This paper describes the development of and gaps in knowledge in research on carbon accounting based on a systematic review of 117 papers published in influential accounting journals between 2005 and 2018. The review shows the literature has developed into four major streams of carbon accounting: carbon disclosure, management, performance and assurance, and that carbon accounting is emerging as a distinct discipline. Finally, our paper highlights future research opportunities to improve carbon accounting, so it can play an even more important role to help business achieve the climate goals of the Paris Agreement.

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This paper evaluates the impact of firms’ adoption of AASB 8 segment disclosure rules on analysts’ earnings forecasts. It examines whether providing more disaggregated segment information following the adoption of AASB 8 is associated with an increase in analysts’ ability to forecast earnings. We find that analysts’ earnings forecasts have not improved significantly after adopting AASB 8 in Australia, regardless of whether firms disclosed more disaggregated segment information. Our use of control firms provides assurance that the results are due to AASB 8 and not to some other events concurrent with the adoption of AASB 8. Overall, our results imply that the benefits associated with the management approach as experienced by financial analysts in the United States have not been realised by financial analysts in Australia. This suggests that the successful adoption of an accounting standard in one country should not be the justification for recommending adoption in other countries. Further, our results raise questions about whether the enhanced disclosures required in the new standard are more for the other users of financial statements, such as investors, rather than analysts.