The Climate Disclosure Standards Board (CDSB) and the CDP have commented on the Phase I report of the Task Force on Climate-related Financial Disclosures (TCFD) set up by the Financial Stability Board (FSB). In their joint response CDSB and CDP highlight among other things new accounting rules by the IASB, which may be relevant to reporting climate-related transition risks as well as IFRS 9 requires entities to measure expected credit losses of a financial instrument using factors that are specific to the entity, general economic conditions and an assessment of both the current and forecasted direction of conditions at the reporting date. Please click to access the full response here.