The SSE’s mission is to provide a global platform for exploring how exchanges, in collaboration with investors, companies (issuers), regulators, policymakers and relevant international organizations, can enhance performance on ESG (environmental, social and corporate governance) issues and encourage sustainable investment, including the financing of the UN Sustainable Development Goals.

According to the press release, the toolkit covers the following:

• Model guidance on sustainability-related financial disclosures
• Transition plans training tool
• Gap analysis checklist
• Climate metrics training tool

The SSE has advised that additional guidance and tools will be released as required.

Access the press release  and the toolkit on the SSE website.

Among the notable changes introduced by the International Professional Practices Framework (IPPF) Evolution project are:

• Strengthening governance frameworks to improve organizations’ responsiveness to rapidly changing business environments.
• Specific guidance to assist internal auditors in the public sector and for small internal audit functions.
• A more flexible framework that can adapt to the unique challenges faced by auditors in different parts of the world.
• Specific guidance and standards on critical areas like cybersecurity.

The Standards provide internal audit principles, requirements, and considerations for implementation in a streamlined format. They help elevate the quality of internal auditing and enhance the internal audit function’s role as an essential business partner to boards and senior management.

Access the press release on the IIA’s website.

The Government's new guidance will allow companies to determine more accurately:

• whether they will be required to complete and file the report
• what to include in the report and what information will be accepted, and
• how to package the report and make it available to the public.

Of interest, the Government of Canada published an online questionnaire that is mandatory but may also assist in the preparation of the report itself. The questionnaire directs companies to answer specific questions about their business which reflect many of the report's legislative content requirements.

The Guidance clearly indicates that no industry can be assumed to be entirely free of forced labour or child labour risks. The Government does not want companies to certify that they or their supply chains are "risk-free" but rather are asking companies to demonstrate steps they have taken to identify and address those risks. Some industries have higher risks than others and those higher risk industries should take greater care in preparing this report because it may have knock-on impacts on enforcement efforts in the future. However, even those industries without previously demonstrated risks of forced labour in their supply chains should take this report seriously.

Access the Guidance on the Government of Canada website

These proposed revisions have two key objectives. First, they would align definitions and requirements in IAASB standards with new definitions for publicly traded and public interest entities in the IESBA Code. Second, the amendments would extend the applicability of existing differential requirements for listed entities to meet heightened stakeholder expectations regarding audits of public interest entities (PIE).

Key proposed revisions include extending the scope of the entities included under the International Standards on Quality Management and the International Standards on Auditing such that they will be subject to:

• Engagement quality reviews;
• Providing transparency in the auditor’s report on specific aspects of the audit, including auditor independence, communicating key audit matters, and the engagement partner’s name; and
• Communicating with those charged with governance to help them fulfill their responsibility overseeing the financial reporting process, (e.g., communicating about quality management and auditor independence).

The IAASB invites all stakeholders to provide feedback on the Exposure Draft using the digital Response Template, which is available on the IAASB website. Feedback is requested by April 8, 2024.

Access the exposure draft on the IAASB website.

While IPTF monitors the status of highly inflationary countries for the purposes of applying US GAAP, its criteria for identifying such countries are similar to those for identifying 'hyperinflationary economies' under IAS 29.

The IPTF's discussion document for the November 9, 2023 meeting, states the following view of the Task Force:

Countries with three-year cumulative inflation rates exceeding 100%:

• Argentina
• Ethiopia
• Ghana
• Iran
• Lebanon
• Sierra Leone
• Sudan
• Suriname
• Turkey
• Venezuela
• Yemen
• Zimbabwe

Countries with projected three-year cumulative inflation rates exceeding 100%:

• Haiti

Countries where the three-year cumulative inflation rates had exceeded 100% in recent years:

• South Sudan

Countries with recent three-year cumulative inflation rates exceeding 100% after a spike in inflation in a discrete period:

There are no countries in this category for this period.

Countries with projected three-year cumulative inflation rates between 70% and 100% or with a significant (25% or more) increase in inflation during the current period:

• Angola
• Burundi
• Egypt
• Lao P.D.R
• Malawi
• Moldova
• Nigeria (new entry)
• Pakistan
• Sao Tome and Principe
• Sri Lanka
• Ukraine

The IPTF also notes that there may be additional countries with three-year cumulative inflation rates exceeding 100% or that should be monitored which are not included in the analysis as the necessary data is not available. Examples cited are Eritrea, Syria, and Afghanistan.

Access the full list on the CAQ website.

The decision, prompted by a legal challenge from the U.S. Chamber of Commerce, Longview Chamber of Commerce, and Texas Association of Business, deemed the SEC's actions arbitrary and capricious, citing a lack of response to comments and insufficient cost-benefit analysis. Despite a 30-day remand period, the SEC was unable to rectify the rule's defects, leading to its ultimate vacatur.

The ruling signifies the conclusion of the share repurchase disclosure rulemaking, pending potential further actions.

Access more details on the news at TheCorporateCounsel.net

Stakeholders provided input to the FASB that it is unclear how to apply the existing induced conversion guidance to convertible debt instruments with cash conversion and other features that have become prevalent in the market since this guidance was originally issued.

The proposed ASU would address this feedback by clarifying the requirements for determining whether certain settlements of convertible debt instruments, including convertible debt instruments with cash conversion features, should be accounted for as induced conversions.

Public comments will be accepted through March 18, 2024.

Access the news release on the FASB website.

The report highlights key risks  and other considerations, that auditors should be focused on when planning and performing audit procedures. It notes that the PCAOB will continue to prioritize inspections of financial-services sector audits and, digital assets.

Among the PCAOB’s inspection enhancements in 2024 will be the creation of a PCAOB team that will evaluate culture across the largest domestic audit firms. This initiative will include interviewing firm personnel and evaluating other documentation, with the aim of using this information to enhance the PCAOB’s understanding of how audit firm cultures may be affecting audit quality.

Chair Williams has encouraged audit committees to ask questions to hold firms accountable to performing high-quality audits.

Access the spotlight report on PCAOB’s website

In addition, the Trustees have launched a call for new Committee members.

Review the press release on the IFRS Foundation website.

The SASB standards facilitate the implementation and application of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information for preparers.

Changes

With these amendments, the ISSB intends to make the SASB standards more internationally applicable and GAAP-agnostic. The amendments remove and replace jurisdiction-specific references and definitions, without substantially altering industries, topics or metrics.

Effective date

To support those entities already using the SASB standards, the ISSB determined that these amendments will be effective for preparers with annual reporting periods beginning on or after January 1, 2025, with early application permitted.

Review the updated standards on the SASB website.