Centre for Financial Reporting

Generative AI’s Potential to Revolutionize Finance

published Jun 10, 2024

The article covers how Generative AI can revolutionize the finance sector by enhancing productivity, compliance, and strategic decision-making. It describes its application across various executive roles—steward, operator, strategist, and catalyst—highlighting its potential to streamline operations and predict trends. Additionally, it emphasizes the importance of focusing on talent acquisition, cybersecurity, and ethical frameworks to successfully integrate this technology. This positions Generative AI as not merely a tool for improving processes but as a transformative force in financial decision-making.

iGAAP in Focus — Financial Reporting: IASB issues amendments to the classification and measurement requirements of financial instruments

published Jun 04, 2024

On 30 May 2024, the IASB published Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) to address matters identified during the post-implementation review of the classification and measurement requirements of IFRS 9 Financial Instruments. This iGAAP in Focus outlines the amendments.

iGAAP in Focus — IASB introduces reduced disclosure framework for subsidiaries

published May 14, 2024

This iGAAP in Focus outlines IFRS 19 Subsidiaries without Public Accountability: Disclosures published by the International Accounting Standards Board (IASB) on May 9, 2024.

On the board’s agenda: Governance of transformation amid an uncertain business climate

published May 12, 2024

If the past few years have shown anything, it’s that boards can be certain of at least one thing: an uncertain governance landscape. Volatility wrought by a pandemic, economic upheavals, and geopolitical conflict—to name just a few challenges of late—have added a suite of new risks for boards to navigate.

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.

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