Below is an analysis of all changes made to the work plan since our last analysis on May 25, 2018.

Research projects

• Financial Instruments with Characteristics of Equity — The work plan still states that a discussion paper is expected in June 2018.

Main­te­nance projects

• Disclosure initiative — Definition of Material (Amendments to IAS 1 and IAS 8) — IFRS amendments are now expected in Q4 2018.
• Disclosure initiative — Targeted Standards-level review of disclosures — A decision on the project’s direction is now expected in July 2018.

The revised IASB work plan is available on the Board's website.

The report points out that investors are calling on companies to reassess how they report their performance metrics. The metrics chosen by companies to report their performance should be clearly aligned to the company’s strategic goals, be transparent on how they are calculated and provide sufficient information that allows comparisons to be made to previous years’ performance.

The questions companies and their boards should consider when deciding on how they report their performance focus on:

• alignment to strategy,
• transparency,
• context,
• reliability, and
• consistency.

The report build on the guidance on alternative performance measures issued by the European Securities and Markets Authority (ESMA) in October 2015 but provides an investor perspective on the reporting of all types of metrics (including wider metrics that are not covered by ESMA’s guidelines).

Review the report on the FRC's website.

Here’s an excerpt:

Review the full article on the Wall Street Journal's website.

The purpose of these examples is to il­lus­trate the use of the IFRS Taxonomy 2018 elements by tagging the illustrative examples that accompany IFRS Standards.

Review the press release and the illustrative examples on the International Accounting Standards Board's website.

The Lab considered how current developments and use-cases of blockchain technology might impact corporate reporting processes in the future. In the report, the Lab use their digital reporting framework to explore how different technologies might impact the production, distribution and consumption of corporate reporting.

The report recommends actions for various groups who have an interest in this area including:

• Regulators, standard-setters and professional bodies are encouraged to monitor blockchain developments and consider how they may impact corporate reporting.  The report recommends the creation of a forum where all those involved in corporate reporting can share and learn.
• Preparers and users should focus on gaining a greater level of understanding and consider experimentation and cautious innovation when costs and benefits are balanced.

Review the report on the FRC's website.

Comments on the proposed taxonomy improvements related to nonemployee share-based accounting are due by July 20, 2018.

Comments on the proposed taxonomy improvements related to contributions received and contributions made are due by July 21, 2018.

Specifically, the proposed amendments would:

• Increase the maximum tenure of the Trustee Chair and Vice-Chair to nine years.
• Allow the option to appoint a Chair from either internally within the Trustees or externally.
• Clarify the requirements for Trustee reappointments.

Review the press release on the International Accounting Standards Board’s website.

In his speech, Mr. Clayton covered the following topics:

• Culture is not an option
• Know your culture
• Culture is a collection of countless internal and external actions
• Preserving and enhancing culture through a clear and constant mission
• Culture beyond the law and regulation
• We do not expect perfection; we do expect commitment and action

Review the full speech on the SEC's website.

The AcSB wants to discuss and improve financial and non-financial performance measures reported outside of financial statements.

In introducing the framework, the AcSB notes concerns that are often mentioned in connection with performance measures:

• the quality of performance measures being reported;
• the lack of consistency, transparency and comparability of performance measures reported period to period;
• the “expectation gap” about the governance practices of entities over how performance are developed and reported, and whether those measures are subject to assurance, and
• the limited guidance available on how to develop and report performance measures not usually subject to assurance.

Consequently, the framework is intended to be a tool to guide:

• management in developing and assessing how effectively they report financial and non-financial performance measures;
• directors and others charged with governance in fulfilling their responsibilities when assessing management’s processes and reporting of performance measures; and
• investors, contributors, lenders and other resource providers in setting expectations and seeking compliance with the framework as part of obtaining the information they need.

This Framework applies to a performance measure that is reported separately from and is not part of a set of financial statements (including note disclosures) prepared in accordance with an accounting framework, such as Canadian GAAP, IFRS® Standards or US GAAP; and is:

• a non-GAAP financial measure that is an adjustment to a GAAP financial measure*, such as funds from operations and adjusted earnings;
• another financial measure that is a financial measure and is not a GAAP or non-GAAP financial measure, such as dollars of order backlog and cost per dollar raised; or
• a non-financial measure or operational measure that reports physical or non-financial data, such as number of volunteers, employees, members, active users or new stores, and performance ratings on client service, safety and reliability.

Review the press release and Draft Framework on the AcSB's website.

In his speech, Mr. Hinman states that:

Review the full speech on the SEC's website.