Beyond Compliance – Promoting Excellence in Financial Reporting in Canada
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  • OSFI releases first Annual Risk Outlook

    May 19, 2022

    The Office of the Superintendent of Financial Institutions (OSFI) released its first Annual Risk Outlook. This new document provides details of the risks facing Canada’s financial system and our plans to address them in the coming year.

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  • ISSB success also requires action by others

    May 18, 2022

    On May 18, 2022, the IFRS Foundation’s International Sustainability Standards Board (ISSB) published a summary of the necessary steps required to establish a comprehensive global baseline of sustainability disclosures.

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  • IESBA discussion on sustainability and ethics

    May 18, 2022

    This IESBA Sustainability and Ethics Discussion examines the critical role that complying with ethics standards, including on independence, plays in ensuring reliable and trustworthy sustainability information.

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  • IASB issues May 2022 'Investor Update' newsletter

    May 16, 2022

    On May 16, 2022, the International Accounting Standards Board (IASB) issued the latest edition of its newsletter "Investor Update", which profiles recently introduced IFRS Standards and other changes that are in the pipeline as well as how those changes may affect companies and performance.

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  • IAASB Issues New Non-Authoritative Guidance on Fraud in an Audit of Financial Statements

    May 05, 2022

    On May 5, 2022, the International Auditing and Assurance Standards Board (IAASB) released non-authoritative guidance, "The Fraud Lens – Interactions Between ISA 240 and Other ISAs". The guidance illustrates the relationship and linkages between International Standard on Auditing (ISA) 240, "The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements", and other ISAs when planning and performing an audit engagement and reporting thereon.

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  • Basis for Conclusions – Government Not-for-Profit Strategy

    May 05, 2022

    On May 5, 2022, the Public Sector Accounting Board (PSAB) released its Basis for Conclusions for its Government Not-for-Profit (GNFP) Strategy Decision, which provides an overview of key feedback from stakeholders and how PSAB responded.

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  • Executive Summary of the SEC’s Proposed Rule on Climate Disclosure Requirements Image
  • Executive Summary of the SEC’s Proposed Rule on Climate Disclosure Requirements

    published May 04, 2022

    This Heads Up discusses the SEC’s proposed rule The Enhancement and Standardization of Climate-Related Disclosures for Investors. Under the proposed rule, a registrant would be required to provide disclosures about greenhouse gas emissions (with attestation for Scope 1 and Scope 2 disclosures), certain financial statement disclosures, and qualitative and governance disclosures within its registration statements and annual reports (e.g., Form 10-K). Comments on the proposed rule are due 30 days after its publication in the Federal Register or May 20, 2022, whichever is later.

  • Done deals: How companies can make M&A a winning growth strategy Image
  • Done deals: How companies can make M&A a winning growth strategy

    published May 04, 2022

    Last year’s wave of M&A activity drove the volume and velocity of deal making to dizzying heights. Yet finance leaders can still find themselves feeling stuck as to how best to execute such transactions. In what circumstances is an acquisition most likely to create value for both buyer and seller? Why do many consolidations appear to fall short on delivering on their promised synergies? What makes post-deal integration so fraught? This issue of CFO Insights explores the factors that contribute to making some acquisitions successful.

  • CFO insights: Why trust should be one of your key performance indicators Image
  • CFO insights: Why trust should be one of your key performance indicators

    published Apr 19, 2022

    In this issue of CFO Insights, we offer an approach for measuring trust across different operating domains—one that can help leaders identify their organization’s potential sources of a trust breakdown or areas where building trust proactively can help create a competitive advantage.

  • The State of the U.S. Securities and Exchange Commission’s Approach to Cyber Risk Image
  • The State of the U.S. Securities and Exchange Commission’s Approach to Cyber Risk

    published Apr 13, 2022

    This new report examines the SEC's recently Proposed Rules and Amendments on cybersecurity reporting requirements for public companies. It concludes that the Proposed Rules, if enacted in their current form, would strengthen the ability of public companies to combat cybersecurity threats and implement risk mitigation processes.

  • Accounting and SEC Reporting Considerations for SPAC Transactions (Last Updated 11 April 2022) Image
  • Accounting and SEC Reporting Considerations for SPAC Transactions (Last Updated 11 April 2022)

    published Apr 11, 2022

    On the heels of a record-breaking year in 2020, SPAC IPOs set a new record in 2021 by raising more than $160 billion in proceeds. Given the continuing success of SPAC transactions, many private operating companies have been merging with SPACs to raise capital rather than using traditional IPOs or other financing activities . As a result, the increased number of SPAC transactions has heightened the level of scrutiny by the SEC. On March 30, 2022, the SEC issued a proposed rule that would “enhance investor protections in IPOs by SPACs and in subsequent business combination transactions between SPACs and private operating companies [also known as de-SPAC transactions].” The objective of the proposed rule is to “more closely align the financial statement reporting requirements in business combinations involving a shell company and a private operating company [the “target” company] with those in traditional IPOs.”

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