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News

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FYI Article – Change Is Coming to Accounting Standards for Not-for-Profit Organizations

Feb 17, 2017

On February 17, 2017, the Accounting Standards Board (AcSB) released an article that outlines the AcSB’s Exposure Draft “Accounting Standards Improvements for Not-for-Profit Organizations.” The Exposure Draft is open for comment until May 31, 2017.

The proposals relate to tangible capital assets, intangible assets, works of art, historical treasures and similar items not part of a collection, and collections held by NFPOs.

Who Will the Proposals Affect?

All NFPOs in the private sector that own tangible capital assets, intangible assets or collections may be affected. For example:

  • all tangible capital assets, intangible assets, and collections need to be assessed and, if impaired, written down to reflect the decline in their value;
  • all collections need to be recorded on the statement of financial position at cost or at nominal value; and
  • NFPOs must now consider the guidance on componentization in Section 3061, Property, Plant and Equipment.

Review the article on the AcSB's website.

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IAASB Data Analytics Project Update

Feb 15, 2017

On February 15, 2017, the International Auditing and Assurance Standards Board (IAASB) released a video where Bob Dohrer, IAASB Member and Chair of the IAASB Data Analytics Working Group, provides an update of the IAASB’s data analytics project, including the activities performed to date and the vision for the way forward.

View the video on the IAASB's website.

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Sue Lloyd appointed new IFRS Interpretations Committee Chair

Feb 10, 2017

On February 10, 2017, the Trustees of the IFRS Foundation announced that Sue Lloyd, IASB Vice-Chair, has been appointed Chair of the IFRS Interpretations Committee effective immediately.

The position had become vacant with the death of Wayne Upton in September 2016.

Review the press release announcing Ms. Lloyd's appointment on the IASB's website.

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IESBA Staff Release New Q&As—Responding to Non-Compliance with Laws & Regulations

Feb 10, 2017

On February 10, 2017, the International Ethics Standards Board for Accountants (IESBA) released two Q&A publications to support the adoption and implementation of the IESBA’s NOCLAR pronouncement, which will come into effect July 15, 2017.

The Q&As for professional accountants in public practice (PAIPPs) cover issues related to applicability, audits of financial statments, and professional services other than financial statement audits, among others.

The Q&As for professional accountants in business (PAIBs) cover issues related to scope, PAIB responsibilities (for senior vs. other PAIBs), organizational culture, and NOCLAR disclosure, among others.

Review the Q&As and the NOCLAR web page for access to the pronouncement and support materials including videos, fact sheet, and more on the IESBA's website.

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The Bruce Column — Pushing stakeholders towards value creation and the long term

Feb 09, 2017

Robert Bruce, our regular, resident, columnist reports on moves towards widespread adoption of integrated reporting and the direction taken at the recent joint conference of the International Corporate Governance Network and the International Integrated Reporting Council.

The annual global survey from consultancy Black Sun released during a recent joint conference of the International Corporate Governance Network and the International Integrated Reporting Council indicate that ‘there is strong indication from executives that attitudes concerning business and stakeholder value creation need to change and that organizations must deliver a purpose beyond profit”. It also states that “shareholder returns will, as expected, remain crucial for business, but other factors, such as meeting customer expectations and inspiring and engaging people, will significantly grow in importance. Working for the longer-term is cited as preferable over the short-term, and doing this is thought to bring significant internal and external benefits”.

It is a world moving away from narrow measures. Mervyn King made it clear in opening session that the traditional financial measures were not up to scratch. For him the importance was that the corporate world should move from “the plague of short-term profits to value-creation in a long-term manner”. And, for most people at the conference, this meant properly run companies using the wider models of integrated reporting.

A polling on which corporate governance issue was the most important one to concentrate upon demonstrated that there was a disconnect between what was actually happening and what it was felt ought to happen. Recent government pronouncements have focused on pay and incentives and the composition of corporate boards, yet these issues attracted just 9% and 5% of the vote. The overwhelming favourite, coming in at 68%, was for getting boards to focus on long-term value and the significance of stakeholder interests.

Read the entire column on our Global IAS Plus site.

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AcSB Exposure Draft – Annual Improvements to IFRS Standards 2015 – 2017 Cycle

Feb 09, 2017

On February 9, 2017, the Accounting Standards Board (AcSB) issued an Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Stakeholders are encouraged to submit their comments by April 12, 2017.

The AcSB would like input from Canadian respondents on the following additional question regarding the proposed amendments:

The IASB has developed the proposed amendments in accordance with its due process for application around the world. Assuming the Exposure Draft proposals are finalized and approved by the IASB in accordance with its due process, do you think that the proposed amendments are appropriate for application in Canada? If not, please specify which aspects of the proposed amendments, and what circumstances, make the accounting requirements proposed in the Exposure Draft inappropriate.

Review the Exposure Draft on the AcSB's website.

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Reconsideration of Pay Ratio Rule Implementation

Feb 06, 2017

On February 6, 2017, the Securities and Exchange Commission (SEC) released a public statement by Michael Piwowar, the SEC's acting chairman, where he said that he is giving the public an opportunity to express opinions on a rule that forces companies to make public a comparison of executive compensation with the pay of regular workers.

In the public statement, Mr. Piwowar stated that some companies have complained about unanticipated compliance difficulties. In order to better understand the nature of these difficulties, he's seeking public input on any unexpected challenges that issuers have experienced as they prepare for compliance with the rule and whether relief is needed.

Review the public statement on the SEC's website.

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IFRS Foundation Monitoring Board announces appointment of new Chair

Feb 03, 2017

On February 3, 2017, the IFRS Foundation Monitoring Board, responsible for oversight of the IFRS Foundation, announced that Mr. Jean-Paul Servais, Vice-Chair of the IOSCO Board and Chairman of the Financial Services and Markets Authority of Belgium, has been appointed as the new Chair of the Monitoring Board.

His term as Chair is for two years from March 2017. Mr. Servais will succeed Mr. Ryozo Himino, Vice Minister for International Affairs of the Japan Financial Services Agency.

Review the press release on the IASB's website.

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PSAB Matters Article – Actuarial Gains and Losses: To Defer or Not to Defer?

Feb 02, 2017

On February 2, 2017, the Public Sector Accounting Board (PSAB) released an article on whether actuarial gains and losses should continue to be deferred and amortized, which is a subject of debate in the Canadian public sector.

Unlike many other entities, Canadian public sector entities recognize actuarial gains and losses arising from defined benefit pensions over time. The Public Sector Accounting Board (PSAB) is evaluating this practice.

Read this article for the arguments and find out how you can participate in this debate and influence PSAB’s deliberations on this issue on the PSAB's website.

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The Bruce Column — Making the financial implications of climate-related risks clear

Feb 01, 2017

On February 1, 2017, Robert Bruce explains the implications of the recommendations of the Task Force on Climate-related Financial Disclosures, which marks a shift in the focus of the reporting of climate change and ensures that companies explain the risks and opportunities that result.

It is the old cliché. What gets measured gets managed. And for a long time that has been a mantra in the field of getting to grips with greenhouse gas emissions and moves toward a lower-carbon economy. All the efforts in the fields of accounting for sustainability and integrated reporting have it at their heart. But it has been as much a cultural change as it has been a financial one. And that sort of change takes more time than people imagine at the outset. But with the publication of the recommendations of the Task Force on Climate-related Financial Disclosures the whole process moves forward.

Review the full article on our Global IAS Plus website.

 

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