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Audit Committee and Auditor Oversight Update No. 91
Jun 15, 2025
On June 15, 2024, Dan Goelzer, retired partner in the law firm of Baker McKenzie and former Acting PCAOB chair, released the Audit Committee and Auditor Oversight Update No. 91 for May- June 2024. This Update summarizes recent developments relating to public company audit committees, their oversight of financial reporting, and the company’s relationship with its auditor.
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Morningstar Index Reveals 38% of Global Public Companies “Significantly Misaligned” with Reaching Net Zero status by 2025
Jul 08, 2024
On July 8, 2024, the Morningstar index analysis comprising more than 3,300 global public companies found that 38% of them, by index weight, are “significantly misaligned” with reaching net-zero status by 2050, in line with the Paris Climate Accords.
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Canadian pension funds warn of deviation from the ISSB baseline
Jul 08, 2024
On July 8, 2024, the Canadian Sustainability Standards Board (CSSB) was urged by major Canadian pension funds to reconsider its proposals concerning reporting exemptions for sustainability-related disclosures, including Scope 3 disclosures and scenario analysis.
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IASB completes post-implementation review of the impairment requirements in IFRS 9
Jul 04, 2024
On July 4, 2024, the International Accounting Standard Board (IASB) published its post-implementation review summary report of the impairment requirements in IFRS 9 'Financial Instruments'. The findings indicate that the standard is functioning as expected and delivering valuable information to financial instrument users.
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IFAC, ICAEW and the Basel Institute on Governance Urges Accountants in Business to Continue to Lead Anti-Corruption Actions
Jul 03, 2024
On July 3, 2024, the International Federation of Accountants (IFAC), the Institute of Chartered Accountants in England and Wales (ICAEW), and the Basel Institute on Governance published a new, joint report, Integrated Mindset in Practice: Professional Accountants in Business and Anti-Corruption Compliance. It offers practical guidance and actionable strategies to approach anti-corruption initiatives with an integrated mindset, resulting in long-term value creation.
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TNFD publishes sector guidance
Jul 03, 2024
On July 3, 2024, the Taskforce on Nature-related Financial Disclosures (TNFD) published the first set of additional sector guidance. The guidance includes recommended sector-specific metrics for disclosure in line with the TNFD recommendations published in September 2023.
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SEC Expands Scope of Internal Accounting Controls to Encompass Companies’ Cybersecurity Practices
Jun 29, 2024
On June 29, 2024, the Securities and Exchange Commission (SEC) announced a settled enforcement action against a public company that was victimized by a ransomware attack in late 2021 for failing to maintain adequate cybersecurity-related internal accounting controls.
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SEC Commissioner's Remarks on ESG Challenges at the Annual US-Central and Eastern European Connection Weekend
Jun 29, 2024
On June 29, 2024, the Securities and Exchange Commission (SEC) Commissioner Hester M. Peirce addressed the Annual US-Central and Eastern European Connection Weekend, expressing skepticism about applying Environmental, Social, and Governance (ESG) standards. She critiqued the ambiguity of ESG metrics and their potential to divert from long-term financial goals, emphasizing the need for more precise and accountable practices in asset management, corporate strategies, and governmental policies.
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IASB issues podcast on latest Board developments (June 2024)
Jun 28, 2024
On June 28, 2024, the IASB released a podcast hosted by Executive Technical Director Nili Shah featuring IASB Chair Andreas Barckow and IASB Member Ann Tarca discussing the deliberations held during the June 2024 IASB meeting.
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IASB Chair Delivers Speech on Navigating Financial Complexities
Jun 26, 2024
On June 26, 2024, the International Accounting Standard Board (IASB) Chair Andreas Barckow discussed the complexity rooted in today’s economic world and the IASB's way of addressing it.
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How indecision can put CFOs at a disadvantage
published Jul 18, 2024
The report explores CFOs' challenges in strategic decision-making amid disruptions like geopolitical risks and data overload. It highlights how decision fatigue and fear of failure can lead to delays, causing companies to lag. The report also underscores the need for CFOs to develop "decision intelligence" to navigate these complexities and stay competitive.
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#DeloitteESGNow — Unpacking the Double Materiality Assessment Under the E.U. Corporate Sustainability Reporting Directive
published Jun 27, 2024
This Heads Up discusses possible approaches to performing a double materiality assessment under the E.U. Corporate Sustainability Reporting Directive. Assessing double materiality is a critical step in entities’ determination of the disclosures required for sustainability reporting.
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iGAAP in Focus — Closing Out (June 2024)
published Jun 26, 2024
In this iGAAP in Focus — Closing Out (last updated in June 2024), we set out financial and sustainability reporting issues that may be relevant in view of the current economic and geopolitical environment and also highlight areas of regulatory focus and recent changes in accounting standards.
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Economic outlook; Hurdles remain amid signs of recovery
published Jun 24, 2024
This quarterly publication offers insights from Deloitte economists on trends and events shaping Canadian and international economies, such as economic growth, consumer spending, business investment, trade, market activity, interest rates, and commodity prices.
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Quarterly Accounting Roundup; 2Q 2024
published Jun 21, 2024
The report provides an overview of recent critical developments in accounting, financial reporting, auditing, and regulations. It includes the PCAOB’s new auditing standards and amendments related to firm violations and technology use, the SEC’s temporary halt on its climate-related disclosure rule, and various SEC statements on cybersecurity reporting and leadership in audit firms. Additionally, the report covers the FASB’s updates removing specific conceptual references from its standards, the AICPA’s revised practice aid for digital assets, the CAQ’s insights on auditing in the generative AI era, and the IASB’s new standards altering presentation and reducing disclosure requirements for certain subsidiaries.
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Heads Up — Highlights of Recent PCAOB Standard-Setting and Rulemaking Activities
published Jun 18, 2024
This Heads Up discusses the status of the PCAOB’s standard-setting and rulemaking projects and provides Deloitte’s perspectives on several of the Board’s proposals.
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On the Board’s Agenda | Embracing disruption: The board’s role in championing innovation to capture potential
published Jun 17, 2024
The article emphasizes the crucial role of corporate boards in driving innovation amid rapid business changes. It highlights the need for boards to shift focus from enhancing back-end operations to using technology as a catalyst for significant organizational transformations and innovation. The piece advocates for visionary leadership and proactive, strategic involvement from board members to help organizations adapt, remain competitive, and thrive in a dynamic marketplace.
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CFO Signals 2Q 2024; What North America’s top finance executives are thinking—and doing
published Jun 11, 2024
This report covers the CFO Signals™ 2Q 2024 survey, highlighting a cautious outlook among CFOs amid economic uncertainties. Most view the economy as the top external risk, while internal risks are dominated by challenges in adopting Generative AI and talent management. The survey indicates a reluctance to undertake more significant risks, with unfavourable views toward debt and equity financing. CFOs are divided on U.S. equity market valuations and their companies' financial prospects, reflecting a cautious and balanced outlook for the future.
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Generative AI’s Potential to Revolutionize Finance
published Jun 10, 2024
The article covers how Generative AI can revolutionize the finance sector by enhancing productivity, compliance, and strategic decision-making. It describes its application across various executive roles—steward, operator, strategist, and catalyst—highlighting its potential to streamline operations and predict trends. Additionally, it emphasizes the importance of focusing on talent acquisition, cybersecurity, and ethical frameworks to successfully integrate this technology. This positions Generative AI as not merely a tool for improving processes but as a transformative force in financial decision-making.
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iGAAP in Focus — Financial Reporting: IASB issues amendments to the classification and measurement requirements of financial instruments
published Jun 04, 2024
On 30 May 2024, the IASB published Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) to address matters identified during the post-implementation review of the classification and measurement requirements of IFRS 9 Financial Instruments. This iGAAP in Focus outlines the amendments.
