An In-Depth Analysis of the SEC’s Climate- Related Disclosure Rules
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Questions and Answers

What must a registrant do if they choose to include their Scope 1 and Scope 2 GHG emissions disclosure in their Form 10-Q for the second fiscal quarter following the year to which the disclosure relates?

  • Include an extra attestation report in their Form 10-Q
  • Include the attestation report within the Form 10-Q itself
  • Submit a separate disclosure form for the GHG emissions information
  • Expressly state their intention to incorporate by reference the required attestation report in their Form 10-K (correct)
  • According to the SEC, what is a key requirement for a GHG emissions attestation provider to be considered independent?

  • Having a close relationship with the registrant
  • Having no knowledge of relevant facts and circumstances
  • Being a subsidiary of a large auditing firm
  • Being capable of exercising objective and impartial judgment on all issues encompassed within their engagement (correct)
  • Incorporating by reference the required attestation report is necessary when a registrant chooses to disclose GHG emissions in which filing?

  • Form 10-K (correct)
  • Form 10-Q
  • Proxy Statement
  • Form 8-K
  • What may be useful for registrants in understanding independence issues related to GHG emissions attestation providers?

    <p>Guidance and staff interpretations regarding Rule 2-01 of Regulation S-X</p> Signup and view all the answers

    Under the Final Rule, what would disqualify a GHG emissions attestation provider from being considered independent?

    <p>Not being capable of exercising objective and impartial judgment</p> Signup and view all the answers

    What is the primary reason for incorporating by reference the attestation report?

    <p>To maintain independence of GHG emissions attestations</p> Signup and view all the answers

    What type of disclosures are typically not reviewed or audited by an independent expert under Regulation S-K?

    <p>Financial statements</p> Signup and view all the answers

    What should be included if the organizational boundaries materially differ from the entities and operations in the registrant's consolidated financial statements?

    <p>A brief explanation of the difference</p> Signup and view all the answers

    What must be discussed according to 17 C.F.R.§ 229.1505(b)(1)(iii) related to GHG emissions?

    <p>The approach to categorization of emissions and sources</p> Signup and view all the answers

    Under 17 C.F.R.§ 229.1505(b)(2), what should be detailed about the calculation approach for GHG emissions?

    <p>The calculation tools used</p> Signup and view all the answers

    What is required for attestation reports related to GHG emissions based on 17 C.F.R.§ 229.1506(a)?

    <p>They should follow due process procedures</p> Signup and view all the answers

    What is the independence requirement for attestation reports related to GHG emissions according to the text?

    <p>Should be prepared by an independent body following due process procedures</p> Signup and view all the answers

    What level of assurance is required initially for the attestation report on GHG emissions disclosure?

    <p>Limited assurance</p> Signup and view all the answers

    What does 'limited assurance' in the context of the attestation report mean?

    <p>Negative assurance that no material misstatement was found</p> Signup and view all the answers

    What is the equivalent assurance level provided for large accelerated filers in the attestation report requirement?

    <p>Reasonable assurance</p> Signup and view all the answers

    In the context of GHG emissions disclosure, what does 'reasonable assurance' imply?

    <p>High level of confidence but not absolute certainty</p> Signup and view all the answers

    How are the attestation requirements regarding GHG emissions modeled?

    <p>Modeled on SEC rules for changes in auditors</p> Signup and view all the answers

    What triggers disclosure requirements related to changes in a registrant's attestation provider?

    <p>Disagreements between the provider and the company</p> Signup and view all the answers

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