2020

Kevin Dancey re-appointed IFAC CEO for a second term

Nov 16, 2020

On November 16, 2020, the International Federation of Accountants (IFAC) announced that Kevin Dancey will remain in his role as the organization’s Chief Executive Officer for a second term, which will begin June 1, 2021 and run through May 31, 2024.

Mr. Dancey, who has lead the organization since 2019, has provided critical guidance navigating issues and initiatives from the Monitoring Group, the Public Interest Oversight Board, the Global Public Policy Committee, and the independent standard-setting boards, while also managing external challenges brought on by the COVID-19 pandemic.

Mr. Dancey ushered in a new era for IFAC in terms of advocacy, outreach, and engagement with global stakeholders. From the recent call to action for the creation of an International Sustainability Standards Setting Board, to the relationships with the OECD, G20 and others, Mr. Dancey has led IFAC into new and positive territory.

Review the press release on the IFAC's website.

Maintaining a high-value board-CEO relationship

Feb 25, 2020

On February 25, 2020, the National Association of Corporate Directors (NACD) released a blog on how achieving that healthy tension in the boardroom—where the board is advising the CEO and management team while maintaining objectivity, independence, and skepticism—has always been a challenge.

Yet, the mounting complexity of the current business environment has placed tremendous pressure on boards and CEOs to deliver results. Rapid technological change and business model disruption, economic and geopolitical uncertainty, and investor demands to hold CEOs and boards more accountable for performance all place possible strains on the board-CEO relationship.

Review the full blog on the NACD's website.

OSFI updates its FAQs on COVID-19 related regulatory measures

Jul 23, 2020

The Of­fice of the Su­per­in­ten­dent of Fi­nan­cial In­sti­tu­tions (OSFI) has a series of Frequently Asked Questions (FAQs) available for federally regulated financial institutions and private pension plans about regulatory measures it has taken to address issues stemming from COVID-19. On July 23, 2020, OSFI made updates to its published FAQs related to Federally Regulated Deposit-Taking Institutions and Federally Regulated Insurers.

For further details, refer to the Notice on OSFI”s website. 

Potential D&O risks arising from corporate social responsibility

Feb 04, 2020

On February 4, 2020, the D&O Diary published an article on how the long-standing and traditional view is that corporations’ objectives should be to maximize shareholder value. But more recently, a variety of commentators and observers have argued that corporations have larger social responsibilities. Efforts by companies to fulfil corporate social responsibilities may involve their own risks and even result in D&O claims.

By the same token, failing to take action could result in claims as well. These trends have important implications for insurers and for policyholders alike.

Review the full article on the D&O Diary's website.

Public comment period extended for SASB governance documents

Nov 30, 2020

In November 2020, the Sustainability Accounting Standards Board (SASB) announced that they extended the deadline of the Conceptual Framework and Rules of Procedure public comment period from November 30, 2020 to December 31, 2020.

In late August, the SASB released two key governance documents, the Conceptual Framework and Rules of Procedure. Since late August, there have been substantial developments in the sustainability disclosure space. Among these developments is the IFRS Foundation’s consultation period, which also closes on December 31, 2020. A blog summarizing SASB’s perspective on the IFRS consultation period can be found here.

As a reminder, both the Conceptual Framework and Rules of Procedure exposure drafts can be found here.  All comment letters should be submitted to SASB’s Public Comment Portal or emailed to comments@sasb.org by December 31, 2020, and all comments submitted will be on the public record and posted on the SASB website. While the SASB Standards Board may not provide specific responses to each public comment, the Standards Board will acknowledge receipt of, review, and summarize all public comments received.

Quality Management System Assessments: CPAB issues revised assessment model

Jul 15, 2020

On July 15, 2020, the Canadian Public Accountability Board (CPAB) issued a CPAB Ex-change Bulletin entitled “Quality Management System Assessments: CPAB issues revised assessment model”.

In line with its strategic commitments to enhance regulatory effectiveness and to drive targeted, systemic changes to accelerate audit quality improvements, CPAB has announced that it has evolved its Quality Management System (QMS) assessment criteria and underlying key concepts.

Starting in 2021, CPAB will complete preliminary evaluations of other select annually inspected firms against its QMS assessment criteria to drive a quality culture at those firms. For all other annually inspected firms, CPAB will assess QMS in conjunction with the firms’ implementation of ISQM 1 and ISQM 2. These new standards are expected to be finalized in 2020, with an anticipated 18-month implementation period.

For fur­ther de­tails, re­fer to the CPAB Ex­change Bul­letin.

Recent sustainability and integrated reporting developments

Mar 17, 2020

A summary of recent developments from the Climate Disclosure Standards Board (CDSB), the Carbon Disclosure Project (CDP) and the Sustainability Accounting Standards Board (SASB).

The CDSB and the CDP have jointly released an environmental reporting handbook to help companies improve their disclosure in line with the EU Non-Financial Reporting Directive. The EU Environmental Reporting Handbook helps companies learn from their peers to better understand how to report in line with the Directive. Review the handbook on the CDSB's website.

The SASB launched the SASB Implementation Primer, an online resource for companies seeking to incorporate SASB standards into their core communications with investors. Review the press release and implementation primer on the SASB's website.

Reduce inequality to create opportunity

Jan 07, 2020

On January 7, 2020, the International Monetary Fund Blog (IMFBlog) released a blog on how over the past decade, inequality has become one of the most complex and vexing challenges in the global economy.

Inequality of opportunity. Inequality across generations. Inequality between women and men! And, of course, inequality of income and wealth. They are all present in our societies and—unfortunately— in many countries they are growing. The good news is we have tools to address these issues, provided we have the will to do so. Despite the political difficulty of implementing reforms the payoffs for growth and productivity are worth the effort.

Review the full blog on the IMFBlog's website.

Reflections from Davos: Encouraging action on several of the world’s most critical issues

Jan 31, 2020

In January 2020, Deloitte Canada published an article where Rob P. Galaski, Vice Chair, Global Managing Partner, who was present at Davos as part of our Deloitte delegation, where he shares a few key takeaways and how they relate to codifying organizational sustainability.

This year, the World Economic Forum’s Annual Meeting in Davos, Switzerland helped reinforce an interesting paradox. For 50 years, the meeting has been held in the cold and unchanging mountains of the Swiss Alps. Outside this small mountain town, however, the world is getting hotter and more unstable. From military disputes between the United States and Iran to protests in Hong Kong, from debates over the presidential impeachment south of the border and massive bushfires in Australia, the beginning of this new decade has been marked by heated tensions to match the ongoing warming of Earth itself.

Review the full article on our website.

SEC Chief Accountant Issues Statement on Financial Reporting During COVID-19

Jun 23, 2020

On June 23, 2020, Mr. Sagar Teotia, Chief Accountant of the Se­cu­ri­ties Ex­change Com­mis­sion (SEC) issued a statement on the importance of high-quality financial reporting in light of the significant impacts of COVID-19.

The statement discusses recent engagement with stakeholders on the following topics:

  • The Office of the Chief Accountant’s engagement and work related to high-quality financial reporting.
  • Engagement with the FASB and the PCAOB.
  • Engagement with international standard setters and other regulators.
  • Engagement with and the vital role of audit committees.

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