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March

ESMA publishes report on the activities of accounting enforcers and their findings within the EU in 2018

27 Mar 2019

The report provides an overview of the activities of the European Securities and Markets Authority (ESMA) and the accounting enforcers in the European Union (EU) when examining compliance of financial information provided by issuers listed on regulated markets with the applicable financial reporting framework in 2018.

European enforcers examined the financial statements of about 950 issuers representing an average examination rate of 16% of all IFRS issuers with securities listed on regulated markets. These examinations resulted in 328 actions taken to address material departures from IFRS.

Enforcers also assessed the non-financial information related to ESG for 819 issuers, covering approximately 31% of the total estimated number of issuers subject to the new requirements, resulting in 51 enforcement measures.

In addition, 746 management reports were reviewed for evaluating compliance with ESMA’s guidelines on alternative performance measures, covering around 15% of all IFRS listed issuers in Europe against which were taken 136 corrective actions.

Please click to access the full report on the ESMA website. ESMA has also updated its compliance table showing which competent authorities have informed ESMA that they comply, do not comply or intend to comply with the ESMA’s guidelines on the enforcement of financial information.

Finance for the Future Awards - open for entries

26 Mar 2019

The Finance for the Future Awards 2019 are now open for entries to all organisations, globally, whether listed, small, charities, a social enterprise or public sector, and to individuals who drive change in this area

One of the awards is for ‘Communicating integrated thinking’, and is open to organisations that are demonstrating clearly, through communicating to their providers of financial capital, how sustainability is embedded into their overall strategy and decision making process, and how this integrated thinking is contributing to a sustainable business model which delivers long-term value.

Other categories recognise organisations who embed an integrated approach into their decision making; innovative projects; financial services organisations who integrate long-term thinking; sustainable financial products; and individuals who drive change through education, training and academia. This year there is an additional Judges Award to be presented, recognising Climate Leadership, which will be selected from the finalists from across all the categories.

Founded by Institute of Chartered Accountants in England and Wales (ICAEW) and The Prince’s Accounting for Sustainability Project (A4S) and in partnership with Deloitte, these global awards recognise financial leadership in driving sustainable economies.

Last year’s winners and finalists include Salesforce (US), Coca Cola HBC (Switzerland), Solvay SA (Belgium), Standard Bank (South Africa), Econet Life (Zimbabwe), Stora Enso (Finland), and Heathrow Airport (UK).

Find out more information about the Awards, including details on the judging process and how to enter (by 17 May), as well as interviews with last year’s winners at www.financeforthefuture.org

Overview – Research findings on hybrid pension plans

25 Mar 2019

At the July 2018 meeting of the IASB's Accounting Standards Advisory Forum (ASAF), the Canadian Accounting Standards Board (AcSB) presented the results of research performed by Canada, Germany, Japan, the UK and the US on hybrid pension plans, which are neither defined contribution plans nor defined benefit plans. The AcSB has now published an short overview of the research findings.

The overview provides insights into:

  • why the research was undertaken;
  • what the research is about;
  • key research findings and observations; and
  • what the standard-setters recommended to the IASB.

The IASB plans to consider the results of the research on hybrid plans when assessing priorities in its next agenda consultation.

Please click to access the overview on the AcSB website.

CRD launches market consultation to gather views on how to drive better alignment of sustainability reporting frameworks

25 Mar 2019

The Corporate Reporting Dialogue (CRD) has launched a six week consultation to gather views from stakeholders on how to drive better alignment of sustainability reporting frameworks, as well as with frameworks that promote integration between non-financial and financial reporting.

The Corporate Reporting Dialogue (CRD), via an online survey, will consult stakeholders on how to support effective disclosures, addressing the Task Force for Climate-related Financial Disclosures (TCFD) recommendations, and identifying how non-financial metrics relate to financial outcomes and how this can be integrated in mainstream reports.

As well as an online survey (which closes on 30 April 2019), the consultation process will also include regional stakeholder engagement roundtables to be held in locations around the world up until the end of May 2019.

Information gathered from the consultation period will inform an initial report due for publication in September 2019, showing the linkages of the TCFD recommendations with the respective frameworks and the linkages between the frameworks.

Further information is available on the CRD website here.

Insurance contracts transition resource group releases meeting agenda

25 Mar 2019

The IASB has released the agenda for IFRS 17 transition resource group (TRG) meeting on 4 April 2019.

The purpose of the TRG is to seek feedback on potential issues related to implementation of IFRS 17 Insurance Contracts. By analysing and discussing potential implementation issues, the TRG will help the IASB determine whether additional action is needed, such as providing clarification or issuing other guidance. This meeting will be the fouth meeting where technical matters will be discussed. Items are getting fewer as the IASB has already begun discussing potential amendments to IFRS 17.

The agenda for the meeting is as follows:

Thursday, 4 April 2019 (9:30-12:00)

  • Welcome and introductory remarks
  • Investment components within an insurance contract
  • Reporting on other questions submitted
  • Administrative matters

Agenda papers for this meeting are available on the IASB's website.

New EFRAG TEG Chair and EFRAG CEO appointed

22 Mar 2019

The EFRAG Board has appointed Chiara Del Prete as new EFRAG TEG Chair for a three-year term, renewable once. Furthermore, the EFRAG Board has appointed Saskia Slomp as new EFRAG CEO. Both appointments take effect as of 1 April 2019.

Ms Prete and Ms Slomp will succeed Andrew Watchman whose term ends this month. For more information, see the press release on the EFRAG’s website.

Agenda for the Management Commentary Consultative Group

21 Mar 2019

The agenda for the IASB's Management Commentary Consultative Group created to support the project to update the IFRS Practice Statement 'Management Commentary' is now available.

The meeting is scheduled for 3 April 2019 in London and will focus on the business model, strategy, operating environment and risks of management commentary.

Agenda papers for the meeting are available on the IASB's website.

IASB issues podcast on latest Board developments

21 Mar 2019

The IASB has released a podcast featuring Chair Hans Hoogervorst, Vice-Chair Sue Lloyd, and technical staff member Matt Tilling to discuss the deliberations at the March 2019 IASB meeting.

The podcast features dis­cus­sions of the following topics in more detail (length of the podcast: 15 minutes):

  • Recent appointments to IASB Board
  • Clas­si­fi­ca­tion of li­a­bil­i­ties as current or non-current
  • Narrow-scope amendments to IAS 1
  • Subsidiaries that are SMEs
  • Comprehensive review of the IFRS for SMEs Standard
  • Discussion paper on financial instruments with characteristics of equity
  • Primary financial statements

The podcast can be accessed through the press release on the IASB website. More in­for­ma­tion on the topics discussed is available through our com­pre­hen­sive notes taken by Deloitte observers at the March IASB meeting.

IASB concludes its research project on principles of disclosure

21 Mar 2019

The IASB has published ‘Disclosure Initiative — Principles of Disclosure project summary' which summarises the work performed and conclusions reached in the principles of disclosure research project.

In March 2017, the IASB issued a discussion paper (DP) on possible approaches to address disclosure issues, such as the lack of relevant information, too much irrelevant information, and ineffective communication of the information provided. Feedback for the DP revealed that “improving the way disclosure requirements are developed and drafted in IFRS Standards is the most effective way it can help to address the disclosure problem.” This lead the Board to prioritise its project on targeted Standards-level review of disclosure. The Board also addressed other findings during its research related to accounting policy disclosures, the implications of technology on financial reporting, and use of performance measures in financial statements. Other topics in the DP will not be pursued and this project summary closes the research project.

For more information, see the press release and project summary on the IASB’s website.

IAASB seeking views on extended external reporting assurance

21 Mar 2019

The International Auditing and Assurance Standards Board ("IAASB") is seeking feedback on progress in developing draft guidance in the first phase of a project to develop guidelines for assurance on extended external reporting ("EER").

The IAASB is consulting on its progress in developing draft guidance in the first phase of its EER Assurance project. 

The consultation paper includes the first part of draft guidance for practitioners applying International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information, to EER assurance engagements.

The consultation paper does not include an exposure draft of the anticipated full guidance as it is an interim consultation. Its purpose is to assist the IAASB to continue developing a complete non-authoritative guidance document that is due to be published in the second phase of the project as an exposure draft.

Comments are requested by June 21 2019.

The consultation paper is available on the IAASB website.

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