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European Union Image

Summary report on the EC consultation on updating the non-binding guidelines on non-financial reporting

Jun 12, 2019

On June 12, 2019, the European Com­mis­sion (EC) has published a report sum­mariz­ing the responses to the draft sup­ple­ment to its non-bind­ing guide­lines on non-fi­nan­cial reporting with specific reference to cli­mate-re­lated in­for­ma­tion.

In most cases the con­sul­ta­tion revealed a dif­fer­ence of opinion between on the one hand report preparers and on the other hand su­per­vi­sory and en­force­ment au­thor­i­ties and users of reported in­for­ma­tion. In general, preparers argued for fewer rec­om­mended dis­clo­sures, while non-gov­ern­men­tal or­gan­i­za­tions and su­per­vi­sory and en­force­ment au­thor­i­ties supported most of the proposals contained in the con­sul­ta­tion document and in some cases suggested that they be strength­ened in various ways. Investors and financial sector companies were generally sup­port­ive of the proposed dis­clo­sures as far as investee companies were concerned, but also argued that they them­selves would find it difficult to meet the ex­pec­ta­tions expressed in the con­sul­ta­tion document until dis­clo­sure by investee companies improved.

Please click to access the full report on the EC website.

All - Deloitte Image

New Deloitte climate change website

Jun 12, 2019

On June 12, 2019, Deloitte, in col­lab­o­ra­tion with the Institute of Chartered Ac­coun­tants in England and Wales (ICAEW), has launched a dedicated climate change website and video learning program.

The joint ini­tia­tive is designed to help busi­nesses and finance pro­fes­sion­als learn more about tackling climate change. Therefore, the new website offers video learning resources, setting out the impact that climate change is having on humanity and business equipping busi­nesses to implement change, manage risks and take advantage of the chal­lenges and op­por­tu­ni­ties created by climate change. A key feature of the program is learning about con­sid­er­a­tions for financial state­ments and how to translate climate change effects into tangible mea­sure­ments.

In addition, the new website offers in­ter­views with key drivers of climate action in business and links to ad­di­tional resources and guidance.

Please click to access and explore the new climate change website.

FASB (US Financial Accounting Standards Board) (lt blue) Image

FASB appoints three new EITF members

Jun 12, 2019

On June 12, 2019, the Financial Accounting Standards Board (FASB) has ap­pointed Liesl Nebel, Jeremy Perler, and Matthew Schechter as EITF members.

The terms of all three new members are ef­fec­tive im­me­di­ately.

For more in­for­ma­tion, see the press release on the FASB’s Web site.

IFRS - SEC Image

SEC amends the single issuer exemption for broker-dealers

Jun 11, 2019

On June 11, 2019, the SEC issued a final rule, “Amend­ment to Single Issuer Ex­emp­tion for Bro­ker-Deal­ers.” The final rule clar­i­fies the scope of an ex­ist­ing ex­emp­tion under which a bro­ker-dealer is not re­quired to “engage an in­de­pen­dent public ac­coun­tant to certify the bro­ker-dealer’s annual reports filed with the Com­mis­sion if, among other things, the se­cu­ri­ties busi­ness of the bro­ker-dealer has been limited to acting as broker (agent) for a single issuer in so­lic­it­ing sub­scrip­tions for se­cu­ri­ties of that issuer.”

For more in­for­ma­tion, see the final rule on the SEC’s Web site.

FASB (US Financial Accounting Standards Board) (lt blue) Image

FASB adds taxonomy entry points to address FAST Act updates in the 2019 DEI Taxonomy

Jun 11, 2019

On June 11, 2019, the Fi­nan­cial Ac­count­ing Stan­dards Board (FASB) announced that the U.S. Securities and Exchange Commission (SEC) has issued the 2019 Document and Entity Information (DEI) Taxonomy. In connection with the issuance of the 2019 DEI Taxonomy, the FASB has incorporated additional entry points for the 2019 GAAP Financial Reporting Taxonomy and the 2019 SEC Reporting Taxonomy (SRT) to facilitate use of those taxonomies by constituents.

Re­view the alert on the FASB's web­site.


Report from the March 2019 Emerging Economies Group meeting

Jun 10, 2019

On June 10, 2019, the In­ter­na­tional Ac­count­ing Stan­dards Board (the Board) pub­lished the full re­port of the 17th meet­ing of the Board's Emerg­ing Economies Group (EEG), which was held in Buenos Aires, Argentina, on March 25-27, 2019.

Topics discussed at the meeting, included:

  • Rate-regulated Activities project;
  • Application of IAS 29 Financial Reporting in Hyperinflationary Economies in Argentina;
  • Business Combinations under Common Control;
  • Goodwill and Impairment project;
  • Extractive Activities;
  • Comprehensive Review of the IFRS for SMEs® Standard;
  • IFRS Interpretations Committee (Committee) on IAS 21 The Effects of Changes in Foreign Exchange Rates—Lack of exchangeability; and
  • IASB Update.

The next meeting of the EEG will be held December 2019 in Xiamen City, China.

Re­view the full re­port on the Board's web­site.

IFRS - CPA Canada Image

CPA Canada Viewpoints: Impact of IFRS 15, Revenue from Contracts with Customers (Mining)

Jun 10, 2019

On June 10, 2019, CPA Canada is­sued a Viewpoints publication entitled “Impact of IFRS 15, Revenue from Contracts with Customers (Mining). Developed jointly by Chartered Professional Accountants of Canada (CPA Canada) and the Prospectors and Developers Association of Canada (PDAC), this paper addresses some of the practical challenges in applying IFRS 15 in the mining industry.

Items covered include:

  • Understanding the arrangement and identifying customer(s): How should a mining entity evaluate who its customer is?
  • Shipping and refining obligations: How should obligations associated with shipping a commodity to a customer, or providing refining services, be treated?
  • Transfer of control over commodities: How does a mining entity evaluate transfer of control for a commodity and the resulting revenue recognition?
  • Provisional pricing: How should a mining entity address the unique pricing issues associated with provisionally priced contracts?

Read the publication on the CPA Canada web­site.

IFRS - CPA Canada Image

CPA Canada Article – Auditing crypto-assets: be bold but recognize the risks, say experts

Jun 10, 2019

On June 10, 2019, CPA Canada is­sued an ar­ti­cle writ­ten by Taryn Abate, director of audit and assurance with the research, guidance and support department at CPA Canada which informs read­ers about auditing crypto-assets, including that CPA Canada has set up a new working group that is looking at how best to approach this new service area.

Read the ar­ti­cle on the CPA Canada web­site.

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CPA Canada Publication – Introduction to accounting for cryptocurrencies under ASPE

Jun 10, 2019

On June 10, 2019, CPA Canada is­sued a publication entitled “Introduction to accounting for cryptocurrencies under accounting standards for private enterprises (ASPE)”. The publication includes: a brief overview explaining what cryptocurrencies are; a discussion of possible approaches to accounting for cryptocurrencies under existing ASPE; and a brief summary of the tax implications of transactions involving cryptocurrencies.

Read the publication on the CPA Canada web­site.

IFRS - AcSB Image

AcSB Exposure Draft – Annual Improvements to IFRS® Standards 2018-2020

Jun 07, 2019

On June 7, 2019, the Ac­count­ing Stan­dards Board (AcSB) issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Stakeholders are encouraged to submit their comments by August 20, 2019.

The issues included in this cycle to date are minor amendments to (i) IFRS 1, First-time Adoption of International Financial Reporting Standards; IFRS 9, Financial Instruments; (iii) IFRS 16 — Leases; and IAS 41, Agriculture

For fur­ther de­tails, re­fer to the Exposure Draft on the AcSB’s web­site.

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