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European Reporting Lab issues report on climate-related disclosures

Feb 06, 2020

On February 6, 2020, the European Lab Project Task Force on Climate-related Reporting issued, "How to improve climate-related reporting — A summary of good practices from Europe and beyond".

The report provides an analysis of the current state of climate-related reporting of approximately 150 European companies and focuses on “identifying good reporting practices and assessing the level of maturity in the implementation of the TCFD recommendations, while also taking into consideration the climate-related reporting elements of the NFRD and the related non-binding Guidelines on non-financial reporting and Guidelines on reporting climate-related information.” In additional, the European Lab Project Task Force has issued two supplement documents which complement the report with detailed findings and in-depth review of scenario analysis reporting.

Review the press release on the EFRAG’s Web site as well as this page offering access to the three documents.

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With the Coronavirus underway, here are six steps for business leaders to consider

Feb 06, 2020

On February 6, 2020, the Conference Board released an article how as the World Health Organization declared the Coronavirus outbreak a global health crisis, and cases are arising around the world beyond the borders of China, companies are considering how to respond.

A company’s first priority should be for the health and safety of its employees, customers, suppliers, and communities. As companies are grappling with the multifaceted implications of this epidemic, corporate citizenship professionals specifically are at work looking at how to deploy company resources to help with the situation externally.

Review the full article on the Conference Board's website.

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CPAB auditor’s responsibilities related to fraud project

Feb 06, 2020

On February 6, 2020, the Canadian Public Accountability Board (CPAB) released an overview of a project it launched in 2019 to evaluate how auditors are complying with Canadian Auditing Standards and to identify what actions can be taken by all relevant stakeholders to better prevent and detect corporate fraud.

There has been a brighter spotlight on fraud recently in the wake of high-profile corporate failures. A focus internationally has been on how far an auditor’s responsibility extends in detecting fraud in an audit of the financial statements.

Review the overview on the CPAB's website.


Additional change to IASB work plan

Feb 04, 2020

On February 4, 2020, the International Accounting Standards Board (the Board) made an additional change to its work plan by moving the expected issuance of the discussion paper on its goodwill and impairment project to March.

Review this news item for a list of other changes made to the work plan since it was last revised.

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EC launches initiative to update the NFRD

Feb 04, 2020

In 2020, the European Commission (EC) launched an initiative "Revision of the Non-Financial Reporting Directive".

As reported earlier, Executive Vice President Valdis Dombrovskis of the EC announced in January 2020 that later this year he would present a renewed sustainable finance strategy, which would include a revision of the Non-Financial Reporting Directive (NFRD).

As a first step of the corresponding initiative that has just been launched, an "Inception impact assessment" has been published. The background paper for the impact assessment notes the following current problems with the NFRD:

  • Reported non-financial information is not sufficiently comparable or reliable.
  • The reported non-financial information does not meet users' needs.
  • Companies incur unnecessary and avoidable costs related to reporting non-financial information.
  • Companies face uncertainty and complexity when deciding what non-financial information to report, and how and where to report such information.

The background papers names three options that could be followed to address these problems:

  1. Continue the current approach of non-binding guidelines to assist companies when reporting according to the NFRD.
  2. Explore the use of standards (which would remain voluntary for companies to use if they wish to).
  3. Revise and strengthen the provisions of the NFRD.

Given Mr Dombrovskis earlier remarks and the title of the initiative, it seems that the EC has already formed an opinion on the best way forward. However, stakeholders have the possibility to comment on the impact assessment (until February 27, 2020), and a formal full consultation is announced for the first quarter of 2020.

Review the consultation page on the EC website that offers access to the Inception impact assessment background paper, the feedback possibility and a general outline on the planned timing for the revision.

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Viral contagion? Implications of China’s Coronavirus outbreak for global business

Feb 04, 2020

On February 4, 2020, the Conference Board released a podcast on how the World Health Organization has declared the novel coronavirus outbreak an international public health emergency, acknowledging that the virus now represents a risk beyond China. Key questions need to be answered today in global business scenario - How can organizations prepare for and manage the potential impact of this fast-moving, deadly outbreak? What are the short and long-term economic implications? How can companies respond to a major health outbreak from various functional perspectives?

Listen to the podcast on the Conference Board's website.

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Potential D&O risks arising from corporate social responsibility

Feb 04, 2020

On February 4, 2020, the D&O Diary published an article on how the long-standing and traditional view is that corporations’ objectives should be to maximize shareholder value. But more recently, a variety of commentators and observers have argued that corporations have larger social responsibilities. Efforts by companies to fulfil corporate social responsibilities may involve their own risks and even result in D&O claims.

By the same token, failing to take action could result in claims as well. These trends have important implications for insurers and for policyholders alike.

Review the full article on the D&O Diary's website.


IASB releases podcast on IFRS 17

Feb 03, 2020

On February 3, 2020, the International Accounting Standards Board (IASB) released a podcast featuring IASB member Darrel Scott and technical staff member Roberta Ravelli as they discuss the developments at the January 2020 Board meeting related to the amendments to IFRS 17, "Insurance Contracts".

The podcast discusses the amend­ments ten­ta­tively finalized during the meeting and focuses on credit card contracts, risk mitigation option, contracts acquired in a settlement period, and acquisition cash flows.

View the podcast on the IASB's website.

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IAASB releases auditor reporting project update

Feb 03, 2020

On February 3, 2020, the International Auditing and Assurance Standards Board’s (IAASB) Auditor Reporting Implementation Working Group (ARIWG) published a project update in the form of a Communiqué, which provides an update on the IAASB’s post implementation review (PIR) of the revised auditor reporting standards.

The communique also includes other relevant news and information relevant to the IAASB’s PIR.

Review the press release and project update on the IAASB's website.

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Workforce-related corporate reporting: Where to next?

Jan 31, 2020

In January 2020, the Financial Reporting Council (FRC) released a report on their project that sought to test whether the principles of good reporting in their previous reports on business models, risk and viability reporting and performance metrics could be applied in the context of reporting on the workforce.

This project was undertaken alongside their work on climate change. In both of these projects there was a clear desire for reporting around four elements, namely governance and management, business model and strategy, risk management and metrics and targets. As such, the Lab’s insights follow these four elements.

There are examples of developing reporting practice, but further improvements can be expected as regulatory changes and investor expectations develop. To assist, this report sets out how companies can make their reporting more effective and comprehensive by providing a set of questions that they should ask to help develop their reporting.

Review the report on the FRC's website.

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