Climate-related financial disclosures: a meta-theoretical synthesis for accounting research and practice

Abstract

Purpose This study aims to examine how the academic literature on climate-related financial risk disclosures, arising from the physical impacts of climate change and the transition to a low-carbon economy, has evolved following the Task Force on Climate-related Financial Disclosures (TCFD) and assess the extent to which this literature engages with core accounting constructs. It also aims to identify sources of conceptual fragmentation and to inform future accounting research on climate-related disclosures. Design/methodology/approach The authors conduct a systematic review of 108 academic articles published between 2010 and 2025, supplemented by the TCFD recommendations. Using qualitative thematic analysis, the review classifies studies into five research domains and examines their theoretical foundations under evolving regulatory frameworks, including IFRS S2 and the European Sustainability Reporting Standards. Findings The literature clusters into five domains: reporting and disclosure; risk and resilience; TCFD implementation; financial implications of climate-related reporting; and quantification of climate risk. Even with rapid growth, the literature remains fragmented across disciplines, with limited engagement with accounting issues such as materiality determination, assurance, measurement and convergence across reporting regimes. Climate-related disclosures are predominantly analysed as external communication mechanisms rather than as inputs into recognised and audited financial statement items. Originality/value This study provides an accounting-centred synthesis of climate-related financial disclosure research by explicitly linking existing work to foundational accounting debates on materiality, assurance, measurement and standard convergence. It extends prior reviews by offering a coherent framework to guide future empirical and conceptual research.