The study begins by pointing out that the current system presumes that information is consumed by humans, therefore machine-readable formats are often neglected or viewed as secondary. However, the study concludes that the use of data and technology can result in a more effective and efficient overall financial reporting process in which users at every level receive more transparent, better-quality information on a timely basis. The three levels the study identifies are companies, auditors and investors.

• Companies. Using standardized data from very early on in the process (and not only at the regulatory filing stage) would enable companies to use applications that are able to pull information from different data sources to write automated reports, which will streamline current labor-intensive processes.
• Auditors. Structuring data early in the process would also allow auditors to use audit data analytics to make the audit more efficient and potentially provide users with a better quality and greater granularity of financial information with greater reporting frequency and possibly a higher level of assurance.
• Investors. Structured quantitative data not bounded by the document in which the information is contained would give investors the possibility to apply current technology to sift through data and analyse the numbers in a faster and more comprehensive manner.

However, the study also notes that to achieve these changes, regulators need to improve access to and searchability of information within the regulator’s primary source documents.

Review the full study on the CFA Institute's website.

The webinar is hosted by the IASB’s senior technical manager Suzanne Morsfield and assistant technical manager Arjuna Dangalla.

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

Catalyst Canada is a non-profit organization whose mission is to accelerate progress for women through workplace inclusion. The Report was commissioned by the Government of Ontario and is intended to advance gender balance on boards through providing recommendations to companies and business leaders as well as the Ontario government.

The Report notes that while some indications of momentum exist, with 15% of TSX-listed issuers having added one or more women to their boards between the 2014 and 2015 proxy seasons, there is still much progress to be made in terms of gender balance, as women currently comprise 20.8% of the members of such boards and half of TSX-listed issuers do not have any women on their boards.

Review the report and the article on the Blake Cassels & Graydon LLP's Web site.

The update, Enterprise Risk Management — Aligning Risk with Strategy and Performance, is designed to address the needs of all organizations to improve their approach to managing new and existing risks as a way to help create, preserve, sustain and realize value.

The update reflects the critical importance of the connection between strategy and performance, offers perspective on current and evolving concepts and applications of enterprise risk management, and updates the core definitions of risk and enterprise risk management. One of the most significant enhancements is the introduction of components and supporting principles that reflect the evolution of risk management thinking and practices.

COSO has expanded its website, www.COSO.org, with a section on the Framework update that includes the proposed Framework, survey and comment tools, and FAQs about the project, details of the most significant updates and how to respond to the survey. The site also includes a video that features four members of the Advisory Council addressing the ERM update process and the importance of obtaining input from a variety of risk professionals about the proposed changes.

Comments on the proposal are due by September 30, 2016. For more information, see the press release and proposal on COSO’s Web site.

On Relevance, the Trustees intend to accelerate the work to address barriers to high-quality digital reporting by collaborating with investors, securities regulators and others to ensure the IFRS Taxonomy remains fit for purpose. They will also establish a network of experts to provide advice on technological innovation and its impact and relevance to IFRS Standards. The Trustees have also decided to retain the existing focus of the Board on for-profit entities, with no expansion at this time to cover either the public sector or the private not-for-profit sector.

Regarding Consistent application, there will be an increased emphasis on activities to support the consistent application, additional resources and materials will be developed to assist the consistent implementation, and the Trustees will continue to develop relationships with securities regulators to support implementation of IFRSs around the world.

Governance and financing will see no change to the current three-tier structure, but steps will be taken to enhance the visibility of Trustee oversight of the Board. The geographical distribution of both the Trustees and the Board will be changed by combining the North American and South American allocations into a single ‘Americas’ category, and the size of the Board will be reduced to 13 members, with the flexibility to appoint a 14th member if appropriate. The Trustees will maintain the current funding model until the funding regime based on publicly supported financing is fully achieved.

The following additional information is available on the IASB's website:

• Press release
• ED of proposed changes to the Constitution
• Feedback statement
• Video of Michel Prada explaining the results of the review

“The GRI G4 Guidelines are already the most widely used framework for sustainability reporting in the world. Our transition to Standards is designed to scale up our reach even further,’ said Eric Hespenheide, Chair of the Global Sustainability Standards Board (GSSB). “The improved structure, format and presentation of GRI Standards, as well as the fact that individual Standards can be used alone, will open up reporting to thousands of organizations that have not yet begun disclosing their broader economic, environmental and social impacts. We are also transitioning from periodic to continual updates of GRI Standards, as market and stakeholder demands evolve.”

Organizations preparing a sustainability report ‘in accordance’ with the GRI Standards will select only the relevant topic-specific Standards, based on their material topics. However, the Standards can also be used and referenced independently, to allow reporting on a specific sustainability subject. This will give reporting organizations more flexibility and make sustainability reporting more accessible for new reporters, including small and medium-sized enterprises.

The second set of exposure drafts comprises 30 topic-specific draft standards each covering a separate sustainability topic such as anti-corruption, emissions, biodiversity, or child labor. They are open for comment until 17 July 2016. Please click to access the exposure drafts and a corresponding press release on the GRI's Web site.

The new revenue recognition standard is causing companies to review compensation arrangements and bonus structures that are based on revenue metrics, said Deloitte & Touche LLP's Eric Knachel, CPA. Knachel said that compensation arrangements are just one example of the broader nonaccounting issues that make it necessary to focus immediately on implementation.

Review the article on the Journal of Accountancy's Web site.

At Compliance Week’s recent annual conference, a session on the massive new revenue recognition standard was perhaps the most sparsely attended. In an onsite poll of those in the room, more than half said they came from companies that hadn’t yet decided how they would adopt the new standard. That’s a troubling sign that those companies probably hadn’t yet completed even a high-level assessment to determine how they will be affected by the new requirements.

Chris Chiriatti, managing director at Deloitte & Touche says: “The results are somewhat—I wouldn’t say surprising—maybe alarming.”

“It’s an indicator that many companies view this as 18 months from now,” said Eric Knachel, senior consultation partner also with Deloitte. They have other more time-sensitive priorities, perhaps, or limited resources to devote to the effort. He adds that “the next three to nine months will be critical.”

Review the article on (Free Registration Required) Compliance Week's Web site.