Executives aren't always willing to admit there is fraud happening on their watch, so they convince themselves, and others, that it isn’t there.

Internal pressure can lead organizations to downplay their vulnerability to fraud, says Mr. Zitting. He also states that "whistleblowers need to keep blowing their whistles, and decision makers should start to take advantage of the advanced data analytics technology at their disposal to determine red flags and uncover fraud data trails".

Review the Q&A on the FEI's website.

The con­fer­ence will include an update by the IASB as well as its future plans. It will also have technical break-out sessions on IFRS 16, financial instruments with characteristics of equity, conceptual framework, primary financial statements, and rate-regulated activities.

For more information, see the conference page on the IASB’s website.

The working draft addresses the effect of the time value of money. Comments on the working draft are due by July 3, 2017.

Review the working draft and the telecommunications Revenue Recognition Task Force page on the AICPA’s Web site.

The IASB issued its DP, Disclosure Initiative—Principles of Disclosure in March 2017. This webcast, hosted by IASB member Gary Kabureck, discusses:

• The background and objective of the Principles of Disclosure project;
• Disclosure issues identified by the Board;
• Possible approaches to remedy these disclosure issues, including the Board's preliminary views; and
• The questions on which the Board is seeking feedback.

View the webcast on the IASB’s website.

Discussion points included:

• Professional Skepticism

Review the highlights on the IESBA's Web site.

In his speech, Mr. Bricker placed emphasis on controls and procedures around “other reporting” such as operating metrics and forecasts. His view is that companies have to be wary as they move beyond non-GAAP measures to report other kinds of supplemental information investors are interested in seeing.

Review the speech on the SEC's website.

The Pocket Guide to IFRS Standards: the global financial reporting language can be downloaded free of charge from the IASB's website.

For more information, see the press release on the IASB's website.

Overall, the AcSB supports the proposed amendments, except as follows:

Exposure Draft – Annual Improvements to IFRS Standards 2015-2017 Cycle – January 2017

The letter expresses concern that the proposed amendments to IAS 28 Investments in Associates and Joint Ventures will not be effective at clarifying the interaction between IAS 28 and IFRS 9 Financial Instruments for long‐term interests. As well, the letter highlights concern over the timing of issuing these amendments because Canadian stakeholders need the amendments endorsed and incorporated into Canadian GAAP by November 1, 2017, when large Canadian banks will first apply IFRS 9. Furthermore, the letter recommends clarifications to the drafting of the amendments to IAS 12 Income Taxes and IAS 23 Borrowing Costs.

Read the AcSB letter posted by the IASB.

Bill 8 had received first reading on February 21, 2017. As such, the reduced small business rate was, but is no longer substantively enacted. If the post-May 9, 2017 government will want to reduce the small business rate to 2%, it will be required to formally propose the amendment by tabling a new bill in the Legislative Assembly.

Mr. Clayton was nominated by then-President-elect Donald Trump on January 4, 2017. Mr. Clayton replaces acting chairman Michael Piwowar, who has led the SEC since previous chair Mary Jo White’s resignation became effective in January 2017.

Mr. Clayton’s term will end on June 5, 2021. He is expected to be sworn in as soon as Thursday, May 4, 2017.

For more information, see the press release on the SEC's website.”