How Do IFRS S2 Climate Risks Affect IAS 36 Impairments? A Constructive Accounting Framework Calibrated to European Steel
IFRS S2の気候リスクはIAS 36減損にどのように影響するか？欧州鉄鋼に適合した建設的会計フレームワーク (AI 翻訳)
Khaled Muhammad Hosni Sobehy, Lassaad Ben Mahjoub, Sahbi Gabsi
🤖 gxceed AI 要約
日本語
この研究は、IFRS S2の気候関連開示とIAS 36の資産評価の間のミスマッチを解決するため、移行リスク（炭素価格、規制ショック、技術的混乱）を考慮した減損テストのフレームワークを提案する。モンテカルロシミュレーションとマートン・ジャンプ拡散モデルを組み合わせ、欧州鉄鋼会社を想定したモデル企業で分析。結果、IFRS S2の移行シナリオ下で資産価値が大幅に毀損する「サステナビリティ・ディスカウント」が確認され、伝統的な決定論的モデルでは捉えきれない二重重要性の側面が明らかになった。
English
This paper addresses the misalignment between IFRS S2 climate risk disclosures and IAS 36 asset impairment testing. It constructs a framework combining deterministic and stochastic models (Monte Carlo with Merton Jump-Diffusion) to quantify transition risk impacts on asset valuations, calibrated to European integrated steel producers. Findings reveal a material 'Sustainability Discount' under orderly/disorderly transition scenarios, with increased impairment risks for older assets. The study supports integrating stochastic transition risk modeling into impairment testing for faithful financial representation.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本ではSSBJ第3号で気候関連リスクの開示が進む一方、減損テストへの具体的な反映はまだ不十分。本論文のフレームワークは、日本の鉄鋼業をはじめとする排出集約型産業が、IFRS S2（SSBJ）開示を財務諸表に統合する実務的な方法を示しており、投資家対応にも有用。
In the global GX context
Globally, the IFRS S2 standard requires climate-related disclosures, but its interaction with IAS 36 impairment testing remains underexplored. This paper provides a constructive quantitative framework that bridges the gap, demonstrating how transition risks (carbon pricing, regulatory shocks) materially affect asset valuations. It is particularly relevant for jurisdictions implementing ISSB standards and for carbon-intensive sectors undergoing transition.
👥 読者別の含意
🔬研究者:This paper offers a rigorous method to integrate stochastic transition risk modeling into impairment testing, relevant for researchers in climate finance and accounting.
🏢実務担当者:Corporate finance and sustainability teams can use the proposed framework to assess potential impairment risks under various transition scenarios, aiding in disclosure and capital planning.
🏛政策担当者:Regulators should note the identified 'Sustainability Discount' and the limitations of deterministic models, supporting the need for complementary stochastic approaches in impairment guidance.
📄 Abstract（原文）
A major connectivity gap arises from the misalignment between the forward-looking climate disclosures required by IFRS S2 and the historically rooted asset valuations mandated by IAS 36. This misalignment can cause the overvaluation of carbon-intensive assets and disrupt capital allocation decisions. This research specifically examines transition risks, such as carbon pricing, regulatory shocks, and technological disruption, and quantifies the financial externality using a combination of deterministic impairment testing and stochastic climate scenarios. We create a constructive framework and develop a model of a Synthetic Representative Firm, calibrated to major integrated steel producers in Europe. To generate nonlinear Green Swan shocks for Value-in-Use, the process combines Monte Carlo simulation with the Merton Jump-Diffusion model. This comparison shows the difference between the steady Management View and the volatile Market View. Empirical results reveal a material Sustainability Discount, representing a substantial erosion in the recoverable amount under IFRS S2 transition risk scenarios compared to the IAS 36 Deterministic Baseline. Simulations show a strong probability of asset stranding due to restricted cost pass-through, indicating that older assets may face elevated impairment risks under disorderly transition scenarios. Traditional deterministic models may not fully capture aspects of Double Materiality, potentially leaving balance sheets less responsive to transition risks. Integrating digitalization and the Circular Carbon Economy (CCE) framework presents a strategic method for averting value destruction. Therefore, this research supports the integration of stochastic transition risk modeling into impairment testing to achieve faithful financial representation.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/jrfm19040272first seen 2026-06-29 08:21:28
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