Beyond Compliance – Promoting Excellence in Financial Reporting in Canada
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  • European Parliament approves delay of certain ESRSs

    Apr 17, 2024

    On April 17, 2024, the European Parliament voted to postpone the adoption of sector-specific European Sustainability Reporting Standards (ESRSs) and ESRSs for third-country entities by two years, until June 30, 2026. The aim is to rationalize reporting obligations for companies and reduce related administrative burdens while providing more time to EFRAG for the development of the reporting standards.

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  • IAASB announces new strategy and work plan to advance Global Audit and Assurance Standards

    Apr 11, 2024

    On April 11, 2024, the International Auditing and Assurance Standards Board (IAASB) published its approved strategy and work plan to enhance the consistency and quality of audit and assurance standards worldwide. “Elevating Trust in Audit and Assurance: IAASB’s Strategy and Work Plan for 2024-2027” reflects the crucial role of audit and assurance in fostering trust in the world’s economies.

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  • ISSB launches podcast series on TIG meetings

    Apr 10, 2024

    On April 10, 2024, the International Sustainability Standards Board (ISSB) launched a new podcast series titled 'ISSB Implementation Insights'. The series shares insights from the meetings of the Transition Implementation Group on IFRS S1 and IFRS S2 (TIG).

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  • IASB issues new standard on presentation and disclosures in financial statements

    Apr 09, 2024

    On April 9, 2024, the International Accounting Standards Board (IASB) published its new standard, IFRS 18 ‘Presentation and Disclosures in Financial Statements,' that will replace IAS 1 'Presentation of Financial Statements'. The new standard is the result of the primary financial statements project, which aims at improving how entities communicate in their financial statements.

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  • SEC Issues Stay on Climate Rule

    Apr 08, 2024

    On April 8, 2024, the Securities and Exchange Commission (SEC) released an order staying its recently issued final rule on climate-related disclosures pending judicial review of all the petitions challenging the rule (i.e., the petitions pending in six circuit courts of appeal).

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  • Financial Reporting Alert, Frequently Asked Questions About “Pillar Two

  • Financial Reporting Alert, Frequently Asked Questions About “Pillar Two"

    published Apr 15, 2024

    This Financial Reporting Alert provides responses to some frequently asked questions about how an entity should account for the tax effects of the global anti-base erosion model rules (“Pillar Two”) established by the Organisation for Economic Co-operation and Development (OECD). This Financial Reporting Alert has been updated to address additional questions about how an entity should account for the tax effects of the Pillar Two framework.

  • The CFO Agenda 2024; The role of the chief financial officer is changing—here’s why Image

  • The CFO Agenda 2024; The role of the chief financial officer is changing—here’s why

    published Apr 09, 2024

    This report covers the evolving role of Chief Financial Officers (CFOs) in response to changing macro-factors. It delves into the complexities of capital markets, where CFOs must deal with high borrowing costs and uncertainties surrounding interest rate cuts. It examines the impact of geopolitical tensions on businesses, highlighting the increased risks and complexities in protecting cross-border assets and maintaining supply chains. The report also explores the shift in demographics and the resulting need for CFOs to reevaluate product mixes and customer service strategies. Furthermore, the report addresses the role of CFOs in navigating the rapidly advancing technological landscape, often necessitating a closer collaboration with IT and C-suite leaders.

  • Cresting the cloud horizon - From adoption to business value Image

  • Cresting the cloud horizon - From adoption to business value

    published Apr 08, 2024

    For the latest cloud survey, Deloitte collected insight from more than 200 Canadian public and private sector cloud decision-makers. The company also conducted interviews with over 20 technology leaders, including Canadian leaders from the three largest public cloud providers: Amazon Web Services, Google Cloud, and Microsoft Azure. What we found was a shift in priorities from enabling underlying technology to delivering value at the heart of the business.

  • Heads Up — Comprehensive Analysis of the SEC’s Landmark Climate Disclosure Rule Image

  • Heads Up — Comprehensive Analysis of the SEC’s Landmark Climate Disclosure Rule

    published Apr 08, 2024

    This Heads Up examines the SEC’s March 6, 2024, final rule in detail. The final rule requires registrants to provide climate-related disclosures in their annual reports and registration statements, including those for initial public offerings, and is effective beginning with annual reports for the year ending December 31, 2025, for calendar-year-end large accelerated filers. This Heads Up was updated on April 8, 2024, to address the SEC’s stay of the effective date of the final rule pending judicial review.

  • Heads Up — Executive Summary of the SEC’s Landmark Climate Disclosure Rule Image

  • Heads Up — Executive Summary of the SEC’s Landmark Climate Disclosure Rule

    published Apr 08, 2024

    This Heads Up briefly highlights key provisions of the SEC’s final rule on climate disclosures. The new rule requires registrants to provide comprehensive climate-related information in their annual reports and registration statements, including those for IPOs, beginning with annual reports for the year ending December 31, 2025, for calendar-year-end large accelerated filers. This Heads Up was updated on April 8, 2024, to address the SEC’s stay of the effective date of the final rule pending judicial review.

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  • Understanding Proposed Changes to the Fraud Auditing Standard Video Series

    published Apr 04, 2024

    As the International Auditing and Assurance Standards Board reaches the midpoint of its public consultation on proposed amendments to its fraud standard, a new four-part video series has been released. The series will help stakeholders understand the proposed changes that strengthen auditor’s responsibilities related to fraud, and the rationale behind them.

  • iGAAP in Focus — Closing Out (March 2024) Image

  • iGAAP in Focus — Closing Out (March 2024)

    published Apr 03, 2024

    In this iGAAP in Focus — Closing Out (last updated in March 2024), we set out financial and sustainability reporting issues that may be relevant in view of the current economic and geopolitical environment and also highlight areas of regulatory focus and recent changes in accounting standards.

  • Auditing in the Age of Generative AI Image

  • Auditing in the Age of Generative AI

    published Mar 27, 2024

    This report explores the audit implications of risks associated with the use of generative artificial intelligence (AI) in financial reporting processes and internal control over financial reporting (ICFR). In addition to summarizing essential aspects of generative AI technology and explaining how companies are implementing it, the publication discusses government regulations that may affect generative AI, outlines specific risk areas for auditors to consider, and includes a couple of hypothetical scenarios illustrating how an entity might perform risk assessments related to the use of such technology.

  • Economic Outlook; Canada looks set to dodge a recession Image

  • Economic Outlook; Canada looks set to dodge a recession

    published Mar 25, 2024

    The Canadian economy is proving its resilience, surpassing year-end expectations with solid labour market performance and sustained population growth. Many signs point to a recovery from the current economic slump in the latter half of the year. Despite this good news, Canada is still in the woods. Challenges are weighing on the economy, with high debt levels, rising mortgage rates (and mortgage delinquencies), business insolvencies, and a stalling productivity that’s keeping growth low.

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