• Financial regulators publish plan for upcoming work

    May 7, 2021 Published: FRC The Financial Services Regulatory Initiatives Forum has today published the third edition of the Regulatory Initiatives Grid which this year includes contributions from the Financial Reporting Council (FRC) for the first time. The Regulatory Initiatives Grid is published twice a year and includes upcoming regulatory activity that may have a significant operational impact

  • New ways of thinking and working are necessary to reap blockchain benefits in capital markets

    May 6,  2021 Published: The World Economic Forum (WEF) The World Economic Forum today released Digital Assets, Distributed Ledger Technology, and the Future of Capital Markets. Across the capital markets ecosystem, institutions are facing a combination of intensified competitive dynamics and accelerating technology advancements, presenting opportunities and challenges both to incumbents and new entrants. Although DLT is

  • IFAC Encourages A Building Blocks Approach for Reporting Sustainability-Related Information

    May 6, 2021 Published: IFAC How Global and Jurisdiction-Level Initiatives Can Work Together Today, the International Federation of Accountants (IFAC) published a revised building blocks approach to reporting sustainability information—enhancing its previously issued roadmap, The Way Forward. IFAC hopes to foster discussion on how this approach can deliver a global system for consistent, comparable, and assurable sustainability-related information

  • Generation Z Is a ‘Catalyst of Change’ in the Workplace, but They Are Doubtful About the Role of Business

    May 05, 2021 Published: IFAC New report from ACCA and IFAC explores the views of young professionals and students on finance and accounting The first digital native generation entering the workforce is being shaped by the unique world catastrophes they’ve lived through in their young lives, finds a global report from ACCA (the Association of

  • BCBS, CPMI and IOSCO survey clients and non-bank intermediaries on margin calls

    May 5, 2021 Published: IOSCO • Standard-setters invite market participants to complete a voluntary survey on margin calls • Survey is part of an examination into liquidity shortfalls during the early stages of the Covid-19 pandemic • Results will feed into work programme to improve the resilience of non-bank financial intermediaries International standard-setters for banks,

  • S&P 100 and ESG Reporting

    April 29, 2021 Published: The CAQ Key Takeaways The CAQ examined the most recent publicly available ESG data for S&P 100 companies. Here are the key takeaways:  ·         All companies had some ESG information available.  ·         The vast majority of companies had this information outside of an SEC filing, typically in a standalone ESG report. ·        

  • A new risk matrix for blockchain implementation

    April 29, 2021 Published: Journal of Accountancy The AICPA & CIMA have partnered with ISACA to release a new joint publication that identifies risks organizations should consider when evaluating whether to implement blockchain technology. In a white paper titled Blockchain Risk: Considerations for Professionals, the ISACA-AICPA & CIMA Joint Blockchain Working Group documents, describes, and provides context

  • Labour market disruption & COVID-19 support measures contribute to widespread falls in taxes on wages in 2020

    April 29, 2021 Published: OECD The COVID-19 crisis has resulted in the largest decrease in taxes on wages since the global financial crisis of 2008-09, according to a new OECD report. Taxing Wages 2021 shows that declining household incomes coupled with tax reforms linked to the pandemic are driving widespread declines in effective taxes on wages

  • Global Ethics Board takes major step forward in strengthening auditor independence

    April 28, 2021 Published: IESBA Comprehensive Package of New Measures to Safeguard Auditor Independence in Relation to Non-Assurance Services and Fees Paid by Audit Clients The International Ethics Standards Board for Accountants® (IESBA®) today released revisions to the Non-Assurance Services (NAS) and fee-related provisions of the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code). The revised NAS

  • Auditors & ESG Information. Lending trust and credibility to ESG information

    April 21, 2021 Published: The CAQ We’re witnessing a watershed moment for environmental, social, and governance reporting (ESG). Global events like climate emergencies and social unrest have resulted in growing investor interest in company-prepared ESG information. The building blocks of reliable, comparable and relevant ESG information begin with a foundation of quality reporting by company

  • IESBA Technology Initiative

    April 19, 2021 Published: IESBA In March 2021, the IESBA reflected on the progress made to date on its Technology Initiative, and considered next steps and timing, also recognizing the increased burdens stakeholders have shouldered as a result of the pandemic. Major developments in technology are having a transformative effect on the global accountancy profession.

  • IFAC Sees Continued Opportunity to Harmonize Corporate Sustainability Reporting

    April 21, 2021 Published: IFAC Proposed European Commission legislation spells out important components to completing the corporate reporting ecosystem IFAC, the International Federation of Accountants, which comprises 180 member and associate organizations and represents more than 3 million professional accountants globally, welcomes the publication of the much-anticipated draft text of the European Union’s revised Corporate

  • Mid-sized businesses to ditch offices post-pandemic

    April 20, 2021 Published: The Accountant Mid-sized businesses will be looking to more remote working, rather than office working once the pandemic is over, according to research from Grant Thornton UK. The research found that just 5%of the 603 mid-sized businesses surveyed believe that full time office working will be the most effective for their

  • IASB proposes amendments setting out accounting for when no foreign exchange rate exists

    April 20, 2021 Published: IFRS The International Accounting Standards Board (Board) has today published for public consultation proposed amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates.The proposed amendments aim tohelp companies determine whether a currency can be exchanged into another currency, and what accounting to apply if the currency cannot be exchanged. IAS

  • FASB change to rules for sales-type leases would cut losses

    April 16, 2021 Published: AccountingToday The Financial Accounting Standards Board voted to modify its leases standard so some companies won’t have to recognize a heavy loss at the beginning of certain types of lease contracts. The change, which FASB approved at a board meeting Wednesday, applies to sales-type leases with variable lease payments. The leases

  • SASB and Market Principles: Sustainability-Linked Financing

    April 7, 2021 Published: SASB Authored by Jeff Cohen, CAIA, Director of Capital Markets Integration, Head of Private Investment Initiatives  Companies working to improve sustainability performance may have an opportunity to leverage sustainability disclosure to access a rapidly growing area of credit markets through sustainability-linked financing. To date, most ESG debt exists in the form

  • Policy reset can deliver a stronger, more resilient, equitable and sustainable post-pandemic recovery

    April 14, 2021 Published: OECD The COVID-19 pandemic has brought social and economic disruption worldwide, but is also providing governments with the opportunity to put economies on a more sustainable and inclusive growth path while addressing the underlying challenges, according to the OECD’s Going for Growth policy report. Going for Growth 2021: Shaping a Vibrant Recovery analyses pre-existing

  • IESBA Launches Post-Implementation Review of Long Association International Independence Standard

    April 14, 2021 Published: IESBA Questionnaire Released Seeking Stakeholder Input to Phase 1 Earlier today, the IESBA’s Long Association Post-Implementation Review (LAPIR) Working Group released a questionnaire seeking stakeholder feedback on key matters relating to Phase 1 of the LAPIR. The questionnaire forms part of the Working Group’s information gathering and will help inform the

  • Global economic confidence rebounds among accountants

    April 12, 2021 Published: Accounting Today Accountants expressed much higher confidence in the economy during the first quarter of this year compared to last year, especially in North America, according to a new survey. The survey, by the Association of Chartered Certified Accountants and the Institute of Management Accountants, polled more than 1,000 senior accountants and

  • In-depth: what is at stake in EU plans for sustainable corporate governance?

    April 9, 2021 Published: Accountancy Europe Many aspects of the EU’s plans to legislate for sustainable corporate governance remain the subject of heated debate, particularly the prospect of binding due diligence on supply chains and linking directors’ pay to green performance. The article, authored by Raquel Guerra and originally published on ENDSEurope, explores the different views

  • FRC on track to become a new, more resilient regulator

    April 8, 2021 Published: FRC The Financial Reporting Council (FRC) has today published its Strategy for 2021/22 after a period of consultation in which respondents expressed broad support for the FRC’s progress towards the new Audit, Reporting and Governance Authority (ARGA).  The Government has published its proposals for restoring trust in audit and corporate governance. These proposals include the establishment of

  • PCAOB’s 2021 inspections target pandemic concerns, predictability

    April 6, 2021 Published: Journal of Accountancy PCAOB inspections in 2021 will focus on the effects of the coronavirus pandemic on companies’ financial reporting while also becoming less predictable, according to resources the board published Tuesday. As reported previously in the JofA, the board is focused both on pandemic-related audit challenges and a concern that firms may be

  • IOSCO Technical Expert Group to undertake an assessment of the technical recommendations to be developed as part of the IFRS Foundation’s sustainability Project

    March 30, 2021 Published: IOSCO IOSCO welcomes the press release issued by the Trustees of the IFRS Foundation (the Trustees) on 22 March 2021 announcing the formation of a working group chaired by the IFRS Foundation to undertake technical preparation for a potential international Sustainability Standards Board (SSB) under the governance of the IFRS Foundation.

  • SASB Publishes Spanish Translations of 77 Industry Standards

    French, German, and Japanese translations to follow March 24, 2021 Published: SASB The Sustainability Accounting Standards Board (SASB) today announced that Spanish translations are now available for its 77 industry Standards, with French, German, and Japanese translations forthcoming in the coming months. The translated industry standards follow the publication of French, German, Japanese, and Spanish

  • Accounting in the age of coronavirus

    April 1, 2021 (Last Updated March 26th, 2021 Published: The Accountant Covid-19 has caused large-scale disruption for individuals, businesses and societies worldwide. Organisations needed to act quickly to protect employees, customers, suppliers and balance sheets, pushing finance and accounting professionals to the forefront, writes Andrew Harding chief executive – management accounting at the Association of

  • IFAC Continues to Advocate for Convergence in Global Sustainability Standards

    March 30, 2021 Published: IFAC Welcomes Latest Steps by IFRS Foundation Trustees and IOSCO IFAC, the International Federation of Accountants, which comprises 180 member and associate organizations and represents 3 million professional accountants globally, continues its work to support the establishment of global sustainability standards in the public interest. In this regard, IFAC endorses the most recent

  • Strengthening the recovery: The need for speed OECD Economic Outlook, Interim Report March 2021

    Published: OECD A global economic recovery is in sight Activity in many sectors has picked up and partially adapted to pandemic restrictions. Vaccine rollout, although uneven, is gaining momentum and government stimulus, particularly in the United States, is likely to provide a major boost to economic activity. But prospects for sustainable growth vary widely between

  • New Article by IAASB Chair: Assurance Standards Keeping Pace on Non-Financial Reporting

    March 23, 2021 Published: IAASB At its March 2021 meeting last week, the IAASB approved Non-Authoritative Guidance on Applying ISAE 3000 (Revised) to Extended External Reporting (EER) Assurance Engagements. This guidance marks a significant step forward in supporting the evolving field of assurance for non-financial reporting. To help stakeholders understand the role of both the guidance

  • 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