2026-06-17T20:32:35Zhttps://riubu.ubu.es/oai/requestoai:riubu.ubu.es:10259/111192025-12-12T01:05:39Zcom_10259_5238com_10259_5086com_10259_2604col_10259_5239
Repositorio Institucional de la Universidad de Burgos
author
Carrión Moneo, Elena
author
Larrinaga González, Carlos
author
Mateo Márquez, Antonio Jesús
2025-12-11T11:47:30Z
2025-12-11T11:47:30Z
2024-01
978 1 80392 059 7
https://hdl.handle.net/10259/11119
10.4337/9781803920597.00014
Companies’ financial statements reflect climate change when environmental costs are internalized. However, financial accounting does not capture externalities (i.e., the unintended environmental costs that companies produce with their activity). This chapter explores the financial implications of climate change to understand the extent to which accounting numbers provide the appropriate information about required substantive ecological transitions. We draw on full cost accounting (FCA) to illustrate the bi-directional impacts of climate change. Outside-in impacts hold strong financial implications, which are materialized in financial statements by using accounting systems, such as carbon pricing mechanisms or sustainability reporting standards. In contrast, inside-out impacts have weak financial implications. Examples include voluntary initiatives and environmental standards, which are accounted in the corporate strategy although not captured in the financial statements. We conclude that FCA is an accounting tool that can provide a broader perception of the impacts that companies produce on the environment.
eng
Attribution-NonCommercial-NoDerivatives 4.0 Internacional
Climate change
Externalities
Financial accounting
Full cost accounting
Inside-out impacts
Outside-in impacts
Sustainability reporting
Financial accounting and the natural environment: the case of climate change
info:eu-repo/semantics/bookPart
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URL
https://riubu.ubu.es/bitstream/10259/11119/4/Carrion-Financial_accounting_natural_environment_2024.pdf
File
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application/pdf
Carrion-Financial_accounting_natural_environment_2024.pdf