El Consejo Técnico de la Contaduría Pública (CTCP), por medio del Concepto No. 251 de 2022, respondió a una consulta acerca de la vigencia del Concepto 2007-56 sobre de la firma del revisor fiscal en estados financieros de periodos intermedios. El CTCP aclaró que dicho concepto tiene vigencia parcial dada la derogación del Decreto 2649…
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The first-ever revision of the International IR Framework for integrated reporting is now underway. Since the framework’s release in December 2013, the International Integrated Reporting Council has focused on driving its widespread international adoption. Today there is strong and increasing momentum for integrated reporting and integrated thinking to become the norm within mainstream business practice. A March 2017 consultation,…
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About the statement 13 chief executives representing 14 accounting bodies have signed a call to action in response to climate change. The bodies, who are all members of A4S’s Accounting Bodies Network, represent over 2.5 million accountants and students globally. The statement includes eight actions which accountants are called upon to take in response to…
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Explainable AI (XAI) emphasizes the role of the algorithm not just for providing an output, but for also sharing with the user, supporting information on how it reached that conclusion. XAI approaches aim to shine a light on the algorithm’s inner workings and/or to reveal some insight on what factors influenced its output. Furthermore, the…
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One of the changes that was implemented with the new lease accounting standards is the renaming of capital leases to finance leases. While this is mostly a change in name only, a significant aspect of the new standard is the addition of the balances related to operating leases to the financial statements. If you are unclear about…
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Accountancy Europe has performed its second annual survey on the auditor’s reporting of key audit matters (KAMs) in the European banking sector since KAMs became required by EU law and international standards in 2017. One of the main goals of the survey is to benchmark and compare the data from the banking sector, year-over-year. The survey, which highlights…
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While the digital economy and technology are bringing sweeping changes to accounting and finance operations and jobs throughout our entire profession, the leading edge of the digital economy has had the largest effect on manufacturing operations. The CFO function within manufacturing organizations needs to make significant changes to enable companies to meet the challenges of…
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Climate change, environmental degradation, human rights and social concerns, are of growing global concern to companies, investors, policymakers, regulators and civil society. In addition, internally generated intangibles have become a major component of the market value of companies. In response, hundreds of non-financial information (NFI) reporting frameworks and standards have been developed, which are leading…
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Installment 1: The Five Fundamental Principles Professional accountants are often faced with complex, real world situations that are not black and white. The newly revised International Code of Ethics for Professional Accountants (“the Code”), developed by the International Ethics Standards Board for Accountants (IESBA), sets out principles to guide behavior and help accountants uphold their…
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Climate change is an urgent, global, and systemic issue that can threaten the sustainability of organizations, markets, and economies. It presents both physical risks (e.g., increasingly severe weather events) and transition risks (e.g., those associated with moving towards a low-carbon economy that may affect asset values or lead to higher costs of doing business). A low-carbon…
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