Media release
For immediate release
30 April 2012
Practical guide helps businesses prepare for carbon pricing With the start of Australia’s carbon scheme fast approaching, Australia’s peak body for carbon market professionals says the time to implement strategies to manage change is short and challenging. “Every organisation – not just liable entities – needs to understand how the carbon price will affect their business,” Carbon Market Institute executive director Mike Tournier says. “It is important to identify and act on key issues now to minimise disruption and avoid surprises before 1 July,” he says. The Institute will be launching its guide for business, Reporting and accounting requirements for the Australian carbon market at events in Sydney on 1 May, Melbourne on 3 May and Brisbane on 15 May. CMI commissioned global assurance, tax, transaction and advisory services experts Ernst & Young to author the guide under the Institute’s research program. Ernst & Young says businesses need to be aware that the carbon pricing mechanism will impact almost every aspect of a business’s supply chain. The guide discusses what businesses need to consider in the face of this imminent change. It explores the treasury, finance and tax impacts and will help readers identify whether they are armed with the resources, information and knowledge they need to adapt. “Cash flows, risk profiles, financial statements, tax positions and compliance obligations may all be affected. The pervasiveness of the mechanism means that business leaders will need to think broadly and innovatively in order to be fully prepared,” says Ernst & Young climate change and sustainability services leader Mat Nelson. The guide aims to provide insight into the scale of the changes afoot, and some guidance on how to ensure readiness for the implementation of the scheme. It focuses on the financial, accounting, reporting and regulatory requirements for the Australian carbon market. Specifically, this publication discusses key actions entities need to undertake in the following critical areas. • • •
Cash flow management Risk management Financial accounting Page 1 of 2
Media release 30 April 2012 • • • •
Process implications (for financial and management reporting) Tax implications Possible regulatory requirements Capital market implications of carbon disclosures.
Launch events – limited places, register via rsvp@carbonmarketinstitute.org Sydney: Tuesday 1 May 2012, 12:00 to 14:00 Melbourne: Thursday 3 May 2012, 09:00 to 11:00 Brisbane: Tuesday 15 May 2012, 12:00 to 14:00 Host: Carbon Market Institute Presenters: Ernst & Young – Matt Honey, Mat Nelson and Paul Korganow
Guide for Business: Reporting and Accounting Requirements for the Australian Carbon Market will be available for purchase via www.carbonmarketinstitute.org Carbon Market Institute Full Members – free. Carbon Market Institute Associate Members – $143 including GST per copy. Non-members – $220 including GST per copy. ends For more information, please contact: Communications Manager Gabrielle Callahan Phone: 03 9245 0960 or 0408 997 486 Email: info@carbonmarketinstitute.org
The Carbon Market Institute is an independent membership-based not-for-profit organisation. Our aim is to assist Australian businesses in meeting the challenges and opportunities associated with the developing national and international carbon markets and thereby build capacity to grow in a low-carbon world. Established with support from the Victorian Government, our Asia-Pacific wide membership represents a broad range of professionals, organisations and industry providers for whom carbon will have a direct impact on their businesses both in terms of liabilities and potential opportunities. The Institute has a strong research program and provides market analysis, education and training, business networking and information services and international engagement. CMI is also developing professional standards and an accreditation program. CMI incorporates and builds on the networks, partnerships and services developed by the former Asia-Pacific Emissions Trading Forum (AETF) which began operations in 1998. CMI commenced operation on 1 January 2011 with a mandate to assist Australian business with the implementation of climate-related markets, both in terms of managing risk and realising business opportunities.
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