The HLEG calls on the European Commission (EC) to “place greater emphasis on the need to integrate non-financial information” in the EU Directive on non-financial reporting. The final report states, “The ultimate ambition has to be convergence or integration of financial and non-financial or sustainability information… Integrated reporting supports this convergence qualitatively through reporting that links sustainability factors with company strategy.”

Review the final report and supporting materials on the EC's website.

In a video interview, he talks about progress with our regular columnist Robert Bruce.

Richard Howitt is confident about the future. And he has, he says, good reason to be so. Just as it took a while for the concept of integrated reporting to take hold around the world, there are now clear signs that integrated thinking, the key concept that underlies integrated reporting, is equally taking hold, the two concepts "go hand in hand" he said. He points to, for example, the global professional accounting body, IFAC.

It described integrated reporting as "the future of company reporting". He points to the High Level Experts’ Group on Sustainable Finance. It described integrated reporting as "the ultimate ambition". For Howitt, it is recognition that the journey of the concept of integrated reporting is still on course.

And Howitt was also encouraged by the IASB’s recent decision to revise its Management Commentary practice statement so that it was ever more closely aligned to integrated reporting. "That was", he said, "a very, very significant decision".

One of the obstacles that companies cite as a barrier is the absence of a global Standard for metrics, outside the mainstream financial numbers. There are many frameworks and standard-setting bodies in the this field and Howitt sees the Corporate Reporting Dialogue, which sits in the IIRC structure as a means of removing this obstacle.

There will be many a bump along the road ahead. The concept of integrated thinking as the ultimate transformative goal needs more emphasis. But progress is being made.

Read the entire column on our Global IAS Plus site.

There are four good reasons why options deserve another look, especially in times when many believe: (i) companies should be investing for the longer term, (ii) companies should be encouraging more innovation with longer payback periods, and (iii) economic growth is increasing.

Review the full article on Semler Brossy's website.

When one looks at any list of prominent securities fraud lawsuits, it will probably be dominated by companies such as Enron, WorldCom, Cendant, and HealthSouth, which were charged with misleading investors by actively misstating financial results. The reality, however, is that most securities suits are premised on alleged omissions of material fact, and not the sorts of misrepresentations that capture headlines.

Review the publication on our US firm's website.

A revamped annual meeting may even lead to reduced costs when compared to the traditional model of renting a conference room at a hotel and providing refreshments, as modest as they may be, for shareholders.  Canadian corporate law provides a framework which can be used to increase shareholder access to annual meetings and to maximize the impact of annual meetings.

Review the full article on Fasken LLP's website.

The budget focused on three key priorities:

• Investments in seniors;
• Youth employment; and
• Economic competitiveness.

The announced changes to taxation in New Brunswick are outlined in our Canadian tax alert.

Economic growth is picking up, but 2017 was a year of widespread uncertainty, instability and fragility—and the latest results of our annual Global Risks Perception Survey (GRPS) suggest respondents are pessimistic about the year ahead: in a new question gauging expectations for 2018, only 7% of responses point to a reduction of risk, compared with 59% pointing to an increase. In the sections that follow, the report highlights four concerns:

1. persistent inequality and unfairness;
2. domestic and international political tensions;
3. environmental dangers and;
4. cyber vulnerabilities.

The authors conclude by reflecting on the increased dangers of systemic breakdown.

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

Accounting standard setters have the cryptocurrencies on their radar, if not the accounting implications of blockchain in particular. This past summer the Financial Accounting Standard Board (FASB) received a request from The Chamber of Digital Commerce to add a project around accounting for digital currencies to its Emerging Issues Task Force agenda.

Review the full article on FEI's website.

These initiatives are founded on the Government’s commitment to advance human rights by supporting Canadian companies in operating responsibly and improving access to remedy for alleged human rights abuses arising from Canadian company operations abroad. The Government will soon be clarifying how these entities will operate.

Canadian Ombudsperson for Responsible Enterprise

The Ombudsperson’s mandate will be to investigate allegations of human rights abuses arising from Canadian corporate activity abroad. This person will operate with a budget that allows him/her to conduct independent investigations, be appointed through an order-in-council that will determine the specifics of the mandate and the related responsibilities and carry out his/her duties full-time for a term of up to five years.

Multi-stakeholder Advisory Body on Responsible Business Conduct

The Advisory Body will comprise experts in civil society and industry and will report to the Minister of International Trade. Its role will be to advise the government on the effective implementation and further development of its laws, policies and practices addressing the social responsibility of Canadian companies operating abroad, in particular with the creation of new laws and regulations. The Advisory Body will help the Government determine the Ombudsperson’s mandate and investigative procedures.

Review the full article on Norton Rose Fulbright's website and the press release on the Government of Canada's website.

Below is an analysis of all changes made to the work plan since our last analysis on December 18, 2017.

Maintenance projects

• Availability of a refund (amendments to IFRIC 14) — The next milestone is an IFRS amendment but the expected date has been removed. The Board plans to perform further work on the possible effects of the amendments before proceeding.
• Definition of a business (amendments to IFRS 3) — An IFRS amendment is now expected in Q2 2018 (updated from H1 2018).
• Improvements to IFRS 8 Operating Segments (amendments to IFRS 8 and IAS 34) — The IASB will now decide the project’s direction in March 2018 (previously set to January 2018).
• Plan amendment, curtailment or settlement (amendment to IAS 19) — An IFRS amendment is expected in February 2018 (previously set to January 2018).

Standard-setting projects

• Definition of material (amendments to IAS 1 and IAS 8) — Discussions on feedback of the exposure draft are now expected April 2018 (previously set to March 2018).
• Rate-regulated activities — A discussion paper or exposure draft is expected in H1 2019 (previously set to 2019).

Research projects

• Discount rates — Research summary is expected in Q2 2018 (updated from H1 2018).
• Dynamic risk management — The next milestone has been changed from discus-sion paper to core model. It is expected in H1 2019 (previously set to just 2019).
• Financial instruments with characteristics of equity — a discussion paper is expected in Q2 2018 (updated from H1 2018).
• Goodwill and impairment — A discussion paper or exposure draft is expected in H2 2018 (previously set to H1 2018).
• Post-implementation review of IFRS 13, Fair Value Measurement — The next milestone is a request for information feedback. The IASB discussed this topic at its January meeting.
• Primary financial statements — A discussion paper or exposure draft is expected in H1 2019 (pushed back from H1 2018).
• Principles of disclosure — Discussions on feedback of the discussion paper are now expected February 2018 (moved up from March 2018).
• Share-based payment — A research summary is expected in Q2 2018 (updated from H1 2018).

Other projects

• IFRS Taxonomy Update— IFRS 17 Insurance Contracts — The final update was removed from the IASB’s work plan, as the update was published on 11 January 2018.
• IFRS Taxonomy Update — common practice (IFRS 13) — A proposed update is expected in Q2 2018 (updated from H1 2018).

The revised IASB work plan is available on the IASB's website.