Accounting Design: Carbon Accounting with Financial Accounting Principles

Stephen Penman

Foundations and Trends(R) in Accounting, 2025, vol. 19, issue 3–4, 158-178

Abstract: 2Carbon accounting can be designed in the image of financial accounting, reporting balance sheets and income statements under the same accounting principles. The parallel carbon accounting conveys similar information to financial reporting, but with the unit of account in tons of CO rather than money. With similar properties, carbon accounting statements and financial accounting statements are mutually referential; “carbon statement analysis” mirrors financial statement analysis, providing the “double materiality” feature for sustainability reporting more generally.

Date: 2025
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