The report addresses four broad areas. First, investors want to understand governance and processes, with regard to how the board and management identify, monitor and manage the risks, uncertainties and opportunities they face. The report then considers reporting needs relating to both the nature of these factors, in terms of characteristics such as context, importance and form, and approach, or how management is responding. Finally, it looks at scenarios and stress-testing and what investors want from them. A particularly helpful aspect of the report is the inclusion of a number of examples of current reporting practice from real companies, highlighting what is useful about them. A one-page summary and a discussion podcast are also both available.

Review the press release and publication on the FRC's website.

IOSCO’s Sustainability-related Issuer Disclosures report proposes a timeline for the ongoing work of the IFRS Foundation–with the ISSB climate standard expected to be completed by June 2022. Jurisdictions that begin engaging with policymakers now will be able to capitalize on the forthcoming standards–and therefore serve the public interest–as soon as they are finalized.

IFAC urges its member organizations to continue their support for the IFRS initiative, to engage now with local policymakers, and to provide feedback on the framework for making global sustainability standards local.

Review the following on the IFAC's website:

• How Global Standards Become Local
• Enhancing Corporate Reporting: Sustainability Building Blocks
• IFAC’s support for global sustainability-related standards

The Statement highlights the current information concerns of investors, regulators and policy makers, reviews standard-setter responses, and recommends how companies and accountants can address these concerns through: 

• Aligning and integrating climate-related information and disclosures with company climate commitments, targets, and strategic decisions. 
• Quantifying, wherever appropriate, financial impacts of climate issues. 
• Ensuring climate-related reporting complies with reporting requirements without material omissions or misstatements, based on a company-specific materiality determination. 
• Supporting global initiatives to enhance climate and broader sustainability-related reporting through standards set by a new International Sustainability Standards Board (ISSB) that will address material impacts on a company’s enterprise value. 

IFAC encourages professional accountancy organizations to utilize this Statement in their communications with members to promote their critical role in ensuring companies understand and communicate climate-related financial impacts. As they stated in earlier communications to the profession: no one is better equipped than professional accountants to lead this important work. 

This Statement follows IFAC’s Climate Action Point of View, issued in December 2019, which highlights climate change as an urgent, global issue and outlines the influence and responsibility that IFAC’s 180 member organizations and their 3.5 million professional accountant members have in driving climate change mitigation, adaptation and reporting. With this Statement, IFAC continues to advocate and support the profession’s role in enabling climate action and assisting organizations as they develop their climate commitments and consider ways to decarbonize business models.

Review the publication on IFAC's website.

Here are some key takeaways:

• CAQ looked at the most recent publicly available ESG data for S&P 500 companies.
• We found that 95% of S&P 500 companies had detailed ESG information publicly available. The information the CAQ examined was primarily outside of an SEC submission in a standalone ESG, sustainability, corporate responsibility, or similar report. Of the remaining 5%, most companies published some high-level policy information on their website.
• Roughly 6% of S&P 500 companies received assurance from a public company auditing firm over some of their ESG information.

Review the publication on the CAQ's website.

The Financial Accounting Standards Board (FASB) and Securities Exchange Commission (SEC) have been providing guidance, making statements and delivering speeches about accounting and financial reporting considerations for environmental, social and governance (ESG) matters since the beginning of spring to address growing interest and concerns from investors, credit rating agencies, lenders, financial statement preparers, and a host of other stakeholders. The media has covered this regulatory activity, while also focusing much of the discussion about how ESG matters will affect a company’s business strategy, operations, and long-term value.

Lost, however, or what could be viewed as a blind spot in the coverage is a discussion about any related impact on a company’s current accounting conclusions and financial reporting. Accordingly, there have been some questions about whether a company needs to incorporate ESG considerations when preparing its current financial statements. The answer, is a resounding “yes.”

This article looks at certain potential effects of ESG matters on a company’s financial accounting and reporting in the context of the existing accounting guidance and the current regulatory environment. While these effects will vary depending on the company’s industry along with factors such as relevant regulatory, legal, and contractual obligations, all entities should evaluate ESG-related financial accounting and reporting implications.

Review the article on FEI's website.

Review the article on Norton Rose Fulbright's website.

This piece concludes with practical advice on how to prepare and enhance the required disclosures on cybersecurity risks and incidents.

Review the article on Mayer Brown LLP's website.

The Agenda items in­cluded:

• QM-related Conforming Amendments
• Tech­nol­ogy Project
• Technology Non-authoritative Materials & Fact Finding
• Non-Assurance Services & Fees Rollout
• En­gage­ment Team – Group Au­dits In­de­pen­dence
• Benchmarking
• Tax Plan­ning & Re­lated Ser­vices
• Definitions of Listed Entity & PIE

Re­view the high­lights sum­mary and pod­cast on the IESBA's web­site.

The updated Technology and Cyber Security Incident Reporting Advisory supports a coordinated and integrated response to technology and cyber security incidents when they occur at FRFIs).

Separately, OSFI also released an updated Cyber Security Self-Assessment that helps FRFIs gauge and improve their current state of readiness in the face of emerging and expanding cyber threats.

Review the press release and updated requirements on the OSFI's website.

The proposals aim to align the Code with the International Auditing and Assurance Standards Board's (IAASB's) suite of quality management standards, especially ISQM 1 and ISQM 2, through conforming amendments so that the Code is consistent and interoperable with these IAASB standards. The review has encompassed the recent revisions to the Code pertaining to Role & Mindset and the Non-assurance Services and Fee-related provisions of the Code.

Review the press release and exposure draft on the IESBA's website.