The International Public Sector Accounting Standards Board released a standard Thursday to help governments and public sector entities report climate-related risks and opportunities on a clear, consistent basis globally. "Climate-related information is therefore essential for stronger public financial management as it provides insights into the climate-related risks and opportunities to governments' operations. IPSASB SRS 1 applies to an entity's general purpose financial reports for annual reporting periods starting on or after Jan. 1, 2028, although earlier adoption is permitted. "Decisions about why a public sector entity holds natural resources have long-term financial and social consequences," Berger said in a statement. IPSAS 51 is effective for annual financial statements for periods starting on or after Jan. 1, 2028, but as with the climate-related disclosure standard, earlier application is permitted.