The work plan, which has been approved by IESBA, the IESBA Consultative Advisory Group, and the Public Interest Oversight Board (PIOB), contains the following priorities:

• Development of standards. The IESBA intends to progress projects on inadvertent violations of the Code of Ethics for Professional Accountants (Code) (finalised standard expected Q1 2012), conflicts of interest (ED expected Q4 2011) and responding to fraud and illegal acts (ED expected Q4 2011)
• Adoption and implementation. The IESBA plans to continue to assess what additional material or activities would be useful to support those who are adopting and implementing the Code
• Convergence. The IESBA will further its objective of achieving convergence of the Code and national standards and regulations by identifying improvements, comparing the Code to standards and regulations of select jurisdictions and increased outreach efforts.

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

This report continues a body of work carried out on an annual basis since 2008 by the predecessor of the European Banking Authority (EBA), the Committee of European Banking Supervisors (CEBS). Pillar 3 reports are of special interest because of the interaction between Pillar 3 and IFRS 7 requirements. EBA hopes to initiate a discussion on this issue.

Overall, EBA finds "that banks have made efforts to improve their disclosures and to convey their risk profile in a comprehensive way to market participants." However, the report also finds that some of the findings from the last report published in June 2010 remain valid.

Please click for (all links to EBA website):

• EBA press release
• Follow-up review of banks' transparency in their 2010 Pillar 3 reports (PDF 747k)

The Lab is expected to focus on helping quoted UK companies communicate more effectively with investors and analysts. Listed companies from all industries and of all sizes are being invited to participate, along with professional investors and the retail shareholder community.

The priorities of the Lab will be determined primarily by companies and investors. Projects that have been suggested to date include relatively simple improvements to the notes to the financial statements, a review of the effectiveness of elements of narrative reporting and governance information, the potential to revisit the use of websites versus physical reports, and the materiality of specific disclosures.

The establishment of the Lab follows other initiatives such as the United Kingdom Accounting Standards Board report on cutting clutter, the Institute of Chartered Accountants of Scotland (ICAS) and the New Zealand Institute of Chartered Accountants (NZICA) report on reducing disclosures under IFRSs, and the wider call for integrated reporting.

Click for FRC press release (link to UK FRC website).

Policy Position Paper 1, Regulation of the Accountancy Profession, was first issued by IFAC in December 2007. The revised paper includes a new section highlighting the importance of global regulatory convergence, including the adoption and implementation of high-quality standards. IFAC recognises that regulation of the accountancy profession is primarily conducted at a national level. Therefore, in IFAC's view, to achieve international convergence, national regulation should aim to endorse and implement principles, approaches, and obligations outlined in material issued by authoritative international bodies.

Policy Position Paper 3, International Standard Setting in the Public Interest, was issued by IFAC in December 2008. The revised and updated paper describes how current governance arrangements and independent standard-setting boards supported by IFAC operate in the public interest and address the need for legitimacy, transparency, and performance. The paper includes a brief history of IFAC's governance structure (such as the 'IFAC Reforms') and notes that the IFAC Board is considering amendments to the governance process of the International Public Sector Accounting Standards Board (IPSASB), including the possibility of public oversight by the Public Interest Oversight Board (PIOB).

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

'Ecosystem services' (ES) is a term used to capture the benefits derived from ecosystems, such as food, pharmaceutical products, timber, soil fertility, pollination, and freshwater.

In cooperation with the United Nations Environment Programme World Conservation Monitoring Centre (UNEP-WCMC) and consultancy CREM, GRI proposes a new approach for developing sustainability reporting indicators to help companies report their impacts and reliance on ecosystem services.

The research publication elaborates on what ecosystem services are, and in which ways organisations interact with them and how to factor ecosystem services into their long term strategy and operations. The publication suggests indicators that organisations could use to assess and report their impacts on ecosystem services, discussing both narrative reporting and performance reporting.

The publication builds on related initiatives around 'natural capital' such as The Economics of Ecosystems and Biodiversity study (TEEB), the World Business Council for Sustainable Development (WBCSD) Corporate Ecosystem Valuation (CEV) Guide and The University of Cambridge Natural Capital Leaders Platform report (issued in June 2011). The GRI publication represents a move towards incorporating ecosystem services information into sustainability reporting and ultimately integrated reporting.

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

Click for our earlier story on exposure draft of proposed amendments to IFRS.

This council will "provide strategic guidance and facilitate AccountAbility's mission of advancing corporate responsibility and sustainability by increasing the impact of its standards, shaping a leading research agenda, and delivering transformative service solutions". Members include CEOs, policymakers and thought leaders, including the former US FASB chairman Robert Herz.

Click for AccountAbility announcement (link to AccountAbility website) to see a full list of council members.

Speeches and presentations at the session included contributions from ACCA, IAESB, IFAC, IFRS Foundation and the World Bank. They are available on this UNCTAD website.

On the eve of ISAR 28, a technical accounting workshop on "Accounting and reporting for financial instruments and application for fair value measurement requirements" was offered. During the workshop experts presented and discussed main provisions, changes and challenges associated with IFRS 13 Fair Value Measurement and IFRS 9 Financial Instruments. Speakers included Deloitte's financial instruments expert Andrew Spooner, Joao Santos from the Financial Instruments Team of the IASB and Gerald Edwards, Senior Advisor Accounting & Auditing Policy of the FSB. All speeches and presentations are available on the UNCTAD webpage dedicated to the workshop.

The two new standards are:

• The Corporate Value Chain Standard seeks to identify opportunities for companies to make more sustainable decisions about their activities and the products they produce, buy and sell
• The Product Life Cycle Standard provides a tool to assist companies to measure the greenhouse gas emissions of an individual product, covering materials, manufacturing, use and disposal.

The measurement of greenhouse gas emissions is of importance in both sustainability and integrated reporting, and indirectly in accounting for any recognised liabilities under emissions trading and similar schemes.

Click for press release (link to WBCSD website).

The International Valuations Standards Council (IVSC) and the International Private Equity Valuations (IPEV) board have signed a memorandum of understanding (MoU), agreeing to co-operate on valuation standards.

The IVSC recently published new International Valuation Standards (IVS) covering the valuation of a wide range of assets for financial reporting and other purposes. The IPEV issues the International Private Equity and Venture Capital Valuation Guidelines, which were last updated in 2009 and are widely used by private equity managers when estimating the fair value of investments for financial statements and for reports to investors.

Under the MoU, the IVSC and IPEV have agreed to co-operate with a view to ensuring that the IPEV Valuation Guidelines are consistent with the International Valuation Standards and that the IVSC considers the needs of private equity and venture capital investors in its future work plan.

Click for IVSC announcement (link to IVSC website). More information about the IPEV Valuation Guidelines can be found at www.privateequityvaluation.com.