... counter-intuitive effects on your financial statements in matters such as: • Timing of recognition of assets, liabilities, profits and losses • Measurement of balance sheet items at nominal ... and manage the business implications of climate change © 2008 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent ... the financial statements • Stakeholders are more informed and aware of climate change, and want companies to provide information on this area of their operations In the meantime, management...