of climate-related information. Research undertaken by a team from the RMIT University Melbourne and the University of Tasmania explored how management accountants can contribute to the development of appropriate climate-related scenarios and better integrate their management accounting expertise into organisational climate change strategy.
The study found a lack of involvement from middle-level management accountants in the climate change risk management activities of their companies, even though 80% of the interviewees believed management accounting professionals could make a significant contribution to the implementation of TCFD in their companies.
Read the full report to learn how management accountants and the finance function can take on a larger role in sustainability accounting and climate risk management.