The Climate Guidance is designed to provide additional “how to” assistance to companies to disclose material climate-related information in mainstream corporate reports. The guidance complements the CDSB Framework for reporting environmental and climate change information (CDSB Framework), and aligns with other global standards, recommendations and metrics, such as the Recommendations of the Task Force on Climate-Related Disclosures (TCFD), Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), CDP, and others.

The Climate Guidance, the first one in a series of supplementary guides planned for the users of the CDSB Framework, seeks to address the gap in reporting quality by providing up-to-date guidance focused on the disclosure of material non-financial information in the mainstream report.

Review the press release and download the guidance on the CDSB's website.

Stablecoins, which have many of the features of earlier cryptocurrencies but seek to stabilize the price of the "coin" by linking its value to that of a pool of assets, have the potential to contribute to the development of more efficient global payment arrangements.

The report lays out initial recommendations for both private sector stablecoin developers and public sector authorities to address the challenges and risks. Finally, the report suggests that authorities could develop road maps for improving the efficiency and lowering the cost of payments and financial services.

Review the press release and report on the BIS' website.

At this meeting, the FASB discussed (1) the effective dates of its standards on credit losses, hedging, leases, and insurance for private companies, not-for-profit organizations, and small public companies and (2) multiple-layer hedging.

Effective-date considerations

The Board affirmed its decision to stagger effective dates for major standards and to amend the effective dates of its standards on credit losses, hedging, leases, and insurance to give implementation relief to certain types of entities. The Board directed its staff to draft a final Accounting Standards Update (ASU) for a vote by written ballot.

Review the press release and tentative Board decisions on the FASB’s website and Deloitte's related journal entry.

Hedging — last-of-layer method

The Board discussed multiple-layer and fair value hedge basis adjustment issues and directed its staff to draft a proposed ASU for external review.

Review the tentative Board decisions on the FASB’s website and Deloitte's related journal entry.

The proposed update includes elements to reflect the new disclosure requirements introduced by the amendments to IFRS 9, IAS 39 and IFRS 7, issued by the Board on September 26, 2019.

Review the press release and proposed update on the IASB’s website.

The reports analyze the disclosures in a sample of companies’ reports and provide examples of better practice.

The FRC concluded that IFRS 15 disclosures could be improved especially with respect to

• improving the descriptions of accounting policies and ensuring that these are tailored to their own particular circumstances; and
• providing more detailed information about the judgements significantly affecting the amount and timing of revenue.

In connection with IFRS 9 the FRC found that there was still room for companies to improve disclosures by

• analysing the credit quality of trade receivables by non-banking companies; and
• providing details of the indicators of a significant increase in credit risk particularly by the smaller banks.

As regards IAS 36 and the impairment of non-financial assets, the FRC encourage companies to pay greater attention to:

• providing relevant information around significant judgements and key assumptions made in estimating the recoverable amount of assets and cash-generating units;
• explaining the sensitivity to changes in key assumptions, where reasonably possible changes could give rise to impairment of goodwill or material further adjustments to already-impaired assets. 

Review the following additional information on the FRC's website:

• Press release
• IFRS 9 thematic review
• IFRS 15 thematic review
• Impairment of non-financial assets thematic review

Knowing that engagement is tied to teams is critical for leaders looking to increase their output, since engagement is a known driver of productivity.

Leaders should look for these three signs:

• Lack of teamwork
• Playing the system
• Only managing up

Review the full article on the Harvard Business Review's website.

As part of the ongoing work of the G20/OECD Inclusive Framework on Base Erosion and Profit Shifting ("Inclusive Framework"), the OECD released a public consultation document containing a Secretariat Proposal for a "Unified Approach" under Pillar One. This follows on from the program of work issued on May 31, 2019, and seeks to harmonize aspects of the three initial proposals around user participation, marketing intangibles and significant economic presence in order to develop a possible new approach. It does not, at this stage, have consensus political support from the more than 130 governments participating in the Inclusive Framework.

Review a summary on Deloitte Tax's website.

Discussion points included:

• Highlights & Key Developments
• Alignment of Part 4B with ISAE 3000
• Non-Assurance Services
• Fees
• Technology

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

Boards not only must be able to show that they have made good faith efforts to implement an oversight system, but that also that they monitor the system – particularly when a company operates in a highly regulated industry.

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

This year’s report provides insights that aim to help companies navigate new contexts through the lens of materiality, judgement and visual language. Three addendum reports explore distinct aspects of reporting.

Review the press release to access to all reports on the WBCSD's website.