The working draft addresses selling and distribution fee revenue. Comments on the working draft are due by March 1, 2018.

For more information, see the revenue recognition resource page on the AICPA’s Web site.

The IPSASB also notes that the deadline for comments on the consultation paper is January 15, 2018.

View the video (approx. 30 minutes) on the IPSASB's website.

Part of this year’s cryptocurrency story has to include the SEC’s increasingly active approach to policing digital currency trading, as well as the rising numbers of lawsuits filed against cryptocurrency sponsors. In recent weeks claimants have filed a number of cryptocurrency-related securities lawsuits.

Taken collectively, the lawsuits give the definite impression the skyrocketing prices of Bitcoin and other cryptocurrencies have attracted a lot of questionable activity. The questionable activity has in turn in many cases led to litigation. Even the downturn on Friday in the price of Bitcoin and other cryptocurrencies could generate further litigation, as investors who lose money on their investment may be motivated to pursue their litigation alternatives.

Signs are that cryptocurrency related litigation will be one of the early litigation filing trends and the sudden surge at year end of these kinds of lawsuits in all likelihood will continue.

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

The SEC issued SAB No. 118 laying out the views of the SEC staff about applying U.S. GAAP when preparing an initial accounting of the income tax effects of the Act. It also issued Compliance and Disclosure Interpretation 110.02, which gives the views of the SEC staff about the applicability of  Item 2.06 of Form 8-K in terms of reporting the impact of a change in tax rate or tax laws in terms of the new Tax Cuts and Jobs Act.

Review the full article on Accounting Today's website.

According to the report, Canada needs to quickly implement planned measures to reduce the carbon intensity of its energy industry, particularly in oil sands, and green its transport sector in order to progress towards its 2030 emissions goals.

The report states that although Canada has reached a stage where it can grow its economy without driving up energy use, air pollution and emissions, it remains the second most carbon-intensive OECD country (after Estonia) and the fourth-biggest emitter of greenhouse gases. Rising emissions from transport and oil production mean that overall, Canada’s emissions have declined by just 1.5% since 2000 compared with an average decrease of 4.7% across the OECD area.

Key recommendations in the Review include:

• Ensure effective and timely implementation of the Pan-Canadian Framework and establish a mechanism for policy evaluation and adjustment.
• Improve consultation with Indigenous communities on environmental issues and build their capacity to meaningfully participate in decision making.
• Co-ordinate sub-national climate policy and foster links between provincial carbon pricing systems. Exemptions aimed at smoothing the transition should be temporary and limited.
• Review and adjust tax, royalty and subsidy regimes that encourage fossil fuel production to meet a pledge to phase out by 2025 inefficient subsidies that encourage wasteful consumption.
• Review the taxation of energy use. In particular, reduce the petrol-diesel gap and revise taxes on fuel-inefficient vehicles to encourage the purchase of lower-emission vehicles.
• Press ahead with the Canada-US commitment to reduce methane emissions from the oil and gas sector, regardless of a US decision not to implement the commitment.
• Increase tariffs for wastewater services to secure funding for system upgrades.

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

Today, there are no standardized non-financial ratios – or ESG ratios (Environmental, Social and Governance) as they are called in investor circles – nor any integrated ratios, which is the term for mixing financial and non-financial indicators when calculating ratios. This makes it difficult for users of financial statements, such as investors, banks, assets managers, and insurers, to use the extra information that stems from ESG data directly in their analyses of performance and risk profiles of companies.

In the guideline, a suggestion for new standard ESG and integrated ratios and notes will be defined.

This guideline is not a replacement of existing financial, non-financial, or integrated reporting frameworks, but rather a guideline on how to use the data that has already been published in accordance with these frameworks.

This guideline includes the definitions, ratios, and standard notes that were deemed useful and valuable by the end of 2017 by the Center for ESG Research.

Review the guideline on the ESG Research's website.

Blockchain could begin an economic revolution, experts say. It initially caught attention as the technology supporting the digital currency Bitcoin. Now it’s being applied in the environmental space, most recently gaining recognition from the United Nations Framework Convention on Climate Change for its potential to boost climate action.

Review the summary and a short video on the CPA Canada's website.

Discussion points included:

• Structure of the Code and Safeguards
• Part C of the IESBA Code
• Professional Skepticism
• Future Strategy and Work Plan 
• Restructured Code - Roll-out Initiatives
• Joint IAASB and IESBA Board Meeting
• Joint Executive Session IAASB and IESBA Board Meeting

Review the highlights and the podcast on the IESBA's Web site.

The new guide, written in partnership with the CEOs of 25 WBCSD member-companies, sets out clear actions that CEOs can take to align their organizations with the recommendations of the Taskforce for Climate-related Financial Disclosure (TCFD).

Review the guide on the WBCSD's website.

The Basel III reforms have been introduced through a series of regulatory changes in recent years, designed to address weaknesses in banks’ resiliency that were revealed during the financial crisis. Previous changes were designed to deal with the quantity and quality of bank capital and liquidity. This final set of reforms is aimed at improving the risk sensitivity of capital standards and will increase the transparency and consistency in the way banks measure and report their exposure to various risks, and the capital held against those risks.

OSFI will launch a public consultation on the domestic implementation of the Basel III reforms in spring 2018. The consultation will focus on potential modifications required for the Canadian context and on the implementation timelines.

Review the press release on the OSFI's website.