The interpretive guidance will “assist companies in their efforts to comply with the pay ratio disclosure requirement mandated by Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act.” In addition, the SEC’s staff has issued guidance on the pay ratio rule that includes “hypothetical examples of use of sampling and other reasonable methodologies.”

“With these amendments, B.C. is harmonizing the crowdfunding regime and providing start-up and early stage issuers with access to more potential investors and more investment dollars,” said Peter Brady, Executive Director of the BCSC.

The BCSC’s Tech Team recommended the amendments to B.C. Instrument 45-535 Start-up Crowdfunding Registration and Prospectus Exemptions (BCI 45-535) following stakeholder consultations and after reviewing the results of the BCSC’s 2017 Tech Survey.

Survey respondents who were involved in crowdfunding identified harmonization across jurisdictions as one of their biggest concerns. The new amendments take steps to resolve that issue by allowing an interface between the B.C. and Alberta crowdfunding rules. Respondents also recommended increasing the investment amounts allowed under the current crowdfunding rules. The new amendments raise the investment limit from $1,500 to $5,000, if the investor has obtained advice from a registered dealer that the investment is suitable for them.

Review the press release and the crowdfunding page on the BCSC's website.

In the speech, Mr. Teotia speaks to the important role that preparers, auditors, and audit committees have in achieving the implementation of these standards.

Review the speech on the SEC's website.

This year’s report focuses on issues and trends related to Management's Discussion and Analysis (MD&A), non-GAAP financial measures, and forward-looking information, among other areas.

Review the press release and the Annual Report on the OSC's website.

The FASB decided to add to its agenda three projects on the following topics:

This webcast is part of a webcast series that the International Accounting Standards Board is providing to support the implementation of IFRS 17.

View the webcast on the IASB's website.

In theory, this offers two main advantages over purely text-based legal contracts:

1. it limits debate with respect to the meaning of the agreement, since code is precise and free from fallible human interpretation; and
2. it reduces transaction costs, as the contract is performed automatically once the requisite conditions materialize.

However, code often has its own flaws and deficiencies, and the realized efficiencies will depend on whether the transaction in question benefits from being hosted on a distributed platform.

Review the article on Fasken Martineau's website.

The Core & More concept introduced in 2015 aims to present corporate reporting in a smarter way, organizing financial and non-financial information based on the interests of users. Information relevant for a wide range of stakeholders would be in the Core report, and supplementary details for a more limited audience would form the More reports. The paper develops the concept further and provides ideas on what information could be presented in each of the pillars. It also explores how technology might support the Core & More concept and addresses the relationship between Core & More and integrated reporting.

Review the paper Core & More: an opportunity for smarter corporate reporting on the Accountancy Europe's website.

The call for action notes that "the overwhelming number of existing disconnected non-financial information reporting frameworks complicates coherent, consistent, and comparable wider corporate reporting, and steadily increases the reporting burden for companies". Accountancy Europa calls on the different standard-setting bodies and initiatives to coordinate their efforts to streamline existing reporting frameworks addressing similar pieces of non-financial information. The organization believes that the final step in this development should aim at developing a single global framework for non-financial information reporting. (At the very same event IASB Chairman Hans Hoogervorst noted in a speech that the IASB could not and would not take the decisive leadership role Accountancy Europe hints at in the call for action).

Review the Call for action: Enhance the coordination of non-financial information initiatives and frameworks on the Accountancy Europe's website.

Mr. Hoogervorst's main message at the beginning of his speech was: "Keep calm and carry on". He explained that he was not at all concerned that the relevance of financial reporting is under threat. He noted that financial statements are primarily backward looking and, therefore, always provide an important reality check. And he also noted that as more information becomes available, the more need there is for comparability, standardization and quality control.

Yet Mr. Hoogervorst also conceded that times are changing and everybody needs to adapt - including the IASB. He stressed the IASB's current effort at better communication in financial reporting. He noted a few projects and initiatives that form part of the effort and he also explained that the IASB may need to give preparers more guidance on how to provide context to their financial statements.

Also, Mr. Hoogervorst looked at environmental, social and governance (ESG) reporting and the question of whether the IASB should become active in that field. He noted that audience for sustainability reporting is broader than that of financial reporting and that much of sustainability reporting is primarily focused on the external effects of the performance of a company. Mr. Hoogervorst said that he believed that the IASB does not have the expertise to become the standard-setter in this field and that widening the audience and scope of the Board's work would most likely lead to loss of focus and identity.

However, Mr. Hoogervorst did not just leave it at that. He also followed up on the question who should take responsibility for harmonization of ESG requirements and try to prevent overload. He argued that since so much of ESG reporting is closely intertwined with public policy goals, public authorities would be best equipped to pursue harmonization.

Review the speech on the IASB's website.

Gender diversity remains a key item on the corporate governance agenda, and institutional shareholders are increasingly prioritizing a greater representation of women in leadership positions among the companies in which they invest.

The report finds that progress is being made, but at a glacial rate of improvement and provides best practices for improving gender diversity among boards and executive teams.

Review the report, 2017 Diversity Disclosure Practices Report: Women in leadership roles at TSX-listed companies, on Osler’s website.