The publication identifies reporting trends and showcases examples of best practice from published reports. It also sets out the CDSB's views on how regulators can enhance the enabling environment for disclosure. At the launch of the report, Stephen Haddrill, CEO of the Financial Reporting Council (FRC), gave his perspective on the CDSB's findings.

While business and finance are increasingly global, the report warns that important regulation is not. Instead, it is frequently focused on national interests, which can create barriers and impediments to inclusive growth and jeopardize global financial stability.

The ten principles for high quality financial regulation state that regulation needs to be evidence-based, proportionate, appropriately resourced, collaboratively developed/implemented, consistent, subject to active oversight, systematically reviewed, have clear objectives, and be properly targeted and enforced to address intended issues.

Please click to access the report From Crisis to Confidence: A Call for Consistent, High-Quality Global Regulation and a corresponding press release on the IFAC's Web site.

The amend­ments re­quire dis­clo­sures that will en­able users of fi­nan­cial state­ments to eval­u­ate changes in li­a­bil­i­ties aris­ing from fi­nanc­ing ac­tiv­i­ties. To the extent necessary to achieve this ob­jec­tive, the IASB re­quires that the fol­low­ing changes in li­a­bil­i­ties aris­ing from fi­nanc­ing ac­tiv­i­ties are dis­closed): (i) changes from fi­nanc­ing cash flows; (ii) changes aris­ing from ob­tain­ing or los­ing con­trol of sub­sidiaries or other busi­nesses; (iii) the ef­fect of changes in for­eign ex­change rates; (iv) changes in fair val­ues; and (v) other changes.

The amendments state that one way to fulfill the new disclosure requirements is to provide a reconciliation between the opening and closing balances in the statement of financial position for liabilities arising from financing activities. This is a departure from the December 2014 exposure draft that had proposed that such a reconciliation should be required.

Finally, the amendments state that changes in liabilities arising from financing activities must be disclosed separately from changes in other assets and liabilities.

Dissenting opinion

One Board member voted against the publication of the amendments as this Board member believes that (i) the amendments may provide incomplete information about an entity’s management of liquidity, (ii) the amendments do not meet the needs of users of financial statements, and (iii) the costs of preparing the disclosure will be considerable and may outweigh the benefits.

Effective date and transition requirements

The amendments are effective for annual periods beginning on or after January 1, 2017. Earlier application is permitted. Since the amendments are being issued less than one year before the effective date, entities need not provide comparative information when they first apply the amendments.

Additional information

Please click for:

• IASB press release (link to IASB's Web site)
• Access to the amendments on the IASB's Web site

Under the exemption, an investor must obtain advice regarding the suitability of the investment from an investment dealer. This is a key condition for investor protection, as the investment dealer must meet its know-your-client and know-your-product obligations when determining the suitability of the investment.

Review the press release on the ASC's Web Site.

The IAASB released a companion document, Overview of the ITC, which summarizes the key areas the IAASB is exploring and the direction it may take.

The IAASB’s Framework for Audit Quality, issued in 2014, explains the important role of auditors and their firms—as well as other stakeholders—in audit quality, and the contextual factors that affect it. It is an important reference document for this consultation.

Download the Invitation to Comment from the IAASB's Web site.

Two projects have been added to the work plan:

1. Annual improvements 2015–2017
2. Remeasurement of previously held interests — obtaining control or joint control in a joint operation that constitutes a business

Next steps of several projects have been updated.

The updated IASB work plan is avail­able on the IASB's Web site.

The following changes have been made:

1. the new IFRS on insurance contracts is not expected until 2016;
2. an exposure draft on changes in accounting policies and estimates (disclosure initiative) will also be delayed to 2016;
3. discussion papers on macro hedging and on rate-regulated activities are not to be expected before 2016;
4. the IASB expects to issue final amendments on the implementation projects on the unit of account (expected not before 2016) and on the recognition of deferred tax assets for unrealized losses (late 2015 or early 2016); and
5. instead of finalizing the project on the elimination of gains or losses arising from transactions between an entity and its associate or joint venture the IASB intends to issue an exposure draft proposing to defer the effective date of the September 2014 amendments to IAS 28, IFRS 10 and IFRS 12.

The revised IASB work plan is available on the IASB's Web site. The IASB has also published a work plan guide that explains the new presentation format.