The UN Global Compact seeks to ensure participating businesses commit to aligning their operations and strategies with ten universally accepted principles in the areas of human rights, labour, environment and anti-corruption. The eighth principle involves undertaking initiatives to promote greater environmental responsibility and includes consideration of communication and reporting tools such as corporate environmental reporting and sustainability reporting.

Participants in the Global Compact submit an annual Communication on Progress (COP) describing their levels of implementation of the ten Global Compact principles and related areas. The Differentiation Programme framework, partially developed in collaboration with the Global Reporting Initiative (GRI), allows companies to differentiate themselves based on the extent to which their COP describes their implementation.

Upon submitting their next COPs, companies will be categorised as "GC Active" or can self-declare themselves "GC Advanced" based on their disclosure on progress made in implementing the ten principles and contributing to broader UN goals. In an effort to demonstrate the synergies between the Global Compact and the GRI, the two initiatives are working together to imbed the GRI Sustainability Reporting Guidelines ("GRI Guidelines") at both levels of the differentiation programme.

Click for UN Global Compact press release (link to UNGC website). Further information about GRI's participation in the initiative can be found in this GRI article (link to GRI website). Our sustainability reporting page can be found Here.

Click for IFAC press release (link to IFAC website).

Click for the full text of Sir David Tweedie's speech (link to IASB website).

An extract follows:

Click for EU comment letter (link to IASB website). Our comment letter on the IFRS Foundation Trustees' Public Consultation is available Here (PDF 80k).

The survey, sent to all CFA Institute members (over 98,000 members), was distributed by email during January 2011. 5,735 members participated in the survey, for a response rate of 6%, and a margin of error of ±1%.

Highlights of the survey include:

• market fraud, financial reporting (honesty and integrity of financial reporting generally), and derivatives (disclosure and use of financial derivatives by financial firms) were rated at the most serious ethical issues facing global markets – participants from 8 of the 16 priority markets in the survey said derivatives is the most serious issue facing global markets in the coming year
• improved enforcement of existing laws & regulation (31%) and improved regulation & oversight of global systemic risk (23%) are the most needed regulatory/industry actions needed in the coming year to help improve market trust and integrity – however, two countries (Brazil and China) both had the highest proportion of members selecting improved transparency of financial reporting and other corporate disclosures as the most needed reform
• over half of respondents think the impact of the credit crisis will last 5 years or less, with approximately one-third believing it will last more than 5 years.

Click for CFA Institute press release (link to CFAI website). Our credit crunch page is Here

This publication addresses three of the more contentious issues highlighted by the consumer business industry through feedback on the leases proposal issued by the IASB and US FASB in August 2010. Three of the more significant issues raised by the consumer business industry during the open comment period and subsequent roundtable discussions were around lease term, variable lease payments and the pattern of expense recognition.

Click for:

• IFRS Industry Insights: The Leases Project – An update for the consumer business industry (PDF 79k)

• Editorial Corrections to IFRSs (link to IASB website)

Click to Download our Comment Letter (PDF 168k). All of our past comment letters are here.

The pace of standard-setting developments at the International Accounting Standards Board (IASB) is unprecedented, and it is creating challenging times for financial and tax professionals. This global financial reporting webcast is designed to focus on the developments you should know about now, discussing:

• The IASB's evolving agenda
• The IASB's recently issued proposals on hedge accounting, impairment and offsetting, and their potential effects
• Revised standards on consolidation and joint ventures with key insights for an effective transition

Stay informed about the latest developments from the IASB and their potential effects on your financial reporting and tax accounting.