• IFAC and IBA sign Anti-Corruption Mandate

    July 19, 2018 Published: The Accountant The International Federation of Accountants (IFAC) and the International Bar Association (IBA) have signed an Anti-Corruption Mandate. Collaboration on the Mandate is a joint effort of the two organisations to help fight corruption, bribery, tax evasion, money laundering, and the financing of international terrorism. It comes ahead of a

  • GAO issues revised Yellow Book standards for government auditors

    July 17, 2018 Published: Journal of Accountancy Revised standards issued Tuesday by the U.S. Government Accountability Office (GAO) are designed to provide a framework for high-quality governmental audits, which include audits of government entities and entities receiving government awards. In a transmittal letter to the standards, U.S. Comptroller Gene Dodaro states that the new generally accepted

  • IAASB proposes Audit Risk Assessment Standards Revision

    July 17, 2018 Published: The Accountant By: Jonathan Minter The International Auditing and Assurance Standards Board (IAASB) has moved to update its standard on audit risk assessments, to take into account developments arising from IT. In an exposure draft for the proposed International Standard of Auditing 315 (revised) (ISA-315), the IAASB said that as IT

  • Public Sector Generation Next: Clear Career Paths Are Key

    July 16,2018 Published: IFAC By: Alex Metcalfe, Head of Public Sector Policy, ACCA Generation Next public sector workers are a dynamic group. They are the most optimistic about technological change and have significant entrepreneurial drive. They also believe that their finance background provides an excellent foundation for their future careers. The ACCA’s most recent sector-specific

  • OECD economic scenarios to 2060 illustrate the long-run benefits of structural reforms

    July 12, 2018 Published: OECD Policy choices made today can have important positive effects on future living standards, according to new long-term economic scenarios released by the OECD. The Long View: Scenarios for the World Economy to 2060 extends the usual short-run horizon of economic forecasters to better illustrate the potential benefits of reforms to education,

  • Avoid these common not-for-profit financial statement mistakes

    July 10, 2018 Published: Journal of Accountancy At times during audit season, not-for-profit financial statement auditors may feel like medical professionals in January. They’re extremely busy, and many of the “patients” receive the same diagnosis. “It’s like flu season,” said Dennis Morrone, CPA, the national partner-in-charge of audit services in Grant Thornton’s not-for-profit and higher

  • FECU SOCIAL

    FECU SOCIAL

    9 de julio 2018 Aproximadamente 200 entidades sin fines de lucro orientadas a la superación de la pobreza y exclusión social, que operan en nuestro país, participan a na Comunidad de Organizaciones Solidarias (COS) http://comunidad-org.cl, organización que desarrollo un formato estandarizado de Memoria Anual y Estados Financieros denominada “FECU SOCIAL”. Asimismo, desarrolló un Manual de

  • What Is A Blockchain Operating System?

    July 3, 2018 Published: FORBES By: Adrian Bridgwater Blockchain, as more and more people are finding out, is a ledger system for keeping records. More specifically, blockchain is an open (i.e. public, not held inside one company, unless it’s a private blockchain) distributed (it exists on many computers) immutable (it can not be altered, in

  • Feature: Reducing the gap between insurance and other industries

    July 5, 2018 Published: IFRS By Gary Kabureck, Member, International Accounting Standards Board Existing accounting practices in the insurance industry are widely perceived as opaque and inconsistent. For companies applying IFRS Standards, the accounting for insurance contracts currently differs significantly from the accounting for other contracts. This diversity poses unnecessary difficulties for potential investors. In 2017,

  • ICAEW launches AI / Big Data scheme for corporate finance transactions

    July 4, 2018 Published: The Institute of Chartered Accountants in England and Wales (ICAEW) Wednesday 4 July 2018, A new initiative to use Artificial Intelligence and Big Data in corporate finance transaction services has been launched by ICAEW. Michael Izza, Chief Executive of the accountancy and finance body, announced the scheme today at ICAEW’s innovation

  • IOSCO seeks feedback on proposed good practices for commodities storage and delivery

    July 04, 2018 Published: IOSCO The Board of the International Organization of Securities Commissions (IOSCO) is requesting feedback on proposed good or sound practices to assist relevant storage infrastructures and their oversight bodies to identify and address issues that could affect commodity derivatives’ pricing and in turn affect market integrity and efficiency. In the report

  • SEC: Auditor Independence with Respect to Certain Loans or Debtor-Creditor Relationships

    July 3, 2018 Published: The Caq In this letter to the US Securities and Exchange Commission (SEC), the CAQ provides views on an SEC proposal to improve certain aspects of Rule 2-01(c)(1)(ii)(A) of Regulation S-X, referred to as the “Loan Provision.” The CAQ notes that the Loan Provision, as conceived, was designed to curb potential

  • IFRS for SMEs modules

    July 2, 2018 Published: IFAC – IFRS The IFRS Foundation is developing stand-alone modules, one for each section of the 2015 version of the IFRS for SMEs Standard. These modules are designed to provide support to anyone learning about, applying, or reading financial statements prepared using, the IFRS for SMEs Standard. Each module includes the following: – requirements—the full

  • Charla del abogado Germán Concha: “Obligación de Denunciar y Auditores Externos”

    Con fecha 27 de junio 2018, el directorio de la Asociación de Auditores Externos de Chile A.G., invitó a participar a cada socio / director de auditoría a Charla dictada por el abogado Germán Concha sobre “Obligación de Denunciar y Auditores Externos” El evento se realizó en premisas de EY, facilitadas gentilmente a AEChile” 

  • Foundation for Economies Worldwide = Small Business

    June 27, 2018 Published: IFAC By: Christopher Arnold and Manoj Fadnis Most organizations worldwide are small by size and the importance of small-and medium-sized enterprises (SMEs) to both developed and developing economies and societies is indisputable. According to the World Trade Organization, (World Trade Report 2016 Leveling the Trading Field for SMEs) SMEs represent over 90 per

  • Transforming the impact of financial information: the role of technology

    June 26, 2018 Published: IFRS Are traditional metrics still relevant? On 5 June 2018, CFA Institute and the IFRS Foundation hosted a panel debate at the Guildhall in London, asking whether traditional metrics are still relevant amidst rapid technological advancements. Moderator Jane Fuller captures some of the key points made during the discussion. If investing

  • The Changing Role of Accounting in Enterprise Performance Management

    June 26, 2018 Published: IFAC By: Larry White Accounting and the finance function have traditionally been identified as leaders in providing information for enterprise performance management (EPM).  But times are changing. Can performance ultimately be measured in financial reports?   Don’t financial reports guide management and the capital markets?  Isn’t the financial statement audit the ultimate

  • Strategies for quality work in single audits

    June 25, 2018 Published: Journal of Accountancy Like many members of the CPA profession, single audit practitioners will be managing a change process while maintaining an intense focus on quality. The change coming soon is the imminent release of updated Generally Accepted Government Auditing Standards, also known as the Yellow Book. The updated Yellow Book

  • Proposal would clarify exception to client confidentiality rule

    June 22, 2018 Published; Journal of Accountancy A newly proposed AICPA ethics rule would clarify that certain reviews of a tax practice are included in the exceptions to the AICPA Professional Standards prohibition on disclosing confidential client information without the specific consent of the client. The limited exceptions to the “Confidential Client Information Rule” (ET §1.700.001) include an exception

  • The IFRS Taxonomy Illustrative Examples 2018 are now available

    June 20, 2018 Published: IFRS The IFRS® Foundation has published today the IFRS Taxonomy Illustrative Examples 2018. The examples demonstrate the use of IFRS Taxonomy 2018 elements by tagging the Illustrative Examples that accompany IFRS Standards. The examples are published in both the XBRL and iXBRL (Inline XBRL) formats. The IFRS Foundation has also made available

  • SEC unveils goals for next 4 years

    June 19, 2018 Published: Journal of Accountancy By Jeff Drew Technology and data are top of mind for the SEC in the initial draft of its strategic plan for fiscal years 2018–2022. The SEC sets three goals in the document, which was released for comment on Tuesday, but the overarching theme is the need for the commission

  • IMA Management Accounting Competency Framework

    June 18, 2018 Published: Institute of Management Accountants (IMA) Management accounting, like many other fields, is being impacted by a large number of disruptive new technologies, including artificial intelligence (AI), blockchain, cognitive computing, and machine learning. To keep pace with the changing business environment and advancements in technology, IMA has analyzed the emerging competencies needed

  • 5 Qualities Audit Committees Want a Corporate Controller to Possess

    June 14, 2018 Published: GoingConcern By: Jason Bramwell Open communication, face-to-face exposure, accountability: These are just some of the tenets of an effective relationship between the corporate controller and the audit committee. But after reading a couple of articles on what audit committees want from CFOs, I was curious to find out what audit committees expect

  • RegTech: the next big thing?

    June 15, 2018 Published: Accountancy Europe by Laura Buijs and Iryna de Smedt   Technology has long been used to help firms comply with financial and other regulations, but never has it been more in demand. The marriage of regulation and technology – or RegTech – is increasingly seen as ’the next big thing’ to

  • Simplifying Auditing Standards for Small or Non-Complex Entities–Exploring Possible Solutions

    May 18, 2018 Published: IFAC By: Hilde Blomme Confidence in small business benefits us all. The difficulties of applying the International Standards on Auditing (ISAs) in small or non-complex entity audits are apparent, and as such the status quo is not an option. With our new publication, we aim to open the conversation to find an

  • El FMI elevó a 3.9% la perspectiva de crecimiento en América Latina

    13 de junio de 2018 Publicado: InversorLatam “La región debe aprovechar al máximo el potencial de la Cuarta Revolución Industrial, que es el presente, no el futuro, y está ahí lista para ayudar a la región a alcanzar un desarrollo sostenible”, WEF (Word Economic Forum). El Fondo Monetario Internacional (FMI) elevó a 3.9% la perspectiva de crecimiento para

  • COSO supplements ERM Framework with industry examples

    June 11, 2018 Published: AccountingToday The Committee of Sponsoring Organizations of the Treadway Commission, also known as COSO, has added a supplement to its widely used Enterprise Risk Management Framework, including detailed examples of how to use the ERM Framework, written by PwC under the direction of COSO’s board. The Compendium of Examples links together the

  • Public vs. Private Blockchains: What CPAs should know

    June 6, 2018 Published: AICPA Posted by Guest Blogger The word “blockchain” has been tossed around as if all blockchains are the same. Real-time access to information, increased transparency and encryption are standard benefits of any blockchain. However, there are two different types of blockchains: public and private, both of which are important for CPAs

  • Amid strong outlook for U.S. economy, risks abound

    June 6, 2018 Published: OECD The U.S. economy is experiencing one of the longest expansions on record, but the scars left by the Great Recession, as well as challenges posed by globalization and automation shocks, remain visible across the country, according to a new report from the OECD. The latest Economic Survey of the United States presents a

  • Culture of ​Accountability

    June 05, 2018 Published: Internal Auditor  By: Neil Hodge Effective cultures encourage employees to take full ownership of their responsibilities — a process in which internal audit can play a strong role. Holding people and organizations to account has historically been a case of pinning blame on them for failures they either caused directly or

  • Charter of fundamental rights in the EU in 2017

    June 6, 2018 Published: European Commission Commission reports shows that further support to the respect and promotion of fundamental rights, the rule of law and democracy will remain central in 2018 The European Commission published today its annual Report on the EU Charter of Fundamental Rights. The report highlights that while 2017 was a year

  • The Digital Transformation Of Accounting And Finance – Artificial Intelligence, Robots And Chatbots

    June 1, 2018 Published: FORBES By: Bernard Marr It turns out that we might be at the perfect storm where how we store and access financial information combined with the maturation of tech capabilities are all in place to accelerate the digital transformation of accounting and finance. Just as others who faced the prospect of

  • OCDE ve más fuerte economía mundial, pero los riesgos ocupan un lugar preponderante

    30 de mayo de 2018 Publicado: OCDE La economía mundial está experimentando un crecimiento más fuerte, impulsado por un rebote en el comercio, mayor inversión y la creación de empleo boyante, y apoyado por la política monetaria muy acomodaticia y distensión fiscal, según el último de la OCDE  Economic Outlook . Se espera que el

  • OECD: “Strong Progress” in Country-by- Country Reporting across The Globe

    29 May, 2018 Published: The Accountant By: Jonathan Minter Practically all countries that serve as headquarters to large multinational enterprises (MNEs) have introduced new country-by-country reporting obligations, an OECD progress report has found. Country-by-country exchanges are slated to begin in June 2018, and will see tax administrations worldwide collect and share detailed information on all

  • Voices: Differences between the FASB and IASB lease accounting standards, and how companies can prepare for both

    May 24, 2018 Published: AccountingToday By: Alex Klein   Accounting and finance organizations for many multinational businesses are currently working to create plans for two separate lease accounting standards: the Financial Accounting Standards Board’s ASC 842 and the International Accounting Standards Board’s IFRS 16. While the standards are similar in many ways, FASB and IASB

  • Privacy and your digital future

    May 24, 2018 Published: OECD “We care about your data privacy and security. With this in mind, we’re updating our privacy policy by 25 May 2018 in compliance with the EU’s General Data Protection Regulation (GDPR). Click to learn more.” You’ve probably seen messages like this filling your inbox and social media apps of late.

  • Better data protection rights for citizens and better rules for businesses

    May 25, 2018 Published: European Commission As of today, the new EU-wide data protection rules are becoming applicable after a two year transition period. The reform is an essential step to strengthening citizens’ fundamental rights in the digital age and facilitating business by simplifying rules for companies in the Digital Single Market. On 6 April

  • CBOK Stakeholder Report: Auditing Strategic Risks: Practical Insights from Internal Audit Leaders

    May 24, 2018 Published: The Institute of Internal Auditors Research Shows Stakeholders Want More From Internal Audit The latest Global Internal Audit Common Body of Knowledge (CBOK) Stakeholder Study report, Auditing Strategic Risks: Practical Insights from Internal Audit Leaders, reveals that nearly two-thirds (64 percent) of stakeholders want internal audit to take a more active role

  • New compilation and review report requirements issued

    May 23, 2018 Published Journal of Accountancy By Mike Glynn, CPA, CGMA   The AICPA Accounting and Review Services Committee issued a new standard Wednesday containing revised compilation and review reporting requirements. The requirements are contained in Statement on Standards for Accounting and Review Services (SSARS) No. 24, Omnibus Statement on Standards for Accounting and Review Services —

  • Tech, people skills are key as accountants face changing demands

    May 21, 2018 Published: Journal of Accountancy By Ken Tysiac  Accounting and finance professionals are finding that they must continually learn, unlearn, and relearn to maintain their highly trusted position in a rapidly changing business environment. Accountants need to understand emerging technologies that are changing the profession, such as blockchain, artificial intelligence (AI), and robotic

  • Simplifying Auditing Standards for Small or Non-Complex Entities–Exploring Possible Solutions

    May 18,2018 Published: IFAC By Hilde Blomme and Noémi Robert / Accountancy Europe Confidence in small business benefits us all. The difficulties of applying the International Standards on Auditing (ISAs) in small or non-complex entity audits are apparent, and as such the status quo is not an option. With our new publication, we aim to open

  • Global Ethics Board Consults on Professional Skepticism

    May 14, 2018 Published: IFAC Public Comment Sought on Behaviors Associated with Exercise of Professional Skepticism The International Ethics Standards Board for Accountants® (IESBA®) seeks public comment by August 15, 2018 on its consultation paper, Professional Skepticism – Meeting Public Expectations. In response to regulatory and other stakeholder feedback on the topic, the paper explores: The behavioral characteristics comprised

  • Voices Manual processing of reconciliations is a critical audit matter

    May 14, 2018 Published: AccountingToday By: Therese Tucker As the deadline approaches to comply with the new auditing standard adopted last year by the Public Company Accounting Oversight Board (PCAOB), auditors are girding to disclose “critical audit matters” or CAMs for the first time in their reports. Although auditor communication of CAMs currently is permissible

  • Internal Audit Foundation Releases New Anti-Bribery Report

    May 11, 2018 Published: The Institute of Internal Auditors With the global crackdown on bribery and corruption over the last decade, organizations are realizing the need to fully implement structured anti-bribery programs that are continuously monitored. A new report from the Internal Audit Foundation highlights the important role internal audit plays in assuring these programs

  • Financial Reporting Council (FRC): High Quality Audit Enhanced by Stronger Culture

    10 May 2018 Published: The Accountant Author: Joe Pickard The Financial Reporting Council (FRC) has found that high quality auditing is easier to achieve when firm culture promotes an ethical attitude towards working in the public interest. The report, Audit Culture Thematic Review, found that firms are investing time and effort to improve their firm-wide culture

  • AI and accountants’ intelligence: ‘The AI-ccountant’

    May 09 2018 Published: AccountingToday During its annual developers conference, which kicked off May 8, Google showcased a system named “Duplex AI,” a new technology for conducting natural conversations to carry out real-world tasks over the phone. Google will start testing the technology with the Google Assistant on smartphones to help users set up appointments

  • 5 things you need to know about the new international ethics code

    May 8, 2018 Published: Journal of Accountancy The new international Code of Ethics for professional accountants that was unveiled last month has been “long in the making,” according to Kim Gibson, CPA, a member of the International Ethics Standards Board for Accountants (IESBA) and chair of the board’s Rollout and Implementation Working Group. Gibson, who is the

  • IIA eyes risks confronting audit execs

    May 07 2018 Published: AccountingToday The Institute of Internal Auditors released a new report Monday during its international conference in Dubai about the main risks facing chief audit executives. The report, Top Risks Faced by Chief Audit Executives, discusses the top five risks faced by chief audit executives: talent management, data analytics, cyber, regulations, and responding

  • IFAC Perspective on Way Forward After Considering Objective Analysis of Monitoring Group Consultation Responses

    May 3, 2018 Published: IFAC IFAC (International Federation of Accountants) commissioned Gibson Dunn, a leading global law firm, to perform an independent qualitative and quantitative analysis of the public responses to the Consultation Paper published by the Monitoring Group: Strengthening the Governance and Oversight of the International Audit-related Standard-setting Boards in the Public Interest. A large number of responses

  • Management considerations for effective KPI disclosure

    May 6, 2018 Published: IFAC By CPA Canada (Chartered Professional Accountants Canada) Read about how management can effectively select and disclose key performance indicators (KPIs) in their corporate reporting to better meet investor information needs. Most Canadian public companies include KPIs in their Management Discussion and Analysis (MD&A) and earnings press releases. KPIs may also