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.

Review the publication on the COSO's website.

Transfer pricing enforcement activities are expected to increase throughout the world as countries endeavor to handle the aftermath of the COVID-19 pandemic while continuing to adopt the G20/OECD's base erosion and profit shifting (BEPS) final recommendations, and multinational enterprises (MNEs) revisit their existing structures and transfer pricing policies in light of the evolving tax climate.

Globally, tax authorities are dedicating increased resources to transfer pricing examinations of cross-border transactions, which can lead to double taxation for MNEs. In this enforcement environment, managing transfer pricing risks proactively continues to be one of the focus areas for MNEs that engage in cross-border intercompany transactions.

Many MNEs manage their transfer pricing in a proactive manner through advance pricing agreements (APAs), where APAs often helped them resolve complex issues in a practical manner, giving tax transfer pricing certainty for multiple years at a time. In this current environment, MNEs likely will have increased interest, including those that have not previously considered an APA as a component of their transfer pricing risk management strategy. De­loitte Global has de­vel­oped its high qual­ity e-learn­ing mod­ules to help users de­velop their knowl­edge and ap­pli­ca­tion of the ba­sic prin­ci­ples and con­cepts of IFRS and IAS Stan­dards. Our e-learn­ing on IFRS has been a lead­ing ed­u­ca­tional and train­ing re­source on IFRS since it was ini­tially re­leased in 2004, with a range of cor­po­rate, ed­u­ca­tional and pro­fes­sional or­ga­ni­za­tions us­ing the con­tent as their pri­mary tool for IFRS ed­u­ca­tion.

For further detail read the tax@hand article bulletin on the Deloitte USA website.

Listen to both 60-minute webinars:

• Fees Webinar – featuring Mr. Ian McPhee, IESBA Member and Fees Task Force Chair and Ms. Caroline Lee, IESBA Deputy Chair and Fees Task Force Member
• NAS Webinar – featuring Mr. Richard Fleck, NAS Task Force Chair and Ms. Kim Gibson, IESBA Member and NAS Task Force member.

During each webinar, the IESBA Representatives explain key provisions of the revised NAS and fee-related independence standards that will come into effect in December 2022.

Review the press release on the IESBA's website.

The introduction to the consultation notes that when the Task Force issued its final recommendations, "it was aware of the limitations of reporting certain metrics as well as the nascency of climate-related reporting at the time, and anticipated that metric disclosure would evolve as climate-related financial reporting matured". The developments especially noted are around global standard convergence:

• The “Group of Five” (CDP, CDSB, GRI, IIRC, SASB) and their prototype climate-related financial disclosure standard;
• the announcements of the IFRS Foundation Trustees regarding a possible International Sustainability Standards Board (ISSB), their strategic direction, and the formation of a working group; and
• the IOSCO announcements welcoming the IFRS Foundation initiative and announcing plans to work with the IFRS Foundation as well as noting strong support for this work coming out of its stakeholder groups.

In response to these developments, progress around certain metrics and newly identified areas warranting additional guidance, the TCFD has developed its Proposed Guidance on Climate-related Metrics, Targets, and Transition Plans to serve two purposes:

• to provide general guidance for organizations seeking to establish relevant metrics, targets, and transition plans around their climate-related risks and opportunities, and
• to propose specific changes to the guidance for all sectors and supplemental guidance in the 2017 final report and in the guidance on implementing the recommendations.

Comments on the proposed guidance, which comes with an associated Measuring Portfolio Alignment: Technical Supplement, are requested by July 7, 2021.

The Task Force will take the consultation responses into consideration when releasing final guidance in the fall of 2021.

Review both documents on the TCFD's website.

The questionnaire seeks stakeholder feedback on key matters relating to Phase 1 of the LAPIR. This feedback will help inform the IESBA’s review of the implementation of the five-year cooling-off requirement for engagement partners on audits of public interest entities in the International Independence Standards. This review is being undertaken before the “jurisdictional provision” in the Long Association standard expires for audits of financial statements for periods beginning on or after December 15, 2023. The jurisdictional provision permits jurisdictions to apply a cooling-off period less than five years subject to specified conditions.

Review the press release on the IESBA's website.

SASB Standards identify the subset of environmental, social, and governance issues most relevant to financial performance in each of 77 industries. They are designed to help companies disclose financially-material sustainability information to investors.

SASB’s rigorous and transparent standard-setting process includes evidence-based research, broad and balanced participation from companies, investors, and subject matter experts, and oversight and approval from an independent Standards Board. Supporting materials related to the development of the standards are available in the Standard-Setting Archive.

Review the press release and download the standards on the SASB's website.

Review the full speech on the IESBA's website.

The Agenda items in­cluded:

• Non-Assurance Services & Fees Rollout
• Benchmarking
• Tech­nol­ogy
• En­gage­ment Team – Group Au­dits In­de­pen­dence
• Emerging Issues and Outreach Committee
• Long Association Post-Implementation Review – Phase 1
• IAASB-IESBA Coordination
• Tax Planning & Related Services

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