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.

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.

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.

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

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.

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

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.

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.

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.

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.