Taking carbon into account.

The article reports on the warning given by the Certified Practising Accountant (CPA) Australia regarding carbon emissions in Australia. According to the professional association, the lack of preparation for a carbon emissions trading scheme could result to significant financial reporting issues for Australian business. CPA Australia chief executive Geoff Rankin, the current standards do not specify how organizations would account for emissions. Rankin has observed that some companies show carbon credits as a net position, while others reflect them as a gross position.