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IASB publishes amendments to IAS 12
May 07, 2021
On May 7, 2021, the International Accounting Standards Board (IASB) published "Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)" that clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations.
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IAASB issues updated framework for activities to guide selection and prioritization of actions
May 04, 2021
On May 4, 2021, the International Auditing and Assurance Standards Board (IAASB) published its new Framework for Activities. The Framework describes the IAASB’s operating processes and procedures for advancing standard setting and other related activities.
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ESBA Meeting Highlights: March 2021 Meetings
Apr 30, 2021
In April 2021, the International Ethics Standards Board for Accountants (IESBA) released the highlights summary of its virtual meetings held on March 15-17, 23 & 31, 2021
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IAASB video addresses quality management consideration for firms
Apr 30, 2021
On April 30, 2021, the International Auditing and Assurance Standards Board (IAASB) released a video on the suite of quality management standards now available.
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IFRS Foundation Trustees propose amendments to the Constitution
Apr 30, 2021
On April 30, 2021, the Trustees of the IFRS Foundation have proposed amendments to the IFRS Foundation Constitution that would enable the creation of a new sustainability standards board under the governance of the Foundation. They have also released a feedback statement summarizing the main messages they received in response to their sustainability consultation paper.
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Global Ethics Board Takes Major Step Forward in Strengthening Auditor Independence
Apr 28, 2021
On April 28, 2021, the International Ethics Standards Board for Accountants (IESBA) 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)".
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Communicating Key Audit Matters in the Auditor’s Report
Apr 28, 2021
On April 28, 2021, the Auditing and Assurance Standards Board (AASB) released new resources to support the communication of Key Audit Matters (KAM) in the auditor’s report and help auditors work with their clients.
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IASB proposes update to IFRS Taxonomy 2021
Apr 21, 2021
On April 21, 2021, the International Accounting Standards Board (IASB) issued a proposed IFRS Taxonomy Update, "IFRS Taxonomy 2021 Proposed Update 1 — Disclosure of Accounting Policies and Definition of Accounting Estimates". Comments are request by by June 21, 2021.
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Response deadlines extended – Concepts underlying financial performance and government not-for-profit strategy documents for comment
Apr 21, 2021
On April 21, 2021, the Public Sector Accounting Board (PSAB) announced that the response deadlines of five key documents for comment related to the PSAB’s proposed new Conceptual Framework, Reporting Model, and Government Not-for-Profit Strategy have been extended to June 30, 2021.
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Putting the public interest at the heart of our work: Acting with urgency, purpose and responsiveness
Apr 21, 2021
On April 21, 2021, the International Auditing and Assurance Standards Board (IAASB) published its Public Report detailing its progress to support the public interest between July 2019 and December 2020. During this 18-month period, the IAASB completed five major standards aimed at enhancing audit and assurance quality, adopted a four-year strategy focused on the public interest, and established a new work plan focused on emerging issues.
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Fostering culture in a hybrid work environment
published May 06, 2021
Learn about characteristics of culture that enable organizations to thrive today and explore ways to bolster their culture while emerging from the pandemic.
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CFO Insights: Making change - Should bitcoin be on your balance sheet?
published May 03, 2021
In this edition of CFO Insights, we’ll explore how bitcoin has earned Wall Street’s interest and discuss whether the upside is such that it deserves yours. In addition, we’ll ask how evolved are the tax and accounting rules around digital assets? What are the options for safekeeping? And what’s the most persuasive use case for it—as a hedge against inflation, an alternative to gold, or merely a bold demographic flex?
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IASB proposes amendments to IAS 21 to specify when a currency is exchangeable and how to determine the exchange rate when it is not
published Apr 30, 2021
The Board proposes to amend IAS 21 to specify when a currency is exchangeable into another currency and, consequently, when it is not.
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Audit Committee Resource 2021 Inspections Outlook
published Apr 30, 2021
The spotlight provides an overview of the principal changes the PCAOB is making to inspections in 2021 and highlights important areas of planned focus.
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Staff Outlook for 2021 Inspections
published Apr 30, 2021
We developed our 2021 inspection plans with two primary objectives: (1) respond to the financial reporting and audit risks posed by the COVID-19 pandemic, and (2) reduce the predictability of our inspections.
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A Practical Guide to Sustainability Reporting using GRI and SASB Standards
published Apr 30, 2021
The publication overviews the similarities and distinctions between the standards – covering materiality, the type and scope of disclosures, audiences and the standard setting process – and indicates how they can be used together to meet the needs of a broad range of users.
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Issues Related to the Assessment of the Effectiveness of Management Review Controls: Roundtable Summary
published Apr 30, 2021
The publication summarizes discussions held at a virtual roundtable recently hosted by the CAQ and the Financial Education & Research Foundation. The meeting was held to “obtain the perspectives of preparers and auditors” who had not participated in a research study on management review controls related to internal control over financial reporting.
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Internal controls: A primer for private company owners and executives
published Apr 27, 2021
Learn how internal controls can mitigate operational and financial risks and explore how private companies across a broad spectrum, from venture-backed to private equity investor-funded, to family businesses, can gain business value from their internal controls program.
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The need for speed in financial governance: Mitigating the risks of misstatements
published Apr 27, 2021
Hear examples of recent restatement events, what led to them, and how companies are strengthening their control environment, with tighter integration to the business.
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CFO Insights: Charting a new course for controllers in the post-pandemic world
published Apr 26, 2021
In this issue of CFO Insights, we’ll explore some of the items on the controller's emerging agenda for 2021 and beyond and how controllers can deliver more value to the CFO and the enterprise.
