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IASB Chair discusses the future of financial reporting

Nov 05, 2019

On November 5, 2019, the International Accounting Standards Board (IASB) released a speech given at the Eumedion Annual Symposium, where IASB Chair Hans Hoogervorst discussed the Board’s projects on primary financial statements (PFS), management commentary and sustainability reporting.

Mr. Hooger­vorst began with an overview of the PFS project and provided comments related to new subtotals, such as operating profit and profit before financing and tax. He also discussed the need for greater transparency and discipline in the use of non-GAAP measures.

Next, Mr. Hooger­vorst commented on man­age­ment com­men­tary to provide broader financial in­for­ma­tion, such as the impact of in­tan­gi­ble assets. In addition, the project will revise the Practice Statement to accommodate the increase in interest in sustainability reporting.

Lastly, he agreed with the Eumedion’s green paper, Towards a global standard-setter for non-financial reporting, which called for the need for consolidation in non-financial reporting.

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

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FRC publishes thematic review findings of IFRS 16 company disclosures

Nov 05, 2019

On November 5, 2019, the UK Financial Reporting Council (FRC) published the results of a thematic review looking at the interim disclosures made by companies in the first year of application of IFRS 16, "Leases".

The review identified that there are a number of areas where disclosure around IFRS 16 could be improved. Notwithstanding that half-yearly disclosures are less extensive than those of a full year, the FRC is of the opinion that “some companies did not sufficiently explain the impact of adopting IFRS 16”. The FRC expects that disclosures in full year reports will be more comprehensive.

Review the press release and IFRS 16 thematic review on the FRC's website.


Recordings from the sixth IASB Research Forum

Nov 04, 2019

On November 4, 2019, The International Accounting Standards Board (IASB) hosted its sixth Research Forum on October 28–29, 2019 in Short Hills, New Jersey, with the Journal of International Accounting Research (JIAR). On November 4, 2019, The IASB released audio recordings and slides from the presentations given at the forum.

The meeting saw the pre­sen­ta­tion on four academic papers, responses by academics and stan­dard-set­ters as well as a general dis­cus­sion with the audience. In addition, two case studies were discussed during breakout sessions.

Review the press release and access the slides and audio recordings on the IASB’s website.

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Cybersecurity is critical for all organizations – large and small

Nov 04, 2019

On November 4, 2019, the International Federation of Accountants (IFAC) released an article on how cybercrime is becoming big business and cyber risk a focus of organizations and governments globally. Monetary and reputational risks are high if organizations don’t have an appropriate cybersecurity plan.

The article discusses:

  • What is cybersecurity?
  • Cybersecurity governance
  • Protection from malicious software and external attack
  • Hardware maintenance plans
  • People and documentation
  • Policies and procedures
  • System use policy
  • Email use policy
  • Internet use policy
  • Remote access policy
  • Insurance

Review the full article on the IFAC's website.

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Speech on ethics, professionalism and the public interest

Nov 04, 2019

On November 4, 2019, the International Ethics Standards Board for Accountants (IESBA) released a speech by Dr. Stavros Thomadakis, IESBA Chair given at the National Accounting Institute in Beijing, China.

In his speech, he discusses:

  • IESBA: An independent and authoritative standard setter
  • Restructuring and revision: The new code of 2018
  • The ecode: A valuable tool for users
  • Working for the future
  • Recognizing the synergy of ethics and ISAs
  • Technological revolution
  • From global ethical practice to ethical leadership

Review the full speech on the IESBA's website.


Exposure Draft, Public Private Partnerships

Nov 01, 2019

On November 1, 2019, the Public Sector Accounting Board (PSAB) released an Exposure Draft that proposes specific scope, recognition, measurement, presentation, and disclosure requirements for public private partnerships. Comments are requested by February 29, 2020.

This proposed guidance will have a significant impact in the public sector.

Review the press release and Exposure Draft on the PSAB's website.


In Brief – Public Private Partnerships Exposure Draft

Nov 01, 2019

On November 1, 2019, the Public Sector Accounting Board (PSAB) released a plain and simple overview of PSAB’s proposed accounting treatment for public private partnerships.

Learn how the specific scope, recognition, measurement, presentation, and disclosure requirements could have a significant impact in the public sector.

Review the In Brief on the PSAB's website.


Basis for Conclusions – Agriculture, Section 3041

Nov 01, 2019

On November 1, 2019, the Accounting Standards Board (AcSB) released this document which sets out how the AcSB reached its conclusions on the Agriculture project, and discussions on significant matters arising from comments received and issues raised in response to its Exposure Draft.

The Basis for Conclusions covers:

  • Background
  • Applicability to not-for-profit organizations
  • Effects analysis
  • Development of the standard
  • Scope
  • Recognition
  • Underlying measurement basis
  • Measurement of agricultural inventories
  • Measurement of productive biological assets
  • Classification and presentation
  • Disclosure
  • Transition
  • Effective date
  • Consequential amendments

The standard is effective for fiscal years beginning on or after January 1, 2021.

Review the Basis for Conclusions on the AcSB's website.

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FRC Lab report discussing reporting on climate-related issues

Oct 31, 2019

In October 2019, the Financial Reporting Lab of the UK Financial Reporting Council (FRC) released a new report which reveals that companies are falling short of investors’ expectations for clearer reporting on climate-related issues. It notes that while reporting on climate change is an evolving practice, investor expectations are changing rapidly.

The report highlights the gap between current reporting and investor expectations as economies increasingly transition towards low carbon and climate resilient futures and calls on companies to bridge this gap. It provides practical guidance about where companies can improve their reporting. The report also outlines what investors want to understand, questions companies should ask themselves, recommended disclosures, and a range of examples of the developing practice of climate-related reporting.

Review the report Climate-related corporate reporting – Where to next? from the FRC's website.

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Torys Quarterly: Canadian sector report

Oct 31, 2019

On October 31, 2019, Torys LLP released its report where they turn their focus to sectors in Canada: what kind of deal activity are they experiencing, what marketplace and regulatory challenges are they facing—and what does it mean for Canadian business as we move toward 2020?

Some of Canada’s emerging and fast-growing sectors have been busy managing new realities as they continue to develop. Canada’s technology sector is maturing, with acqui-hires and other investment coming into the country’s tech hubs. Canada’s tech sector has become a particularly attractive sector for U.S. buyers—including large buyers—which is influencing the Canadian tech ecosystem in important ways, from how deals are getting done to domestic VC funding.

Review the press release and report on the Torys website.

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