20 January 2005

Alert on Emissions Trading

The European Union Greenhouse Gas Emissions Trading Scheme (EU ETS), which commenced operation on 1 January 2005, is a major part of Europe’s strategy to comply with the United Nations’ climate change strategy, the Kyoto Protocol. The European accountancy profession’s latest publication, entitled, ‘FEE Alert: Emissions Trading’ considers the financial reporting and auditing issues, impacting upon the financial statements, arising from the new scheme.

The EU ETS foresees the use of third party verifiers who are engaged by the company to report on annual emissions data supplied to government. Early and effective liaison between the company, its verifier and its auditor is important to ensure that the verification and necessary assurance, required to audit the financial statements, are achieved in the most efficient and effective way.

 Position Paper



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