The ASU amends ASC 805 to “provide a more robust framework to use in determining when a set of assets and activities is a business.” In addition, the amendments “provide more consistency in applying the guidance, reduce the costs of application, and make the definition of a business more operable.”

The ASU discusses its divergence with IFRS:

The definition of a business in GAAP is currently identical to the definition in IFRS. However, the Board observed that although the definition is identical, it does not appear to be interpreted or applied consistently in practice between jurisdictions that apply GAAP and jurisdictions that apply IFRS. That is, stakeholders have said that in jurisdictions that apply IFRS, the definition of a business generally is not applied as broadly as it is in jurisdictions that apply GAAP. In response to concerns from its stakeholders about the complexity of the definition of a business, the IASB added a project on the definition of a business to its agenda and issued an Exposure Draft, Definition of a Business and Accounting for Previously Held Interests, which proposes similar amendments to those in this Update.

Review the press release, ASU, and FASB in Focus newsletter on the FASB’s website.

While Ms. White acknowledged that there had been no formal action by the Commission since 2010 and that any further action would be in the responsibility of the new SEC Chair Clayton, she nevertheless described the last years as a success.

She also noted that this progress was very important and that it needed to continue as both Boards, as well as investors, would benefit greatly from their sustained engagement.

Review the full statement on the SEC's website.

Mr. Clayton would replace Mary Jo White, who announced in November 2016 that she will leave the SEC at the end of the Obama Administration. Mr Clayton’s appointment is contingent on a Senate confirmation vote.

Review the press release on the president-elect’s transition website.

Basically, the recap offers a very general overview of the changes IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers will bring about and then links to the IASB's IFRS 9 implementation page and IFRS 15 implementation page. The recap also reminds preparers that investors need to be informed about the expected impact of a new standard even before companies apply that standard.

Please click to access the recap on the IASB's website.

In the survey, finance leaders report that while newer responsibilities, such as digitizing critical business activities and managing cybersecurity, present opportunities for finance leaders to differentiate themselves—and their companies—from competitors, many CFOs believe their companies are not yet prepared to manage these challenges.

These nonfinancial responsibilities are putting many CFOs on alert. Less than one in three believe their companies have the capabilities they need to be competitive in their digitization of business activities.

On the whole, CFOs recognize the need to move beyond traditional or textbook practices. But few say their companies use innovative methods to make decisions. Roughly two in three CFOs say their companies do not yet have the capabilities for agile decision making, scenario planning, and decentralized decision making they’ll need to be competitive in the coming years.

In response to some of the challenges that the survey results revealed, a few steps that CFOs and their companies can take have been identifed:

• Assert proactive and strategic leadership
• Adopt an investor’s mind-set—and more innovative practices
• Embrace technological advances

Review the full survey on the McKinsey's website.

Discussion points included:

• Professional Skepticism
• Structure of the Code
• Safeguards
• Part C of the Code
• Fees
• Non-Compliance or Suspected Non-Compliance with Laws and Regulations (NOCLAR)
• Long Association
• Strategy Survey

Review the highlights on the IESBA's Web site.

The Advisory is in response to the September 2016 International Accounting Standards Board (IASB) approved amendment to the IFRS 4, Insurance Contracts allowing companies whose activities are predominately connected with insurance to defer the application of IFRS 9, Financial Instruments before January 1, 2021.

Review the press release and Draft Advisory on the OSFI's website.

The amendments require non-venture reporting issuers in Alberta to provide annual disclosure of the following items in their proxy circular or annual information form:

• any policies regarding the representation of women on the board;
• whether the board or its nominating committee considers the representation of women in the director identification and selection process;
• whether the issuer considers the representation of women in executive officer positions when making executive officer appointments;
• targets regarding the representation of women on the board and in executive officer positions, if any have been set by the issuer;
• the number of women on the board and in executive officer positions; and
• director term limits or other mechanisms of board renewal.

The amendments align the disclosure requirements under NI 58-101 in Alberta with most other jurisdictions in Canada regarding the representation of women on the boards of directors and in executive officer positions. The amendments are effective December 31, 2016.

Review the press release on the ASC's website.

• reform some aspects of the process for electing directors of certain corporations and cooperatives;
• modernize communications between corporations or cooperatives and their shareholders or members;
• clarify that corporations and cooperatives are prohibited from issuing share certificates and warrants, in bearer form; and
• require certain corporations to place before the shareholders, at every annual meeting, information respecting diversity among directors and the members of senior management.

Part 2 amends the Competition Act to expand the concept of affiliation to a broader range of business organizations.

Review the proposed regulations on the Canadian Parliament's website.

Here are the winners:

Awards of Excellence in Financial Reporting: Crown corporations

• Federal (Large) — Canada Deposit Insurance Corporation
• Federal (Small) — Telefilm Canada
• Provincial — SaskPower

Awards of Excellence in Corporate Reporting: Industry winners

• Overall Award of Excellence in Corporate Reporting — TELUS
• Communications and Media — TELUS
• Consumer Products and Services — Canadian Tire Corporation
• Financial Services — BMO Financial Group
• Industrial Products and Services — WSP Global Inc.
• Mining — Goldcorp
• Oil and Gas/Forestry Products — Suncor Energy Inc.
• Real Estate — Boardwalk REIT
• Utilities/Pipelines — Enbridge Inc.

Awards of Excellence in Corporate Reporting: Category winners

• Award of Excellence in Financial Reporting — Potash Corp
• Honourable Mention in Financial Reporting — Intact Financial Corporation
• Award of Excellence in Sustainability Reporting — Goldcorp
• Honourable Mention in Sustainability Reporting — Suncor Energy Inc
• Award of Excellence in Electronic Disclosure — Intact Financial Corporation
• Honourable Mention in Electronic Disclosure — WSP Global Inc.
• Award of Excellence in Corporate Governance Disclosure — TELUS
• Honourable Mention in Corporate Governance Disclosure — Enbridge Inc.

Review the 2016 Judges’ Book on the CPA Canada's website.