Bilanzielle Behandlung von Emissionsrechten nach IFRS und UGB

Abstract

Emission rights are commodities that embody a defined amount of greenhouse gas emissions. Depending on the relevant trading system, one can distinguish different categories of emission rights. Emission rights which are based on legal obligations include emission allowances that are traded within the scope of the Emission Trading System of the European Union and national emission allowances which are regulated by the NEHG 2022. Carbon offsets, however, are not subject to legal obligations, as they can be used to compensate greenhouse gas emissions voluntarily. The emerging importance of climate-related topics for annual financial statements combined with the current issue that International Financial Reporting Standards do not contain clear instructions regarding the accounting of emission rights found the primary objective of this thesis to illuminate the presentation of emission rights within annual financial statements made under IFRS and national reporting standards. To achieve this objective, the relevant categories of emission rights are explained and differentiated from each other. Prevailing literature opinions are the basis of discussion regarding the accounting practices within both accounting standards. This theoretical point of view is complemented by an analysis of selected consolidated IFRS statements, outlining existing accounting standards and highlighting differences within the analysed statements. To answer the research question regarding the methods of presenting emission rights in financial statements under the scope of international and national reporting standards this thesis turns to literature research. In essence, the topic is approached with legal texts, relevant international financial reporting standards, application guidelines and commentaries in their most recent issues such as papers and articles, statements and publications by relevant institutions, monographies and collected editions by acknowledged sources. The research question regarding the depiction of emission allowances in selected consolidated financial statements is answered by analyzing annual reports applying the Qualitative Content Analysis by Mayring. This thesis concludes that the absence of appropriate regulations substantiate a diversity in practice. In the scope of national reporting the relevant statement regarding the depiction of emission rights was last updated in 2015 and thus, does not cover more recent changes in climate policies. A comparable statement in the scope of international financial reporting does not exist. Thus, emission rights can be reported as either intangible assets or inventories. In addition to that, accounting of free allowances can further be based on three different approaches (IFRIC 3, the Government Grant Approach or the Net Liability Approach). Furthermore, the conducted analysis showed that in most cases the extensive instructions regarding additional disclosures of emission allowances are not met to an adequate degree. As emission rights are still gaining relevance, their inclusion in financial statements should follow clear guidelines that enable comparable, transparent and above all economic correct depictions.

Date of Award	2024
Original language	German (Austria)
Supervisor	Hannes Hofbauer (Supervisor)