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IAASB raises the bar for Quality Management

Dec 17, 2020

On December 17, 2020, the International Auditing and Assurance Standards Board (IAASB) released its three quality management standards. The standards promote a robust, proactive, scalable and effective approach to quality management and mark a significant evolution of the existing quality control standards.

The suite of standards includes:

  • International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements;
  • ISQM 2, Engagement Quality Reviews; and
  • International Standard on Auditing 220 (Revised), Quality Management for an Audit of Financial Statements

The standards become effective on December 15, 2022.

Review the press release and standards on the IAASB's website.


IASB issues “Investor Update” newsletter

Dec 16, 2020

On December 16, 2020, the International Accounting Standards Board (IASB) issued the latest edition of its newsletter "Investor Update", which profiles recently introduced IFRS Standards and other changes to the pipeline as well as how those changes may affect companies and performance.

This issue features:

  • Spotlight — Reflecting on the financial reporting challenges stemming from COVID-19.
  • In Profile — Florian Esterer, Head of Core Equities, Bank J Safra Sarasin and member of the Capital Markets Advisory Committee
  • We need your views
  • Stay up to date
  • Resources for investors

Review the Investor Update newslet­ter on the IASB’s website.


IASB Chair discusses COVID-19 and IFRS Standards

Dec 16, 2020

On December 16, 2020, during the virtual seminar hosted by the Japanese Institute of Certified Public Accountants, IASB Chair Hans Hoogervorst gave a keynote speech discussing the effects of COVID-19 as well as developments in IFRS Standards.

Mr. Hoogervorst commented on the work done during the coronavirus pandemic which included the publishing of educational materials to support the application of IFRS 9, Financial Instruments, and IFRS 16, Leases and changes to the IASB’s work plan to give stakeholders more time on consultations.

Next, he reflected on the key developments of the past 10 years as the IASB Chair. These developments included the revised Conceptual Framework, primary financial statements project, issuance of major standards (IFRS 9, IFRS 15, IFRS 16 and IFRS 17), and progress in the adoption of IFRS Standards around the world. He then touched upon the IASB’s future plans that will include a focus on sustainability, goodwill, and the agenda consultation.

Review the full transcript of the speech on the IASB’s website.

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COVID-19 and evolving risks for money laundering, terrorist financing and cybercrime

Dec 16, 2020

On December 16, 2020, the International Ethics Standards Board for Accountants (IESBA) and the Staff of Chartered Professional Accountants of Canada (CPA Canada) jointly released a Staff Alert, "COVID-19 and Evolving Risks for Money Laundering, Terrorist Financing and Cybercrime".

This document highlights the heightened risks of money laundering, terrorist financing and cybercrime in the COVID-19 environment. It describes the implications for both professional accountants in business and public practice.

Review the press release and publication on the IESBA's website.

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IRBA, IESBA and IAASB jointly issue staff guidance on navigating the heightened risks of fraud and other illicit activities during the COVID-19 pandemic

Dec 16, 2020

On December 16, 2020, the International Ethics Standards Board for Accountants (IESBA), the Staff of the South African Independent Regulatory Board for Auditors (IRBA) and the International Auditing and Assurance Standards Board (IAASB) jointly released the publication, "Navigating the Heightened Risks of Fraud and Other Illicit Activities During the COVID-19 Pandemic, including Considerations for Auditing Financial Statements".

The publication highlights the heightened risks of fraud arising from the disruptive and uncertain COVID-19 environment and the implications for professional accountants in business, including accountants in government, and professional accountants in public practice, including auditors.

Review the press release and publication on the IESBA's website.

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Creation of new IFRS SSB

Dec 15, 2020

Mark Carney, UN Special Envoy for Climate Action and Finance, has commented on the IFRS Foundation Trustees' sustainability consultation and stresses that he endorses the creation of new IFRS Sustainability Standards Board (SSB).

In September 2020, the Trustees of the IFRS Foundation published a consultation paper to assess demand for global sustainability standards and, if demand is strong, assess whether and to what extent the Foundation might contribute to the development of such standards. The paper noted the option of creating the SSB. The new board could operate alongside the IASB under the same three-tier governance structure, build on existing developments, and collaborate with other bodies and initiatives in sustainability, focusing initially on climate-related matters.

In his letter, Mr. Carney notes:

The IFRS Foundation has an essential role to play in making this vision a reality, and I fully endorse your proposal for a new Sustainability Standards Board under the Foundation’s remit. The Foundation, with its track record of robust, reliable and independent global standard-setting should play a pivotal role in delivering sustainability reporting standards that are in the public interest.

Review the full letter on the IASB's website.


Comment Deadline Extended – AcSB Consultation Paper, Contributions – Revenue Recognition and Related Maters

Dec 15, 2020

On December 15, 2020, the Accounting Standards Board (AcSB) extended the deadline to submit a comment letter from December 15, 2020 to December 31, 2020 for the Consultation Paper, Contributions – Revenue Recognition and Related Matters.

Review the press release and Consultation Paper on the AcSB's website.

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IAASB communique details plans to develop separate standard for Audits of Less Complex Entities

Dec 15, 2020

On December 15, 2020, the International Auditing and Assurance Standards Board (IAASB) published a new communique detailing plans for the new standard, including current thinking on what the standard will look like, what entities it will apply to, and the development timeline.

During its December 2020 meeting, the IAASB held its first public discussions on the draft of a separate standard being developed for an audit of less complex entities and the official project proposal to complete and publish the draft standard for public consultation in 2021. The IAASB approved the project proposal and early draft.

Review the press release and communique on the IAASB's website.

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CDSB calls for regulatory change following its latest review of European corporate environmental disclosures

Dec 11, 2020

On December 11, 2020, the latest report released by the Climate Disclosure Standards Board (CDSB), “The state of EU environmental disclosures in 2020”, analyzes the strengths and weaknesses of disclosure among the 50 largest companies in the European Union under the EU Non-Financial Reporting Directive.

Companies reviewed showed progress in the completeness and quality of greenhouse gas emissions and business model disclosures, however the top strengths and weaknesses remain unchanged.

CDSB’s report concludes that investors’ ability to integrate information disclosed under the EU’s rules into their decision-making is inherently limited without further improvements to the Non-Financial Reporting Directive on TCFD, risk and materiality.

Please click to access the publication through the press release on the CDSB website.

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CPAB 2020 Audit Committee Highlights

Dec 10, 2020

On December 10, 2020, the Canadian Public Accountability Board (CPAB) released a year-end review.

The CPAB has been meeting regularly with audit committee chairs during the pandemic to understand changes in the environment, facilitate a dialogue and contribute their perspectives.

This fall, they continued their one-on-one outreach and hosted eight forums to share their perspectives and discuss the issues top of mind for audit committees as we approach the end of the year and look ahead to 2021.

Review the highlights on the CPAB's website.

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