• Anti-Money Laundering, The Basics: Installment 6 – Businesses in Difficulty

    March 22, 2021 Published: IFAC This is the sixth installment of a 6-month publication series titled Anti-Money Laundering, The Basics. The series provides professional accountants with a better understanding of how money laundering works, the risks they face, and what they can do to mitigate these risks and make a positive contribution to the public interest. 

  • IOSCO Statement on Going Concern Assessments and Disclosures during the COVID-19 Pandemic

    March 24, 2021 Published: IOSCO The International Organization of Securities Commissions (IOSCO) is the leading international policy forum for securities regulators and is recognized as the global standard setter for securities regulation. The organization’s membership regulates more than 95% of the world’s securities markets and is responsible for the oversight of capital markets and the

  • Companies have trouble detecting fraud during COVID

    March 19, 2021 Published: Accounting Today The COVID-19 pandemic could give remote employees around-the-clock access to company funds with little supervision and lead to embezzlement. The pandemic may be providing opportunities for financial fraud that have yet to come to light. The Association of Certified Fraud Examiners released a report in December that showed the observed level

  • IFRS Foundation publishes IFRS Taxonomy 2021

    March 24, 2021 Published: IFRS The IFRS Foundation has today published the IFRS Taxonomy 2021. The IFRS Taxonomy enables electronic reporting of financial information prepared in accordance with IFRS Standards. Preparers can use the IFRS Taxonomy to tag disclosures, making them easily accessible to investors who prefer to receive financial information electronically. The IFRS Taxonomy

  • IFRS Foundation Trustees announce working group to accelerate convergence in global sustainability reporting standards focused on enterprise value

    March 22, 2021 Published: IFRS The Trustees of the IFRS Foundation today announced the formation of a working group to accelerate convergence in global sustainability reporting standards focused on enterprise value and to undertake technical preparation for a potential international sustainability reporting standards board under the governance of the IFRS Foundation. The working group will

  • FRC welcomes proposals to strengthen UK corporate governance, audit and reporting

    March 18, 2021 Published: FRC The Financial Reporting Council (FRC) welcomes the consultation launched today by the Department for Business, Energy and Industrial Strategy (BEIS) – Restoring trust in audit and corporate governance to reform the UK’s audit, corporate reporting and corporate governance system. Today’s publication of the Government’s proposals is the response to the three independent reviews

  • Agents of Change: Internal Auditors in an Era of Disruption

    March 15, 2021 Published: The Institute of Internal Auditors New Book by Richard Chambers Calls for a Revolutionary Evolution in Internal Audit To be ready for the future and reinforce their crucial role in organizations, internal auditors must not only embrace change, but become a catalyst for transformation. That’s the key takeaway in The Institute

  • The Role of Auditors in Company-Prepared ESG Information: A Deeper Dive on Assurance

    March 17, 2021 Published: The CAQ Companies are increasingly tackling complex problems facing society in the form of environmental, social, and governance (ESG) commitments and practices. Such developments have caused what has been referred to as a “fundamental reallocation of capital.” Some questioned whether the COVID-19 pandemic would disrupt investor focus on ESG matters; instead

  • Climate change disclosure comments sought by SEC

    March 15, 2021 Published: Journal of Accountancy Acting SEC Chair Allison Herren Lee is asking the public to comment on its disclosure rules and guidance related to climate change disclosures as the commission’s staff undergoes a review of those rules. The request for comments reflects an increased focus on climate-related disclosures under Lee. In February,

  • Building a credible Green Bond market

    Considerations by the accountancy profession March 12, 2021 Published: Accountancy Europe With the European Green Deal, the European Commission sets Europe on a path to become climate neutral by 2050. Achieving this objective will require massive investments. Green bonds are a key tool to help channel funds towards green projects. There is a growing interest

  • IESBA releases additional Guidance on its proposed definition of a Public Interest Entity

    March 12, 2021 Published: IESBA The IESBA today released a new staff publication providing additional context to the Board’s recently proposed revisions to the definition of a public interest entity (PIE). This staff publication supplements the guidance material in the explanatory memorandum of the Exposure Draft Proposed Revisions to the Definitions of Listed Entity and Public Interest Entity

  • Marketing en tiempos inciertos

    El Longino Desde Deloitte realizaron una encuesta a 150 ejecutivos de marketing -de los cuales el 39,7% son CMO corporativos- de distintas empresas del país, para entender en el contexto de la pandemia, cómo se abordó el impacto de la crisis sanitaria en estas áreas. Durante los últimos años, el área de marketing se ha

  • CMO Survey Deloitte Chile: Marketing en tiempos inciertos

    El Longino Desde Deloitte realizaron una encuesta a 150 ejecutivos de marketing -de los cuales el 39,7% son CMO corporativos- de distintas empresas del país, para entender en el contexto de la pandemia, cómo se abordó el impacto de la crisis sanitaria en estas áreas. Durante los últimos años, el área de marketing se ha

  • Getting Started on the New IAASB Quality Management Standards: An Overview

    March 11, 2021 Published: IFAC By: Andrew Brathwaite, Christopher Arnold In the waning days of 2020, the International Auditing and Assurance Standards Board (IAASB) hit one more major milestone—for the year and for the global audit profession—in releasing its new quality management standards, which raise the bar for quality management across the profession. The three

  • Strengthening an Integrated Report Using SASB Standards

    March 9, 2021 Published: SASB Co-authored by Janine Guillot and Charles Tilley. Charles Tilley is the CEO of the IIRC. Markets increasingly recognize that the ability of business to create value relies on more than financial capital alone. For proof, look no further than the growing gulf between a typical firm’s enterprise value and the

  • Empresas resilientes, empresas ganadoras

    Han pasado tres años desde la creación del programa ‘Mejores Empresas Chilenas’ de Deloitte; sin embargo, llevar adelante este reconocimiento en 2020 implicó replantear los atributos y categorías a destacar de las organizaciones participantes, entendiendo que la pandemia forzó a cambiar la manera de trabajar y, sobre todo, que una ‘buena empresa’ se construye desde

  • Modernización tributaria: la importancia de generar atractivo para los negocios y emprendimiento

    Df.cl El mantener invertida la determinación de la renta líquida imponible (RLI) en la empresa es un incentivo al ahorro que favorece a aquellas empresas obligadas a declarar su renta efectiva según contabilidad completa por rentas del artículo 20 y que se encuentren sujetas a las disposiciones de la letra A) o al N° 3

  • IFAC Supports Next Steps and Strategic Direction of IFRS Foundation’s Work on Sustainability

    March 08, 2021 Published: IFAC IFAC supports steps announced today by the IFRS Foundation in its ongoing consideration of whether to establish a new Sustainability Standards Board (SSB) alongside the IASB and under the existing governance structure of the IFRS Foundation. IFAC welcomes the engagement of IOSCO in this important initiative, as outlined in the IFRS

  • IFRS Foundation Trustees announce strategic direction and further steps based on feedback to sustainability reporting consultation

    March 8, 2021 Published: IFRS The Trustees of the IFRS Foundation met 2-4 March 2021 to continue their analysis and discussions of the feedback received to their Consultation Paper on Sustainability Reporting (2020 Consultation). Feedback to the 2020 Consultation confirmed an urgent need for global sustainability reporting standards and support for the Foundation to play a role in

  • The Social and Economic Impacts of COVID-19 Have Not Been Gender-blind – Neither Should Our Response

    March 8, 2021 Published: IFAC By Rachel Bleetman COVID-19 and gender inequality The COVID-19 pandemic has affected every corner of the world and all aspects of society, and the impacts of it will be felt for decades to come. One particular troubling consequence has been its devastating impact on gender inequality. The evidence is clear

  • IOSCO Reviews Implementation of Liquidity Risk Management Recommendations and Market Participants´ Responses to COVID-19 Induced Market Stresses

    March 5, 2021 Published: IOSCO IOSCO today launched its Thematic Review of the Recommendations for Liquidity Risk Management for Collective Investment Schemes issued by IOSCO in 2018. The Recommendations are meant to ensure that liquidity risk is managed to safeguard and protect the interests of investors, including in stressed market conditions. They are also designed

  • Assessing goodwill impairment amid COVID-19

    March 2, 2021 Published: Journal of Accountancy By Gautam Goswami, CPA, and Jennifer Kimmel, CPA In addition to the serious public health threat it poses, the COVID-19 pandemic has affected the current and future financial performance of many entities, with its impact showing on both projections of future cash flows and estimated earnings. As a

  • SEC Division of Examinations Announces 2021 Examination Priorities. Enhanced Focus on Climate-Related Risks

    March 3, 2021 Published: SEC The Securities and Exchange Commission’s Division of Examinations today announced its 2021 examination priorities, including a greater focus on climate-related risks. The Division will also focus on conflicts of interest for brokers (Regulation Best Interest) and investment advisers (fiduciary duty), and attendant risks relating to FinTech in its initiatives and

  • IFAC and IESBA Reach Key Milestone in Delivering Ethics and Independence Resource

    February 28, 2021 Published: IFAC Launch final installment of Exploring the IESBA Code series Today IFAC completed its inaugural series—Exploring the IESBA Code—a unique, educational resource developed in collaboration with the staff of the International Ethics Standards Board for Accountants (IESBA). Launched in November 2019, each installment of the series highlights important concepts and topics in the International Code of Ethics

  • IOSCO statement on sustainability disclosure vision welcomed by the IIRC

    February 26, 2021 Published: Integrated Reporting (IR) The International Integrated Reporting Council (IIRC) welcomes IOSCO’s statement following its Board meeting of 24 February 2021 which underscores the urgent need for comprehensive globally agreed standards for sustainability disclosure that build on existing principles, frameworks and standards.  IOSCO identifies the proposed Sustainability Standards Board (SSB) within the IFRS Foundation’s

  • IAASB seeks public comment on Exposure Draft aligning existing Standards with new, revised Quality Management Standards

    February 22, 2021 Published: IAASB The International Auditing and Assurance Standards Board (IAASB) is requesting public comments on its Exposure Draft addressing changes in some of its standards and framework resulting from the new and revised quality management standards. Comments are requested by May 24, 2021. The Exposure Draft aligns the IAASB’s standards related to review, assurance and related

  • Operational separation of audit practices

    February 23, 2021 Published: FRC The Financial Reporting Council (FRC) published principles for operational separation of the audit practices of the ‘Big 4’ firms in July 2020.  The FRC asked the firms to submit their implementation plans by 23 October 2020.  The FRC has reviewed these plans and discussed them with the firms individually and is now

  • Voices: Accountants can save the planet while helping businesses flourish

    February 19, 2021 Published: AccountingToday By Richard Barker Few film directors would cast an accountant in the role of planetary savior. But accountants across the world must now take a pivotal role in tackling the climate emergency, while guiding businesses through an age of unprecedented change. This is because adaptation of zero-carbon business practices is now

  • IASB proposes to extend support for lessees accounting for covid-19-related rent concessions

    February 11, 2021 Published: IFRS The International Accounting Standards Board (Board) has today published for consultation a proposal to extend by one year the application period of the amendment to IFRS 16 Leases issued in 2020 to help lessees accounting for covid-19-related rent concessions. The original amendment was issued in May 2020 to make it easier for lessees to

  • A road map for ESG disclosures and assurance

    February 17, 2021 Published: Journal of Accountancy As the demand for environmental, social, and governance (ESG) information increases, related opportunities for CPAs involved in financial reporting and auditing continue to grow. Investors are showing more interest in ESG information, and some are calling on public companies to incorporate into SEC submissions ESG disclosures on topics

  • Chile: focus on reducing inequality to strengthen social and economic recovery from COVID-19

    February 4, 2021 Published: OECD Chile has been plunged into recession by the double shock of the late-2019 social protests and the ongoing COVID-19 crisis. Sound public finances have enabled bold stimulus action to support the economy, yet risks remain. Once the health crisis is under control, and the recovery well underway, reforms should focus

  • IOSCO Reviews the Impact of COVID-19 Government Support Measures on Credit Ratings

    February 15, 2021 Published: IOSCO The Board of the International Organization of Securities Commissions (IOSCO) today published a report analyzing the observed impact of COVID-19-related government support measures (GSM) on the credit ratings of the three largest credit rating agencies- Fitch, Moody´s and Standard & Poor´s (collectively the “CRAs”). In response to the COVID-19 pandemic,

  • Single audits: Deliver high quality in a challenging time

    February 11, 2021 Published: Journal of Accountancy The release of the Office of Management and Budget’s (OMB’s) Compliance Supplement addendum for single audits right before Christmas gave practitioners long-awaited guidance for these specialized audits that are especially complicated because of the surge in government funding related to the coronavirus pandemic. But the release also created expectations for

  • FRC on track to becoming a robust and independent regulator

    February 12, 2021 Published: FRC Today the Financial Reporting Council (FRC) has published for consultation its draft 2021/22 Strategy, Plan & Budget which reflects its continued commitment to serve the public interest whilst also moving at pace towards building the enhanced capacity and capability necessary to transform into the new Audit, Reporting and Governance Authority (ARGA). Over the

  • Joe Biden must take a global lead on climate risk disclosure

    | Financial Times February 10, 2021 Published: SASB Co-authored by Laura Tyson and Bob Herz This op-ed was originally published in the Financial Times on January 6, 2021. The Biden administration can make significant progress on preventing such events by using executive orders. As US president-elect Joe Biden prepares to take office, many see the

  • New standards continue drive toward better audits

    February 5, 2021 Published: Journal of Accountancy The changes emerging for audit firm quality management standards may pose implementation challenges for firms that are comparable to those caused by Section 404(b) of the Sarbanes-Oxley Act for audit clients a generation ago, according to KPMG’s Christian Peo, CPA. Yet Peo, KPMG’s national managing partner for audit

  • Going concern: recommendations to strengthen the financial reporting ecosystem

    February 3, 2021 Published: Accountancy Europe When a company collapses, all stakeholders are affected, from employees to investors, and it eventually erodes the public’s trust in financial markets. This publication, with its counterpart on fraud, presents recommendations to strengthen the financial reporting ecosystem. This is especially topical after recent corporate failures, fraud cases and companies getting

  • 5 steps for reliable ESG reporting amid growing demand

    February 5, 2021 Published: Journal of Accountancy By George Spencer Financial reporting is getting a green makeover. The global trend to incorporate ESG (environmental, social, and governance) data in mainstream financial reports is accelerating. “Companies that haven’t begun thinking about sustainability reporting and how ESG topics will impact them should start doing so, regardless of

  • Reports: UK’s BEIS to publish white paper on audit reforms

    February 5, 2021 Published: The Accountant According to a report from the Financial Times (FT), recently appointed UK business secretary Kwasi Kwarteng intends to publish a white paper on audit reforms as early as next week. The white paper will follow numerous reviews into the UK audit market, most recently the Brydon report which called for the

  • AICPA’s proposed standards aim to enhance audit quality

    February 4, 2021 Published: The Accountant The American Institute of CPAs’ (AICPA) Auditing Standards Board (ASB) has issued an exposure draft (ED), Proposed Quality Management Standards, which includes three interrelated standards that aim to improve how CPA firms manage audit quality. The standards offer a risk-based approach to effective quality management systems within CPA firms, which

  • How the 2020 crisis is shaping the 2021 finance agenda

    February 4, 2021 Published: The AccountantUnprecedented business disruption forced organisations to delay many 2020 plans and operate in a reactive mode. Respondents to the 2021 Key Issues Study expect stability to remain elusive, write Nilly Essaides, Gilles Bonelli, Tom Willman and Jim O’Connor at The Hackett Group The crisis and its fallout will continue to

  • IFRS Foundation Trustees announce next steps in response to broad demand for global sustainability standards

    February 2, 2021 Published. IFRS The Trustees of the IFRS Foundation met on 1 February 2021 to review responses to the first three questions asked by their consultation paper on sustainability reporting—demand for global sustainability standards, whether the IFRS Foundation should play a role, and, if so, the requirements for success in doing so. The

  • TheCityUK calls on the UK and EU to resolve outstanding issues

    February 2, 2021 Published: The Accountant TheCityUK, an industry-led body representing UK-based financial and related professional services, has called on the UK and the EU to resolve outstanding issues for financial and professional services that still remain a month after signing the Trade and Cooperation Agreement (TCA). In its paper, TheCityUK identified six key areas that

  • SME risk management: insolvency

    February 1, 2021 Published: Accountancy Europe About 200,000 companies go bankrupt every year in Europe, resulting in 1.7 million job losses. The ongoing COVID-19 crisis and economic downturn has exceptionally worsened the situation, putting an unprecedently heavy strain on Europe’s small and medium-sized businesses (SMEs). And the worst may yet be ahead, as governments will eventually end

  • IPSASB Issues Two Leases-Related Publications for Public Comment

    January 15, 2021 Published: IPSASB Exposure Draft 75, Leases, and Request for Information, Concessionary Leases and Other Arrangements Similar to Leases The International Public Sector Accounting Standards Board® (IPSASB®) has today released for comment Exposure Draft (ED) 75, Leases and Request for Information, Concessionary Leases and Other Arrangements Similar to Leases. Stakeholder comments on ED 75 and Request for Information sought

  • UK FRC & IESBA Jointly Issue Staff Guidance to Highlight the Ethical and Auditing Implications Arising from Government-Backed COVID-19 Business Support Schemes

    January 26, 2021 Published: IESBA The Staff of UK Financial Reporting Council (FRC) and the International Ethics Standards Board for Accountants (IESBA) jointly released the publication, Ethical and Auditing Implications Arising from Government-Backed COVID-19 Business Support Schemes. This staff publication highlights ethical and auditing implications arising from government-backed business support programs which have been utilized at

  • CABA Year in Review: Covid-19’s impact will be felt for months to come

    January 26, 2021 Published: The Accountant For many, 2020 will have been the toughest year they have ever faced. On top of an already stressful job, they have felt the strain of national lockdowns and prolonged periods of remote working. They may have lost clients, while those that remain pile on the pressure as they

  • Investors Fuel Market Movement for Comparable ESG Data

    January 26, 2021 Published: SASB By: Janine Guillot, CEO SASB Among the many paths to progress, capital markets can be a powerful lever of systemic change. We were reminded of this today with the publication of BlackRock CEO Larry Fink’s annual letter to shareholders. BlackRock has been a leading force in the global investor push

  • Using the New Global Risks Report to Be Risk Beacons in Our Organizations

    January 24, 2021 Published: Internal Auditor By Richard Chambers Given the global mission of The IIA, I frequently share global studies that should be of interest to internal auditors around the world. These reports come frequently from organizations such as The World Bank, Organization for Economic Co-operation and Development, International Monetary Fund, and World Economic Forum (WEF). All of

  • Meeting Recap: Financial Accounting Standards Advisory Council (FASAC)

    January 15, 2021 Published: FASB The FASAC held its quarterly meeting on Tuesday, December 15, 2020. The following topics were discussed: Complexity and Differences in the Perceived Precision Involved in Financial Reporting: FASAC members discussed complexity in financial reporting including different expectations between the level of precision required in applying GAAP (for preparers and practitioners) and