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IASB launches new project to explore climate-related risk reporting in financial statements
Mar 23, 2023
On March 23, 2023, the IASB has launched a new project aimed at exploring ways for entities to provide better information about climate-related risks in their financial statements. The project was initiated in response to feedback from the IASB’s recent Agenda Consultation.
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2023 IFRS Accounting Taxonomy issued
Mar 23, 2023
On March 23, 2023, the IFRS Foundation issued its 2023 IFRS Accounting Taxonomy. The IFRS Taxonomy enables electronic reporting of financial information prepared in accordance with IFRS Accounting Standards.
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Canadian securities regulators publish detailed data for eighth annual review of representation of women on boards in Canada
Mar 23, 2023
On March 23, 2023, the securities regulatory authorities in Manitoba, New Brunswick, Nova Scotia, Ontario, Québec and Saskatchewan published the underlying data used to prepare the eighth annual review of women on boards and in executive officer positions.
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Section 3041, Agriculture – How to apply the disclosure requirements for the net realizable value model
Mar 22, 2023
On March 22, 2023, the Accounting Standards Board (AcSB) released a resource to assist entities in applying the disclosure requirements of Section 3041, Agriculture, related to the net realizable value model.
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IASB proposes amendments regarding the classification and measurement of financial instruments
Mar 21, 2023
On March 21, 2023, the International Accounting Standards Board (IASB) has published an exposure draft 'Amendments to the Classification and Measurement of Financial Instruments (Proposed 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'. Comments are requested by July 19, 2023.
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SEC Accepts 2023 U.S. GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy
Mar 21, 2023
On March 21, 2023, the Securities and Exchange Commission (SEC) announced that it has accepted the 2023 GAAP Financial Reporting Taxonomy (GRT) and the 2023 SEC Reporting Taxonomy (SRT) (collectively referred to as the “GAAP Taxonomy”). The FASB also finalized the 2023 DQC Rules Taxonomy (DQCRT) which together with the GAAP Taxonomy are collectively referred to as the “FASB Taxonomies.”
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ISSB issues podcast on latest Board developments (March 2023)
Mar 20, 2023
On March 20, 2023, the IFRS Foundation has released a podcast discussing highlights from the March 2023 ISSB meeting. The podcast is hosted by ISSB Chair Emmanuel Faber and Vice-Chair Sue Lloyd.
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CAQ Issues Publication on the Auditor’s Role Related to an SEC Registrant’s Reporting of Climate-Related Information
Mar 20, 2023
The Center for Audit Quality (CAQ) has released a publication, The Role of the Auditor in Climate-Related Information. The CAQ’s objectives in releasing the publication are “to provide public company auditors with insight into the significant growing demand for reliable climate-related information and to highlight the critical role that auditors can play in [an SEC] registrant’s reporting of climate-related information.”
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SEC Chief Accountant Releases Statement on the Responsibilities of Lead Auditors When Other Auditors Are Involved
Mar 17, 2023
On March 17, 2023, the SEC Chief Accountant Paul Munter has released a statement on the responsibilities of lead auditors when high-quality audits involving other auditors are being conducted. Mr. Munter observed that it is the role of the lead auditor, and especially the lead engagement partner, “to ensure investor protections by safeguarding against engagement performance failures due to inadequate planning, supervision, and oversight of other auditors.”
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IESBA Staff Releases Q&As to Spotlight Key Changes to the Definitions of Listed Entity and Public Interest Entity in the IESBA Code
Mar 10, 2023
On March 10, 2023, the Staff of the International Ethics Standards Board for Accountants (IESBA) released a questions and answers (Q&As) publication on the revisions to the definitions of listed entity and public interest entity (PIE) in the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code). The development of the Q&As has been informed by the extensive discussions and consultations with a wide range of stakeholder groups and the IESBA’s own deliberations during the development and finalization of the PIE revisions.
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iGAAP in Focus — Financial Reporting: IASB proposes amendments to the classification and measurement requirements of financial instruments
published Mar 27, 2023
On March 21, 2023, the IASB published an exposure draft Amendments to the Classification and Measurement of Financial Instruments (Proposed 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.
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Quarterly Accounting Roundup — First Quarter — 2023
published Mar 21, 2023
This edition discusses financial reporting developments that occurred in the first quarter of 2023.
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Technology Industry Accounting Guide (2023)
published Mar 14, 2023
The 2023 inaugural edition of Deloitte’s Technology Industry Accounting Guide addresses topics of relevance to finance and accounting professionals in the technology industry, such as revenue recognition, software-related costs, acquisitions and divestitures, consolidation, stock-based compensation, leases, financial instruments, income taxes, digital assets, initial public offerings, and disclosures of non-GAAP measures and metrics. To help technology entities work through some of the more difficult accounting and financial reporting issues related to these and other relevant topics, this Guide includes interpretive guidance, illustrative examples, and discussion of recent standard-setting developments (through February 28, 2023).
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Life Sciences Industry Accounting Guide (March 2023)
published Mar 10, 2023
The 2023 edition of Deloitte’s Life Sciences Industry Accounting Guide.
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Deloitte comment letter on International Tax Reform — Pillar Two Model Rules
published Mar 10, 2023
Deloitte Touche Tohmatsu Limited is pleased to respond to the International Accounting Standards Board’s (“the IASB”) Exposure draft International Tax Reform—Pillar Two Model Rules (“the ED”).
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For newly hired CFOs, building a sturdy talent framework may take seven pillars
published Feb 23, 2023
In this edition of CFO Insights, we look at how incoming chief financial officers can build a motivated and skilled finance team by focusing on these seven pillars—and what they will likely need from human resources to make it happen.
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Fluency in a brand-new financial language: how insurers are preparing to tell their story with the new IFRS 17 numbers
published Feb 20, 2023
In this third article of our four-part series, we report on the views from the participants in the 2022 Global IFRS 17 Insurance Survey on how they will use the new IFRS 17 financial language to communicate to investors. With the focus on building sub-ledgers, introducing new charts of accounts, preparing data, and updating actuarial models, it is also sometimes easy with IFRS 17 to lose sight of the numbers themselves, and the story they tell about the performance of the underlying business.
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Navigating geopolitical risk: building resilience requires collaboration in a challenging world
published Feb 17, 2023
The aim of this thought leadership report is to provide internal audit professionals with ideas, approaches, and practical tips to help support their organizations in navigating geopolitical uncertainty. Geopolitical uncertainty has for several years been ranked by Chief Audit Executives as one of the top risks facing organizations, as evidenced in our annual Risk in Focus survey. However, despite its growing prominence and severity, geopolitical uncertainty is still the risk that, according to our research, internal audit spends the least time auditing.
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CFO Insights: What audit committees really want from CFOs
published Feb 15, 2023
In this edition of CFO Insights, we’ll synthesize what we’ve learned from engaging CFOs in our labs and forums and from interviewing audit committee chairs and members as part of our CFO Program’s CFO Transition Lab offering, as well as through other client interactions, to provide CFOs with general answers to that seminal question: What do audit committees really want?
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Underused Housing Tax: First return due April 30, 2023
published Feb 14, 2023
Canada’s Bill C-8, Economic and Fiscal Update Implementation Act, 2021, received Royal Assent on June 9, 2022 (S.C. 2022, c. 5). Among other things, the Bill implements Canada’s underused housing tax (UHT). The Underused Housing Tax Act (herein referred to as the “UHT Act” or the “Act”) imposes a 1% tax on the value of vacant/underused residential property owned directly or indirectly by foreign persons. In addition to setting out the rules for determining one’s tax liability, the UHT Act imposes a filing requirement for a broader group of property owners.