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IVSC releases sixth perspective paper on tangible assets
Jun 12, 2024
On June 12, 2024, the International Valuation Standards Council (IVSC) published its sixth perspective focusing on the inspection of tangible assets in the valuation process.
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XBRL Releases Insights on Enhancing Narrative Disclosure Analysis with GPT-4
Jun 06, 2024
On June 6, 2024, XBRL released insights on how the integration of GPT-4 technology can revolutionize narrative disclosure analysis, providing deeper and more accessible insights into corporate financial communications.
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IMF Managing Director Delivers Speech on Future Financial Stability Challenges
Jun 06, 2024
On June 6, 2024, the International Monetary Fund (IMF) Managing Director, Kristalina Georgieva, addressed the 23rd annual conference on policy challenges for the financial sector, jointly organized by the IMF, the U.S. Federal Reserve, and the World Bank.
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EFRAG finalizes implementation guidance for ESRS
Jun 03, 2024
On June 3, 2024, the European Financial Reporting Advisory Group (EFRAG) published three final implementation guidance documents on European Sustainability Reporting Standards (ESRS): EFRAG IG 1 “Materiality Assessment,” EFRAG IG 2 “Value Chain” and EFRAG IG 3 “ESRS Datapoints.”
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ACCA publishes sustainability reporting guide for SMEs based on ISSB standards
May 30, 2024
On May 30, 2024, the Association of Chartered Certified Accountants (ACCA) published a document titled 'Sustainability Reporting—SME Guide'. The guide is intended to support small- and medium-sized entities (SMEs) to disclose sustainability-related information that regulators and stakeholders increasingly demand.
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IASB issues narrow-scope amendments to classification and measurement requirements for financial instruments
May 30, 2024
On May 30, 2024, The International Accounting Standard Board (IASB) issued amendments to the classification and measurement requirements in IFRS 9 Financial Instruments. The amendments will address diversity in accounting practice by making the requirements more understandable and consistent.
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SEC Identifies Incorrect Tagging for Earnings Per Share Data
May 30, 2024
On May 30, 2024, the Securities and Exchange Commission (SEC) identified incorrect tagging practices for earnings per share (EPS) data in 2024 filings.
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IMF First Deputy Managing Director Delivers Speech on “How to Prevent AI from Worsening the Next Economic Downturn” at AI for Good Global Summit
May 30, 2024
On May 30, 2024, the International Monetary Fund (IMF) First Deputy Managing Director, Gita Gopinath, delivered a speech at the AI for Good Global Summit held in Geneva, Switzerland where she described how AI could escalate economic downturns through disruptions to labour markets, financial systems, and supply chains, potentially leading to unprecedented job losses and financial instability.
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IASB issues podcast on latest Board developments (May 2024)
May 29, 2024
On May 29, 2024, the IASB released a podcast hosted by Executive Technical Director Nili Shah featuring IASB Vice-Chair Linda Mezon-Hutter and IASB Member Nick Anderson discussing the deliberations held during the May 2024 IASB meeting.
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Updated IASB and ISSB work plan — Analysis (May 2024)
May 28, 2024
Following the IASB's and ISSB's May 2024 meetings, we have analyzed the work plan on the IFRS Foundation website to see what changes have resulted from the meetings and other developments since the work plan was last revised in April 2024.
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Generative AI’s Potential to Revolutionize Finance
published Jun 10, 2024
The article covers how Generative AI can revolutionize the finance sector by enhancing productivity, compliance, and strategic decision-making. It describes its application across various executive roles—steward, operator, strategist, and catalyst—highlighting its potential to streamline operations and predict trends. Additionally, it emphasizes the importance of focusing on talent acquisition, cybersecurity, and ethical frameworks to successfully integrate this technology. This positions Generative AI as not merely a tool for improving processes but as a transformative force in financial decision-making.
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iGAAP in Focus — Financial Reporting: IASB issues amendments to the classification and measurement requirements of financial instruments
published Jun 04, 2024
On 30 May 2024, the IASB published Amendments to the Classification and Measurement of Financial Instruments (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. This iGAAP in Focus outlines the amendments.
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iGAAP in Focus — IASB introduces reduced disclosure framework for subsidiaries
published May 14, 2024
This iGAAP in Focus outlines IFRS 19 Subsidiaries without Public Accountability: Disclosures published by the International Accounting Standards Board (IASB) on May 9, 2024.
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On the board’s agenda: Governance of transformation amid an uncertain business climate
published May 12, 2024
If the past few years have shown anything, it’s that boards can be certain of at least one thing: an uncertain governance landscape. Volatility wrought by a pandemic, economic upheavals, and geopolitical conflict—to name just a few challenges of late—have added a suite of new risks for boards to navigate.
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The ThinkTWENTY20 Report - April 2024
published Apr 25, 2024
This report covers Canada's economic indicators, AI advancements, and auditing standards activity. It identifies an upward trend in Canada's Composite Leading Indicator but a decrease in GDP per capita due to population outpacing output growth. The AI segment discusses a 2023 investment boom, the benefits and concerns, and the need for standardization in responsible AI reporting. Lastly, the report highlights the long-standing issue of defining auditor responsibilities for fraud, suggesting that AI could aid in risk management despite the challenges posed by rapid business changes.
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On the audit committee’s agenda; Aligning the disclosure committee in the era of disclosure
published Apr 25, 2024
The report emphasizes the importance of disclosure committees in assisting CEOs and CFOs with SEC-required disclosures and ensuring the accuracy and timeliness of company filings. The committees' duties include reviewing SEC filings, supporting Sarbanes-Oxley Act certification requirements, and overseeing financial reporting controls. In this transitional period, the report suggests enhancing disclosure committees by updating their charters, reassessing membership, and improving operational procedures. The report further provides additional resources, including Deloitte's SEC rule resources and considerations related to the Climate Disclosure Rule.
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Climate change governance and the board chair of the future: Accelerating the transition toward a low-carbon future
published Apr 19, 2024
This article covers insights from the "Chair of the Future" 2024 report by the Deloitte Global Boardroom Program, based on conversations with over 200 board chairs. It discusses how chairs handle climate change, stakeholder interests, and management oversight, emphasizing collective action and strategic relationships across various sectors to drive change.
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Financial Reporting Alert, Frequently Asked Questions About “Pillar Two"
published Apr 15, 2024
This Financial Reporting Alert provides responses to some frequently asked questions about how an entity should account for the tax effects of the global anti-base erosion model rules (“Pillar Two”) established by the Organisation for Economic Co-operation and Development (OECD). This Financial Reporting Alert has been updated to address additional questions about how an entity should account for the tax effects of the Pillar Two framework.
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iGAAP in Focus — Financial reporting: IASB publishes new standard on presentation and disclosure in financial statements
published Apr 12, 2024
This iGAAP in Focus outlines IFRS 18 Presentation and Disclosure in Financial Statements published by the IASB on April 9, 2024.
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The CFO Agenda 2024; The role of the chief financial officer is changing—here’s why
published Apr 09, 2024
This report covers the evolving role of Chief Financial Officers (CFOs) in response to changing macro-factors. It delves into the complexities of capital markets, where CFOs must deal with high borrowing costs and uncertainties surrounding interest rate cuts. It examines the impact of geopolitical tensions on businesses, highlighting the increased risks and complexities in protecting cross-border assets and maintaining supply chains. The report also explores the shift in demographics and the resulting need for CFOs to reevaluate product mixes and customer service strategies. Furthermore, the report addresses the role of CFOs in navigating the rapidly advancing technological landscape, often necessitating a closer collaboration with IT and C-suite leaders.