While sustainable profit flows from the pursuit of a broader social purpose, translating it into something that is measurable in as simple and understandable way as we measure profit is not a small challenge. Metrics that explain this remain the "soft underbelly" of corporate communications.

Among Deloitte's WEF Davos activities is therefore a breakfast forum on Inclusive Capitalism on Thursday, January 24.

Panellists Mary Shapiro (Bloomberg/SASB Foundation), Mark Hawkins (Salesforce), Nils Bolmstrand (Nordea Asset Management AB), and Jessica Fries (A4S) will discuss how capital market participants can come together to make the world's financial systems more resilient for achieving sustainable value creation and long-term societal well-being. The discussion will be chaired by Deloitte's Global Chairman David Cruickshank.

Review additional information on Deloitte's WEF Davos activities, including the breakfast forum. All livestream events can be followed through Twitter and Facebook and the events will also be available for subsequent playback.

The quality of a company's financial report, supported by an independent external audit, is key to market confidence and informed investors, and to the effective functioning of capital markets. While the auditor has primary responsibility for audit quality, the audit committee should promote and support audit quality and thereby contribute to greater confidence in the quality of information in the listed company’s financial reports. The good practices report can assist audit committees in considering ways in which they may be able to promote and support audit quality.

The report sets out good practices regarding the features that an audit committee should have to be more effective in its role, including matters such as the qualifications and experience of audit committee members.

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

The Global Risks Report 2019 is published against a backdrop of worrying geopolitical and geo-economic tensions. If unresolved, these tensions will hinder the world’s ability to deal with a growing range of collective challenges, from the mounting evidence of environmental degradation to the increasing disruptions of the Fourth Industrial Revolution.

This year’s report includes another series of “what-if” Future Shocks that examine quantum computing, weather manipulation, monetary populism, emotionally responsive artificial intelligence and other potential risks. The theme of emotions is also addressed in a chapter on the human causes and effects of global risks; the chapter calls for greater action around rising levels of psychological strain across the world.

Review the report on the World Economic Forum's website.

There are a number of developments resulting from efforts by the AASB and others to enhance the trust and credibility of information reported outside of the financial statements.

This article discusses:

• What is driving the increased focus and discussion in this area?
• What’s the AASB doing about this?
• What else is happening in Canada?
• What’s next?

Review the article on the AASB's website.

Key areas of focus for the OSC’s consultation include but are not limited to: Operational changes, rules that may have become outdated or unnecessary, and opportunities to streamline and improve disclosure provided to investors, who ultimately bear the cost of unnecessary or outdated regulations.

The consultation follows the OSC’s November 2018 establishment of a Burden Reduction Task Force, which has a mandate to consider and act on suggestions to eliminate unnecessary rules and processes while protecting investors and the integrity of Ontario’s capital markets. This initiative also builds on the OSC’s efforts, since 2016, to reduce regulatory burden across the country through its ongoing work with the Canadian Securities Administrators on projects to reduce burden in public markets and in the investment fund space.

The OSC encourages interested stakeholders to submit written comments on new initiatives that it should consider to reduce regulatory burden by March 1, 2019.

Review the press release and Staff Notice on the OSC's website.

Applying the criteria for evaluating proposed amendments agreed on in October 2018, the Board is asked to consider the following aspects of IFRS 17:

The staff notes that papers on the remaining topics from the list of issues presented at the October meeting will be presented to the Board in the first quarter of 2019.

The report marks another step in the implementation of the EC's action plan on sustainable finance published in March 2018 and follows up on the EC's legislative proposal on the disclosure of climate-related information presented in May 2018.

The report contains proposals for disclosing not just how climate change might influence the performance of a company, but also the impact of the company itself on climate change.

The guidance proposed in the report intends to assist companies in developing high quality climate-related disclosures that comply with the Non-Financial Reporting Directive and address the recommendations of the TCFD. Specific disclosures and guidance are described under each element of the Non-Financial Reporting Directive requirements, including metrics for all in-scope companies, for non-financial companies, and for banks and insurance companies. In doing so, the report distinguishes between three types of disclosure:

• Type 1 disclosures – those that companies should disclose (high expectation that all reporting companies disclose them)
• Type 2 disclosures – those that companies should consider disclosing (expected of companies with significant exposure to climate-related risks and opportunities)
• Type 3 disclosures – those that companies may consider disclosing (additional or innovative disclosures that provide more enhanced information)

The EC will take the report into consideration when it updates the non-binding guidelines on non-financial disclosure that accompany the Non-Financial Reporting Directive.

Stakeholders are invited to provide with written comments on the report by February 1, 2019.

Review the Report on Climate-related Disclosures on the EC website.

The AcSB would like input from Canadian respondents on the following additional question regarding the proposed amendments:

The IASB has developed the proposed amendments in accordance with its due process for application around the world. Assuming the Exposure Draft proposals are finalized and approved by the IASB in accordance with its due process, do you think that the proposals are appropriate for application in Canada? If not, please specify which aspects of the proposals, and what circumstances, make the accounting requirements proposed in the Exposure Draft inappropriate.

Review the press release and Exposure Draft on the AcSB's website.

Topics addressed in the working draft include:

• Significant judgments
• Investment banking
• Asset management
• Costs of obtaining or fulfilling a contract with a customer
• Disaggregated revenue from contracts with customers

Comments on the working draft are due by March 4, 2019.

Review the revenue recognition resource page on the AICPA’s website.

In every corner of the world, change is visible. Governments, businesses, organizations and individuals are pushing for transformation, refusing to accept the status quo because they believe there is a better way that can benefit more people.

From the expansion of women’s rights in Argentina and greater financial inclusion Brazil, to closing the digital divide in India and improving infrastructure in South Africa, re-visionaries are hard at work.

Review the full report on the Lauder Institute's website.