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Beyond Compliance – Promoting Excellence in Financial Reporting in Canada
  • CAQ Image
  • How climate-related risk considerations intersect with the audited financial statements

    Sep 24, 2021

    In September 2021, the Center for Audit Quality (CAQ) released a new resource, "Audited Financial Statements and Climate-Related Risk Considerations", that provides investors and other stakeholders with a foundational understanding of current climate-related reporting and auditing requirements in the U.S. and how they are applied.

  • SASB (Sustainability Accounting Standards Board) Image
  • A Guest Expert’s Guide to SASB Standards

    Sep 16, 2021

    The Sustainability Accounting Standards Board (SASB) published an eight-step guide to the SASB standards disclosure process. The guide was created to explain how one does practically accomplish releasing an initial SASB standards disclosure.

  • IFRS - IFAC Image
    G20 Image
  • IFAC calls on G20 leaders to focus on sustainability reporting

    Sep 15, 2021

    On September 15, 2021, the International Federation of Accountants (IFAC) released "Four themes, two actions, one goal: G20 Call to Action 2021" urging G20 leaders to continue their commitment to sustainability, inclusion, prosperity, and global collaboration.

  • ASPE_AcSB Image
  • AcSB Exposure Draft – Financial Instruments

    Sep 13, 2021

    On September 13, 2021, the Accounting Standards Board (AcSB) released the exposure draft "Financial Instruments". The proposal provides an optional expedient for applying modification accounting and an exception to certain hedge accounting requirements in Section 3856, "Financial Instruments". Applying to both private enterprises and NFPOs using Parts II and III of the CPA Canada Handbook – Accounting, these amendments aim to ease financial reporting burdens related to market-wide interest rate benchmark reform. Comments are requested by October 17, 2021.

  • US_SEC Image
  • SEC releases draft taxonomy updates for feedback

    Sep 10, 2021

    In September 2021, the Securities and Exchange Commission (SEC) published draft 2021Q4 and 2022 updates to the SEC taxonomies, and now welcomes public comment. These XBRL taxonomies are used for reporting financial data to the SEC via its Electronic Data Gathering, Analysis and Retrieval (EDGAR) system. Comments are requested by November 1, 2021.

  • IFAC - Regulations Image
  • IFAC urges stakeholders to prepare now for global sustainability standards

    Sep 09, 2021

    On September 9, 2021, the International Federation of Accountants (IFAC) published a framework for implementing global sustainability standards at the local level, focusing on the building blocks approach published in May 2021. IFAC believes that jurisdictions must begin examining how global standards that the International Sustainability Standards Board (ISSB) intends to develop, starting with climate, can fit together with sustainability-related reporting requirements set at the jurisdictional level.

  • IFAC - Regulations Image
  • Corporate Reporting: Climate change information and the 2021 reporting cycle

    Sep 07, 2021

    On September 7, 2021, the International Federation of Accountants (IFAC) issued a statement to the Global Accountancy Profession on "Corporate Reporting: Climate Change Information and the 2021 Reporting Cycle". In response to significantly increasing investor demand and regulatory attention on climate-related reporting, this is a call to action to professional accountants to play an active role now in determining the way climate change information is reported in the 2021 reporting cycle and beyond. The increased involvement of accountants and auditors in climate-related reporting will help to bring investors greater transparency and insights on the financial impacts of climate change on organizations.

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  • _Webcast Image
  • Tax accounting update: Year-end preparations and continuing challenges

    published Sep 16, 2021

    As the world emerges from the pandemic, big changes bringing new challenges for companies may be on the horizon: hybrid working as teams are starting to return to the office, and significant changes to tax legislation are being proposed. As planning for year-end 2021 begins, join the webcast for insights on relevant financial reporting matters—what’s new, and how to best prepare as year-end approaches.

  • SEC and PCAOB Accounting and Auditing Enforcement Observations, Analysis & Insights Image
  • SEC and PCAOB Accounting and Auditing Enforcement Observations, Analysis & Insights

    published Sep 02, 2021

    Credibility International is pleased to release its second study of U.S. Securities and Exchange Commission (“SEC”) and Public Company Accounting Oversight Board (“PCAOB”) enforcement activity related to public-company issuer accounting, disclosure, audit failure, and auditor independence enforcement matters for activity during calendar year 2020.

  • Complexity and the professional accountant: Practical guidance for ethical decision-making Image
  • Complexity and the professional accountant: Practical guidance for ethical decision-making

    published Sep 02, 2021

    This paper is the first of four thought leadership pieces that build on a collaborative exploratory paper and global roundtable event held jointly with Chartered Professional Accountants of Canada (CPA Canada) and the Institute of Chartered Accountants of Scotland (ICAS), entitled Ethical Leadership in an Era of Complexity and Digital Change.

  • Deloitte comment letter on the IASB's proposal regarding the lack of exchangeability Image
  • Deloitte comment letter on the IASB's proposal regarding the lack of exchangeability

    published Aug 31, 2021

    We acknowledge that the use of an official exchange rate may not produce meaningful results when this rate is not available to the entity. However, we do not believe that attempting to estimate the exchange rate that would have been available if the currency had been exchangeable would produce meaningful results either. Accordingly, we believe that the Board should seek a solution that gives precedence to comparability.

  • Deloitte comment letter on the IASB's discussion paper on business combinations under common control Image
  • Deloitte comment letter on the IASB's discussion paper on business combinations under common control

    published Aug 31, 2021

    We generally agree with the Board’s preliminary views as expressed in the discussion paper. In particular, we agree that different methods should be applied depending on the characteristics of the receiving entity. We agree that when the receiving entity does not have non-controlling shareholders, use of a book-value method is justified by cost-benefit considerations. However, we do not agree that the receiving entity should be required to use the transferred entity’s book values. We also agree that the acquisition method is likely to provide more relevant information to investors that must rely on general purpose financial statements of the receiving entity to obtain the information they require. Accordingly, we believe that the application of the acquisition method should be required more broadly than what is proposed in the discussion paper.

  • Technology in the audit Image
  • Technology in the audit

    published Aug 27, 2021

    The CPAB provides its perspectives on how the use of technology is enhancing the quality of audits while also describing the challenges that are emerging, as well as our expectations of audit firms, as the use of technology comes to represent a more significant component of the audit effort.

  • Deloitte’s 2021 Global Blockchain Survey Image
  • Deloitte’s 2021 Global Blockchain Survey

    published Aug 24, 2021

    Deloitte’s 2021 Global Blockchain Survey affirms that banks should embrace their inevitable digital future. In a seismic shift, financial leaders increasingly see digital assets as the future.

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