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What You Need to Know about IASB’s Exposure Draft “Business Combinations – Disclosure, Goodwill and Impairment”
Apr 23, 2024
On April 15, 2024, the Accounting Standards Board (AcSB) announced its participation in the International Accounting Standards Board’s (IASB) project to enhance IFRS 3 Business Combinations and IAS 36 Impairment of Assets.
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IASB takes up research project on intangibles
Apr 23, 2024
On April 23, 2024, the International Accounting Standards Board (IASB) commenced its comprehensive review of accounting requirements for intangibles.
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ISSB to commence research projects about risks and opportunities related to nature and human capital
Apr 23, 2024
On April 23, 2024, informed by its recent consultation on future priorities, the International Sustainability Standards Board (ISSB) will commence projects to research disclosure about risks and opportunities associated with (1) biodiversity, ecosystems and ecosystem services; and (2) human capital.
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IFASS meeting addresses potential use of Artificial Intelligence (AI) in Standard Setting
Apr 18, 2024
On April 18, 2024, The International Forum of Accounting Standard Setters (IFASS), at their current meeting in Seoul, discussed the potential application of artificial intelligence in standard setting.
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PCAOB Staff Report Shares Observations To Help Auditors With Testing of Information Produced by Companies and External Sources
Apr 18, 2024
On April 18, 2024, the Public Company Accounting Oversight Board (PCAOB) released a new staff Spotlight report, “Inspection Observations Related to Auditor Use of Data and Reports. The Spotlight is aimed at improving auditor understanding of how to properly test (1) information produced by the company and (2) information from external sources.
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AASB releases Consultation Paper on its 2026-2029 Strategic Plan
Apr 17, 2024
On April 17, 2024, the Auditing and Assurance Standards Board (AASB) released a consultation paper to seek inputs for its 2026-2029 Strategic Plan.
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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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IASB completes project on business combinations under common control by publishing project summary
Apr 17, 2024
On April 17, 2024, the International Accounting Standards Board (IASB) published a project summary regarding its project on business combinations under common controls (BCUCC).
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IFRS Foundation publishes introductory article on Facilitating Digital Comparability and Analysis of Financial Reports
Apr 11, 2024
On April 11, 2024, the IFRS Foundation published an introductory article, “Digital financial reporting—Facilitating digital comparability and analysis of financial reports,” which sheds light on the significance of digital financial reporting and the pivotal role played by the IFRS digital taxonomies.
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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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Climate change governance and the board chair of the future: Accelerating the transition toward a low-carbon future
published Apr 19, 2024
This article covers insights from the "Chair of the Future" 2024 report by the Deloitte Global Boardroom Program, based on conversations with over 200 board chairs. It discusses how chairs handle climate change, stakeholder interests, and management oversight, emphasizing collective action and strategic relationships across various sectors to drive change.
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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.
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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.
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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.
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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.
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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.
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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.
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Board Practices Quarterly | Evolving lines of responsibility between the board and management
published Mar 27, 2024
This Board Practices Quarterly presents findings from a survey of members of the Society for Corporate Governance on the board’s leadership structure, independence, and involvement in a number of business matters, including activities related to corporate strategy, human capital, risk and risk management, and operations.
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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.