Centre for Financial Reporting (2024)

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• CSA publishes proposed amendments to public crypto asset fund rules

  Jan 19, 2024

  On January 19, 2023, the Canadian Securities Administrators (CSA) published Notice and Request for Comment on Proposed Amendments to National Instrument 81-102 Investment Funds Pertaining to Crypto Assets. The Notice sets out a series of proposed amendments and changes to reporting issuer investment funds that seek to invest directly or indirectly in crypto assets (public crypto asset funds).

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• IFRS Foundation and GRI publish summary of interoperability considerations for GHG emissions

  Jan 18, 2024

  On January 18, 2024, the Global Reporting Initiative (GRI) and the IFRS Foundation jointly published an analysis and mapping document titled ‘Interoperability considerations for GHG emissions when applying GRI Standards and ISSB Standards’.

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• SSE releases guidance on IFRS sustainability disclosure standards

  Jan 16, 2024

  On January 16, 2024, the Sustainable Stock Exchanges Initiative (SSE) launched a free toolkit that has been reviewed by the International Sustainability Standards Board (ISSB) and supports stock exchanges and their market participants in the implementation of the IFRS sustainability disclosure standards.

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• Government of Canada Releases Guidance on Forced Labour Reporting Requirements

  Jan 08, 2024

  On January 8, 2024, the Government of Canada released guidance to assist companies in complying with the new Fighting Against Forced Labour and Child Labour in Supply Chains Act

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• IAASB opens public consultation on amendments to meet expectations for public interest audits

  Jan 08, 2024

  On January 8, 2023, the International Auditing and Assurance Standards Board (IAASB) launched a consultation process on proposed narrow scope amendments to achieve greater convergence with the International Ethics Standards Board for Accountants’ (IESBA) International Code of Ethics for Professional Accountants (Including Independence Standards).

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  See Also

  IFRS 1 — First-time Adoption of International Financial Reporting Standards

• Hyperinflationary economies - updated IPTF watch list available

  Dec 22, 2023

  On December 22, 2023, the International Practices Task Force (IPTF) of the Center for Audit Quality (CAQ) published a document outlining its current perspectives on hyperinflationary economies under International Accounting Standard (IAS) 29, "Financial Reporting in Hyperinflationary Economies."

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• SEC's Share Repurchase Rule Faces Uncertainty Following Fifth Circuit Decision

  Dec 20, 2023

  On December 20, 2023, the United States Court of Appeals for the Fifth Circuit vacated the Securities and Exchange Commission's (SEC) share repurchase disclosure rule, which mandated detailed tabular disclosure of daily repurchase data.

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• FASB proposes guidance on induced conversions of convertible debt instruments

  Dec 20, 2023

  On December 20, 2023, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) aimed at improving the application and relevance of accounting guidance related to induced conversions of convertible debt instruments.

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• PCAOB Staff Outline 2024 Inspection Priorities with Focus on Driving Improvements in Audit Quality

  Dec 20, 2023

  On December 20, 2023, the Public Company Accounting Oversight Board (PCAOB) inspectors outlined their priorities for 2024 inspections in a PCAOB staff report.

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• IFRS Foundation Trustees approve reappointment of IFRS Interpretations Committee members and seeks new candidates

  Dec 19, 2023

  On December 19, 2023, the Trustees of the IFRS Foundation have approved the reappointments of Andre Besson, Karen Higgins and Vijay Kumar as IFRS Interpretations Committee members. The reappointments are effective on 1 July 2024 and are for a three-year period.

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• IPSAS in your pocket — 2024 edition

  published Jan 19, 2024

  This guide summarises the provisions of all International Public Sector Accounting Standards (IPSAS), recommended practice guidelines and the conceptual framework, effective for financial statements for annual periods beginning on or after January 1, 2024.

• Heads Up — FASB Issues ASU on Income Tax Disclosures

  published Jan 18, 2024

  This Heads Up discusses FASB Accounting Standards Update (ASU) No. 2023-09, Improvements to Income Tax Disclosures. The ASU establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. Under the new guidance, entities must consistently categorize and provide greater disaggregation of information in the rate reconciliation. They must also further disaggregate income taxes paid.

• Longevity Economy Principles: The Foundation for a Financially Resilient Future

  published Jan 09, 2024

  Facing a demographic imbalance of fewer young workers and longer-living employees, this Mercer report proposes building a "multigenerational workforce" through formal and informal mentorship programs. This intergenerational collaboration would address skill gaps, improve employee engagement, and combat ageism, particularly crucial for sectors like finance where high turnover is a challenge. The report argues that mentorship fosters a "private learning space" for experienced leaders while stimulating and retaining younger talents, creating a resilient and diverse workforce for the future.

• CFO Signals: What North America’s top finance executives are thinking and doing – 4Q 2023

  published Jan 08, 2024

  In this quarter’s survey CFOs diminished their 12-month outlook for economic conditions falling in most regions tracked by CFO Signals. They also indicated lower year-over-year (YOY) growth expectations for earnings, revenue, and other key metrics. Little wonder their 2024 priorities are financial performance, growth—both organic and inorganic—and cost management.

• Global third-party risk management survey 2023

  published Jan 08, 2024

  This year’s survey acknowledged the growing uncertainties in the macro economic and business environment (often referred to as “headwinds”) and their impact on third-party risk management practices. The survey aimed to better understand the impacts of such headwinds in managing supply chains and other third party relationships and capture how organizations are transforming themselves to augment current capabilities that help them adopt innovative or adaptive responses to address these challenges.

• iGAAP in Focus — Financial reporting: IASB publishes Exposure Draft 'Financial Instruments with Characteristics of Equity'

  published Dec 31, 2023

  This iGAAP in Focus outlines the proposed amendments to IAS 32 Financial Instruments: Presentation, IFRS 7 Financial Instruments: Disclosures and IAS 1 Presentation of Financial Statements set out in Exposure Draft (ED) Financial Instruments with Characteristics of Equity, published by the IASB in November 2023.

• FASB Issues Final Standard on Improvements to Reportable Segment Disclosures

  published Dec 20, 2023

  This Heads Up has been updated to reflect discussion from the 2023 AICPA & CIMA Conference on Current SEC and PCAOB Developments (the “AICPA Conference”).1 Specifically, the SEC indicated that when a single reportable segment entity is managed on a consolidated basis, the entity would be expected to conclude that consolidated net income is the measure of segment profit or loss that is most consistent with U.S. GAAP. Further, the SEC encouraged registrants that choose to early adopt ASU 2023-07, and that include an additional measure or measures of segment profit or loss that are not determined in accordance with GAAP, to reach out to the SEC to discuss their plans.

• Quarterly Accounting Roundup — Year in Review — 2023

  published Dec 19, 2023

  This edition of the Quarterly Accounting Roundup: Year in Review — 2023 grapples with a year marked by economic anxieties and a burgeoning focus on sustainability. Challenges like bank failures, capital constraints, and restructuring highlight the uncertain times, while rising international sustainability pressure manifests in Californian legislation and landmark disclosure standards from the ISSB and FASB. Notably, the FASB has issued various updates on topics ranging from reportable segments to crypto assets, while the SEC has ramped up regulations on cybersecurity and money market funds.

• SEC Issues New Requirements for Cybersecurity Disclosures

  published Dec 19, 2023

  This Heads Up was updated to reflect changes as a result of (1) a December 14, 2023, statement on cybersecurity disclosure by Erik Gerding, director of the SEC’s Division of Corporation Finance, and his comments at the 2023 AICPA & CIMA Conference on Current SEC and PCAOB Developments; (2) new Compliance and Disclosure Interpretations issued by the SEC staff; and (3) guidance by the FBI, in coordination with the Department of Justice, on requesting a temporary delay in disclosing material cybersecurity incidents if disclosing such information would pose a substantial risk to national security or public safety.

• iGAAP in Focus — Closing out (December 2023)

  published Dec 15, 2023

  In this iGAAP in Focus - Closing Out (last updated December 31, 2023), we set out financial and sustainability reporting issues that may be relevant in view of the current economic and geopolitical environment and also highlight areas of regulatory focus and recent changes in accounting standards.

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