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Illustrative tagging for IFRS 17
Jul 19, 2017
On July 19, 2017, the IFRS Foundation published illustrative tagging for the proposed IFRS Taxonomy update regarding IFRS 17 'Insurance Contracts'.
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HLEG questionnaire on interim report
Jul 19, 2017
On July 18, 2017, the High-Level Expert Group (HLEG) on Sustainable Finance, established by the European Commission, published a first report setting out concrete steps to create a financial system that supports sustainable investments. The HLEG has now launched a questionnaire aimed at gathering targeted feedback on the analysis and reflections in the interim report and informing the preparation of the final report.
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The Bruce Column — Ensuring Climate-related financial disclosure goes mainstream
Jul 18, 2017
The final Report of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures has been published in June 2017. Our regular columnist Robert Bruce reports on its recommendations and how it is likely to move this issue into the mainstream.
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AcSB Exposure Draft – Property, Plant and Equipment – Proceeds before Intended Use (Proposed amendments to IAS 16)
Jul 13, 2017
On July 13, 2017, the Accounting Standards Board (AcSB) issued an Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Stakeholders are encouraged to submit their comments by October 19, 2017.
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EU High-Level Expert Group on Sustainable Finance delivers early recommendations
Jul 13, 2017
On July 13, 2017, the High-Level Expert Group (HLEG) on Sustainable Finance, established by the European Commission, has published its first report setting out concrete steps to create a financial system that supports sustainable investments. Special significance is placed on the integration of information for investors and integrated reporting is cited as key to the ultimate ambition of convergence to low-carbon growth.
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EBA reports on results of the second impact assessment of IFRS 9
Jul 13, 2017
On July 13, 2017, the European Banking Authority (EBA) published a report on the results of its second impact assessment of IFRS 9 'Financial Instruments'. For the report, EBA looked at a sample of approximately 50 institutions across the European Union.
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AICPA issues proposed financial instruments disclosure framework
Jul 12, 2017
In July, 2017, as global accounting standards as well as requirements promulgated by other standard-setting bodies increasingly call for measurements and disclosures that comply with a defined measurement objective, the American Institute of Certified Public Accountants (AICPA) has issued an Exposure Draft of a proposed disclosure framework for the valuation of financial instruments.
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ESMA issues report on the application of IFRS 13
Jul 12, 2017
On July 12, 2017, the European Securities and Markets Authority (ESMA), issued a report, “Review of Fair Value Measurement in the IFRS Financial Statements.” The report provides an overview of the application of fair value measurement and disclosure requirements in IFRS 13, “Fair Value Measurements,” as applied by European issuers
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Consultation on Priorities for Part II of the Handbook
Jul 07, 2017
On July 7, 2017, the Accounting Standards Board (AcSB) issued a prioritization survey in respect of ASPE/Part II of the CPA Canada Handbook. Responses are requested by August 11, 2017.
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BCBS and IOSCO propose criteria for identifying simple, transparent and comparable short-term securitizations
Jul 06, 2017
On July 6, 2017, the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) published a consultative document which aims to assist the financial industry in its development of simple, transparent and comparable short-term securitizations.
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Heads Up — XBRL requirements for companies reporting under IFRSs
published Jul 12, 2017
In March 2017, the SEC announced the availability of the IFRS Taxonomy for foreign private issuers (FPIs) that prepare financial statements under International Financial Reporting Standards. As a result of the announcement, FPIs are required to use XBRL — eXtensible Business Reporting Language — in their financial data submitted to the SEC. The SEC will allow a company to submit its initial XBRL-tagged interactive data file with its first annual report on Form 20-F or Form 40-F for the fiscal year ending on or after December 15, 2017. A registrant has the option to use a 30-day grace period for its initial interactive data file submission, which the registrant would be required to file as an amendment.
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Supply chain fraud, waste, and abuse: The growing role of forensics and analytics
published Jun 28, 2017
The immense data generated within today’s corporate supply chains can contain vital insights for combating fraud, waste, and abuse. How can supply chain forensics and analytics capabilities reveal those insights and what are leading practices for using them? Learn about the importance of developing supply chain forensics and analytics capabilities and ways to capitalize on skills and insights already resident in your organization.
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Financial Reporting Insights - June 2017
published Jun 28, 2017
Discover critical changes to IFRS standards and how to develop a disruptive advantage by investing in your team members!
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Quarterly accounting roundup: An update on Q2 2017 important developments
published Jun 27, 2017
Do you know what issues the standard-setters and regulators have been addressing lately? Enhance your understanding of these and other important accounting issues and developments for the quarter.
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Reporting on Controls at a Service Organization — Bridging the Gap Between Canadian and revised U.S. Standards
published Jun 23, 2017
In 2010, the Canadian standard on reporting on controls at a service organization was issued. At that time, it aligned with the equivalent U.S. standards. But for service auditor’s reports dated on or after May 1, 2017, the U.S. standards are changing. The Bulletin was prepared to assist stakeholders during the period while the Canadian and U.S. standards are not aligned.
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CFO meets M&A: Value creation in the digital age
published Jun 22, 2017
As businesses continue to expand and explore new markets through M&A activity, the pressure to create immediate and sustainable value grows. With CFOs playing an increasingly prominent role in M&A both pre- and post-announcement, how can new digital capabilities help identify and capture deal value? Learn how digital technologies can help CFOs and finance functions drive increased value across the M&A life cycle.
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Heads Up - PCAOB Adopts Changes to the Auditor’s Report
published Jun 20, 2017
This Heads Up provides an overview of the PCAOB’s new auditing standard on the auditor’s report. While retaining the current “pass/fail” opinion of the existing auditor’s report, the new standard includes several significant modifications that are intended to increase the informational value, usefulness, and relevance of the auditor’s report.
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Take the lead on cyber risk: Move from now to next-level cybersecurity
published Jun 19, 2017
In our latest report, “Take the lead on cyber risk”, we outline the steps your organization can take to move from now to next-level security. By understanding what needs to be done – and mustering the courage and foresight to tackle the challenges head on – you can take charge of your cyber fate and become a digital disrupter, instead of getting disrupted by your competition.
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CPA Quebec - 2016-2017 Professional inspection committee annual report
published Jun 14, 2017
Following the 2016-2017 inspection process, information was collected and compared to inspection results from previous years to highlight certain trends and provide practitioners with ideas on improving file quality.
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United States—IRS private debt collection program will exclude overseas taxpayers
published Jun 13, 2017
Although many overseas taxpayers may not have been aware of the forthcoming debt collection efforts by the IRS, it is a welcome relief that they will be excluded from the program.
