Centre for Financial Reporting

The ThinkTWENTY20 Report - April 2024

published Apr 25, 2024

This report covers Canada's economic indicators, AI advancements, and auditing standards activity. It identifies an upward trend in Canada's Composite Leading Indicator but a decrease in GDP per capita due to population outpacing output growth. The AI segment discusses a 2023 investment boom, the benefits and concerns, and the need for standardization in responsible AI reporting. Lastly, the report highlights the long-standing issue of defining auditor responsibilities for fraud, suggesting that AI could aid in risk management despite the challenges posed by rapid business changes.

On the audit committee’s agenda; Aligning the disclosure committee in the era of disclosure

published Apr 25, 2024

The report emphasizes the importance of disclosure committees in assisting CEOs and CFOs with SEC-required disclosures and ensuring the accuracy and timeliness of company filings. The committees' duties include reviewing SEC filings, supporting Sarbanes-Oxley Act certification requirements, and overseeing financial reporting controls. In this transitional period, the report suggests enhancing disclosure committees by updating their charters, reassessing membership, and improving operational procedures. The report further provides additional resources, including Deloitte's SEC rule resources and considerations related to the Climate Disclosure Rule.

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.

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.

iGAAP in Focus — Financial reporting: IASB publishes new standard on presentation and disclosure in financial statements

published Apr 12, 2024

This iGAAP in Focus outlines IFRS 18 Presentation and Disclosure in Financial Statements published by the IASB on April 9, 2024.

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

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

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

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.

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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