The SASB's State of Disclosure Report is a reference document that provides an overview of the quality of existing corporate disclosure across 79 industries in hundreds of SEC filings across every major industry. The report shows 81 percent of all disclosures analyzed across all SASB disclosure topics indicate some level of disclosure in SEC filings. However, more than 53 percent use boilerplate language and less than 24 percent of these disclosures contain metrics – demonstrating that many companies take a minimally compliant approach to sustainability disclosure. Review the report on the SASB's website.

The purpose of the IIRC's stakeholder feedback survey was to obtain views on integrated reporting and on the work of the IIRC. While 87 percent of responses strongly agree or agree that integrated reporting promotes a more joined up and efficient approach to corporate reporting, views on the work of the IIRC are more mixed with 45 percent of the total global responses saying they do not know whether the institutional arrangements for the IIRC are appropriate to the overall aims of the IIRC relating to integrated reporting. Review the report on the IIRC's website.

In the article, Mr. Barcelo writes that housecleaning, though deeply embedded in the underground economy (UE), is but a small fraction of the UE whole. The major sectors are residential construction (28% of the total UE in 2012), finance, insurance, real estate, rental, leasing and holding companies (or FIRE, 13%), retail trade (13%) and accommodation and food services (12%).

How big is the UE? No one seems to agree on a number, and evaluations vary widely — if not wildly. The basic evaluation is from StatsCan, which places it at $45.6 billion in 2013, or about 2.4% of GDP (approximately $1.8 trillion). Other studies throw in higher numbers. Analyzing retrospectively the years 1998 and 2004, a 2010 Bank of Canada study rates the amount of underreported income at between 14% and 19% of GDP.

Review the article on the CPA Canada's website.

In our CFO’s corner series, Jerome Townsend, Senior Manager in Deloitte’s Audit - Public practice, who also helped establish Deloitte’s internal Audit Analytics team, discusses how in the spectrum of hindsight - insight - foresight, the information we rely on often resides squarely within the hindsight category, leaving the insight and foresight components to individual interpretation and ‘gut feeling.’ Many organizations have survived and even flourished in this respect, but as technology, data and talent continue to expand and evolve, the competitive advantage continues to shift to those who know how to turn information into intelligence. Organizations that do this well are known as Insight Driven Organizations (IDOs).

Visit the CFO’s corner in Deloitte’s Centre for Financial Reporting to read this editorial as well as any previous articles that you may have missed.

In his column, he discusses how Melanie McLaren, Executive Director, Audit at the Financial Reporting Council, was launching an event at the Deloitte Academy to try and help pin down the many issues surrounding corporate reporting in a complicated, volatile, and ever-changing business world.

He mentions that McLaren is expecting a deep debate as a result of recent questions raised by politicians over the level of trust in business; the possibility of extending business representation to ordinary employees; a range of reporting, environmental and sustainability issues; and those of gender and pay. For her the reporting was what was important. ‘What gets reported drives behaviour’, she said.

Review the full article our UK Accounting Plus website.

Much of this, Goldman says, would be due to the enacting of plans President-elect Donald Trump proposed on the campaign trail, such as a tax holiday for overseas income and changes to the corporate tax code.

Other areas that will see a boost include capital expenditures, research and development, as well and mergers and acquisitions.

Review the article on Bloomberg Market's website.

In a video interview with Robert Bruce, Mr. Druckman reflects on what has been achieved in that time under his leadership.

Probably his most important achievement over those years is how the concept of integrated thinking is now moving towards being a mainstream benefit of an integrated reporting system. Under Druckman’s vigorous encouragement the reporting system which companies operate has evolved into something which is not just a means of communicating what a company has done and how it has done it, but a lead motivator for change within companies. He sees it as part of what he calls "a new information architecture" which will sit well alongside and within changing attitudes in the corporate governance world. Once everything was geared around the financials, he says. Now we are seeing a broader form of value creation with integrated reporting, a multi-capital system, which will drive a more inclusive and responsible capitalism. It is no longer simply about trust and KPIs, or about delivering a broader based prosperity. It’s about all three. And, he underlines, the momentum is probably unstoppable.

Two years ago, following the 2014 World Congress of Accountants in Rome, Pope Francis invited thousands of professional accountants to a private audience at the Vatican and challenged the global profession’s leaders to do more in the global fight against fraud and corruption.

In his remarks, His Holiness said that in uncertain economic times, “There is a stronger temptation to defend one’s interest without concern for the common good, without paying much heed to justice and legality. For this reason everyone, especially those who practice a profession which deals with the proper functioning of a country’s economic life, is asked to play a positive, constructive role in performing their daily work.”

Ms. Kirtley’s letter stated, “I am pleased to report that following our meeting with you, IFAC has focused on intensifying the profession’s activities in several ways that we believe will have lasting impact in reducing both the supply and demand side of fraud and corruption.”

These efforts have been concentrated across three key fronts:

1. Capacity Building
2. Governance
3. Public Sector Financial Management

Review the open letter on the IFAC's website.

The report features existing activities and initiatives within the profession that support these goals and considers questions for professional accountancy organizations and professional accountants to consider.

The eight goals identified are:

• Goal 4: Quality education
• Goal 5: Gender equality
• Goal 8: Decent work and economic growth
• Goal 9: Industry, innovation, infrastructure
• Goal 12: Responsible consumption and production
• Goal 13: Climate action
• Goal 16: Peace and justice and strong institutions
• Goal 17: Partnership for the goals

Review the press release and the report on the IFAC's website.

The Action Plan on Base Erosion and Profit Shifting identified 15 actions to address BEPS in a comprehensive manner. Recognizing that the actions to counter BEPS must be complemented with actions that ensure certainty and predictability for business, Action 14 calls for effective dispute resolution mechanisms to resolve tax treaty-related disputes. The BEPS package endorsed by the G20 Finance Ministers in October 2015 contains the report on Action 14 (Making Dispute Resolution Mechanisms More Effective), which outlines the minimum standards and best practices for resolving treaty-related disputes under the Mutual Agreement Procedure (MAP).

The documents released form the basis on which this process will be moving forward. The compilation includes the Terms of Reference which translate the minimum standard approved in the final Action 14 report into a basis for peer review; the Assessment Methodology for the peer review and monitoring process and the MAP statistics reporting framework which reflects the collaborative approach competent authorities will take to resolve MAP cases and will ensure greater transparency on statistical information relating to the inventory, types and outcome of MAP cases through common reporting of MAP cases going forward and Guidance on information and documentation to be submitted with a MAP request.

Through rigorous peer reviews and continual collection of data, the Action 14 BEPS deliverables seek to eliminate taxation not in accordance with treaty provisions and help resolve any tax-treaty related disputes in a timely and efficient manner. The involvement of the Inclusive Framework throughout the peer review process ensures that the effort to streamline MAP incorporates the experience of both developing and developed countries. The peer review and monitoring process will be conducted by the FTA MAP Forum, with all members participating on an equal footing.

The review will take place on the basis of the existing treaties and there is no requirement for jurisdictions to negotiate any new treaties. Furthermore, the methodology released contains the possibility for developing countries to defer the peer review, recognizing their capacity constraints and often relatively small MAP pipeline.

Consistent with its efforts to enhance transparency, the OECD will also publish updated MAP profiles of all members of the Inclusive Framework, which contain information about each member's Competent Authorities' contact details, domestic guidelines for MAP and other useful information for both tax authorities and taxpayers. The actual peer reviews will be conducted in batches, with the first batch commencing in December 2016. We will be seeking taxpayer input before the launch of these reviews and a questionnaire for taxpayer input seeking such input will be published shortly, together with a schedule for review.

Review the key documents on the OECD's website.