At-A-Glance

International

IASB – International Accounting Standards Board (www.ifrs.org)

• No new developments.

IFAC – International Federation of Accountants (www.ifac.org)

• The International Auditing and Assurance Standards Board (IAASB) - Exposure Draft - Proposed International Standard on Auditing 570 (Revised 202X) Going Concern and Proposed Conforming and Consequential Amendments to Other ISAs, issued April 26, 2023, to “promote consistent practice and behavior and facilitate effective responses to identified risks of material misstatement related to going concern; strengthen the auditor’s evaluation of management’s assessment of going concern, including reinforcing the importance, throughout the audit, of the appropriate exercise of professional skepticism; and enhance transparency with respect to the auditor’s responsibilities and work related to going concern where appropriate, including strengthening communications and reporting requirements. The comment period ends August 24, 2023.

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  The International Ethics Standards Board for Accountants (IESBA) – Final Revisions to International Code of Ethics for Professional Accountants, issued April 23, 2023, “strengthen the Code in guiding the mindset and behavior of professional accountants when they use technology, provide enhanced guidance fit for the digital age in relation to the fundamental principles of confidentiality, and professional competence and due care, as well as in dealing with circumstances of complexity, and strengthen and clarify the International Independence Standards (IIS) by addressing the circumstances in which firms and network firms may or may not provide a technology-related non-assurance service to an audit or assurance client.” Effective for audits and reviews of financial statements for periods beginning on or after December 15, 2024. 

   

IFR4NPO - International Financial Reporting for Non-Profit Organisations (www.ifr4npo.org)

• No new developments.

IOSCO – International Organization of Securities Commissions (www.iosco.org)

• Report on International Work to Develop a Global Assurance Framework for Sustainability-related Corporate Reporting, issued March 28, 2023. “sets out IOSCO’s vision for a global assurance framework for sustainability-related corporate reporting. It summarises the insights from IOSCO’s fact-finding work on assurance over sustainability-related information, elaborating on the priority areas for the international assurance and ethics (including independence) standard setters’ consideration.”

ACCA – Association of Chartered Certified Accountants (www.accaglobal.com)

• Risk Culture: Building Resilience and Seizing Opportunities, research report published April 27, 2023, by “ACCA, The Association of Insurance and Risk Managers (Airmic), and the Professional Risk Managers’ International Association (PRMIA). They “have collaborated on a new study that gauges how risk and financial leaders are dealing with risk culture and to what extent they understand its effect on the organisation’s broader strategy.,,This first of its kind study found that while 'box ticking' is prevalent there is growing interest in risk culture to cope with disconnected organisational cultures and hard-to-detect breadth of risks. Key risk priorities for risk and finance professionals across all regions were ‘regulatory, compliance and risk’ followed by ‘technology, data, cybersecurity’ and ‘economic inflation and recession’”
  

CIMA – Chartered Institute of Management Accountants (www.cimaglobal.com)

• No new developments.

World Economic Forum – (www.weforum.org)

• No new developments.

Africa, Europe, India and the Middle East (AEIME)

FRC – Financial Reporting Council of the UK (www.frc.org.uk)

• FRED 83 Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 101 Reduced Disclosure Framework – International tax reform – Pillar Two model rules, issued April 5, 2023. “The OECD’s (Organisation for Economic Co-operation and Development) Pillar Two model rules introduce a global system of interlocking top-up taxes that aim to ensure that large multinational groups pay a minimum amount of income tax. FRED 83 is based on similar proposals issued by the IASB. To make similar accounting relief and disclosure requirements available in the FRC’s financial reporting standards to a consistent timeframe the FRC is consulting now, rather than waiting for the IASB’s final amendments. However, the FRC intends to consider the IASB’s final amendments when finalising its own proposals.” The FRC proposes to introduce a temporary exception to the accounting for deferred taxes arising from the implementation of the Pillar Two model rules, alongside targeted disclosure requirements. Comments  are requested by 24 May 2023.
  

ICAEW - Institute of Chartered Accountants in England and Wales (https://www.icaew.com/)

• No New Developments
  

EC – European Commission (https://ec.europa.eu/)

• No New Developments

EFRAG – European Financial Reporting Advisory Group (www.efrag.org)

• Recommendations and Feedback Statement relating to Discussion Paper -  Better Information on Intangibles – Which is the best way to go?, “observes that intangibles (including both intangible assets and other intangibles that do not meet the definition of an asset) may contain many different types of resources. EFRAG therefore recommends that all the approaches examined in the DP are considered – separately or in combination, depending on the type of intangibles – in order to provide better information on intangibles. The Recommendations and Feedback Statement explains which approach(es) would apply to the different types of intangibles.”
  

Americas, Asia, Australia and New Zealand (AAANZ)

AICPA – American Institute of Certified Public Accountants (www.aicpa.org)

• No New Developments

FASB – Financial Accounting Standards Board (www.aicpa.org)

• No new developments

GASB – Governmental Accounting Standards Board (www.gasb.org)

• No new developments

COSO - The Committee of Sponsoring Organizations of the Treadway Commission (www.coso.org)

• Achieving Effective Internal Control Over Sustainability Reporting” (ICSR): Building Trust and Confidence through the COSO Internal Control—Integrated Framework, published March 30, 2023, is “a groundbreaking study with supplemental guidance for organizations to achieve effective internal control over sustainability reporting (ICSR), using the globally recognized COSO Internal Control-Integrated Framework (ICIF).
  

PCAOB – Public Company Accounting Oversight Board (www.pcaob.org)

• No new developments

SASB – Sustainability Accounting Standards Board (www.sasb.org)

• No new developments

SEC – Securities and Exchange Commission (www.sec.gov)

• No new developments