The UK government announced a set of corporate governance reforms that it says will enhance the transparency of businesses to shareholders, employees, and the public. The government intends to bring the reforms into effect by June 2018. The move to improve accountability and boost the public’s trust in business comes as high-profile cases of corporate…
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A new approach that supports businesses looking to contribute to the achievement of the Sustainable Development Goals (SDGs) as part of their value creation process has been published today by the International Integrated Reporting Council (IIRC) and ICAS (the professional accountancy body), in partnership with the Green Economy Coalition. The report, authored by academic Professor Carol Adams…
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First revision since 2004 addresses evolution of enterprise risk management The Committee of Sponsoring Organizations of the Treadway Commission (COSO) today released its highly anticipated ERM Framework: Enterprise Risk Management–Integrating with Strategy and Performance. This new document builds on its predecessor, Enterprise Risk Management–Integrated Framework, one of the most widely recognized and applied risk management…
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At the International Accounting Standards Board (Board), developing new IFRS® Standards to improve financial accounting and reporting is our stock in trade. However, no matter how comprehensive the development process is, for a variety of reasons there may be a need to make subsequent amendments. Mostly these amendments have been either narrow in scope or transaction-specific in…
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A proposal issued Friday by the AICPA Accounting and Review Services Committee (ARSC) would result in flexibility provided to practitioners in performing and reporting on a procedures and findings service. Under Proposed Statement on Standards for Attestation Engagements, Selected Procedures, practitioners would be permitted to perform procedures and report in a procedures and findings format beyond what’s…
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Technology is the future of our profession, according to David Powell, Global Brand Manager at IBM Cognitive Process Services and Association of Chartered Accountants in the United States President. Automation, robotics, and blockchain are just a few of the disruptive technologies beginning to reshape the accountancy profession. Mr. Powell emphasizes the need to begin adapting…
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Managing change in an increasingly digital world is both a challenge and an opportunity for accounting firms. Today, we are entering the era of the “Smart Internet,” as machines can be taught to learn. As a profession, we must be thinking about how we will embrace these rapid changes in technology as they are headed…
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Strong ethical principles and behaviour will become more important in the evolving digital age, and a key enabler to building trust. Ethical behaviour is a core attribute for professional accountants. Our global survey examines the attitudes to ethics among 10,000 professional and trainee accountants, and over 500 senior (‘C-suite’) managers. More than 8 in 10…
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The rules governing revenue recognition for public and private companies worldwide are changing dramatically starting Jan. 1, 2018. And several recent surveys show that most companies are unprepared. If you have not yet completed your implementation of the new standard — either ASC 606 or IFRS 15 — the following 10 lessons we have learned…
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Extensible Business Reporting Language is starting to become more widely used, thanks to the SEC’s rules requiring the use of XBRL in financial filings in recent years and a new rule requiring XBRL for foreign issuers. The Securities and Exchange Commission began requiring the largest public companies to file their financial statements using XBRL in…
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