Background:

Andrew will share his experience of coming up with normative accounting and its application logic to create the carrot and stick incentives to invest into creating equitable relationships with people, planet and society—analogous to the features and benefits of the carbon coin in the book The Ministry for the Future—based on a concept first put forward by real-life academic Delton Chen. And about how Rethinking Capital has driven progress in normative accounting’s much harder adoption challenges—battling an existing system in which ‘the purpose of financial statements today is not to represent the commercial reality, nor to be materially accurate’.

This 12 month program taking in three submissions to the Interpretations Committee of the IASB, a series of letters to the Due Process Oversight Committee of the IFRS Foundation. And engaging with the CEO’s of the global audit firms through their Global Public Policy Committee and both the Trustees and Monitoring Board (the capital markets regulators) of the IFRS Foundation. Ending with, in effect, a new International Accounting Standard on net zero commitments that provides the global authority to flip the incentives. And a very clear picture of who and what anyone tackling today’s inequities is really up against. A roadmap that all can now follow.

Speaker:

Andrew Watson is a co-founder of Rethinking Capital. And over the last 23 years, one of the co-creators of normative accounting for intangibles—a rethink of double-entry bookkeeping designed to solve the root cause of the inability to tackle the climate, biodiversity and social inequities—being upside down incentives.