Rising to the Challenge - narrative reporting in the UK

The UK Accounting Standards Board (ASB) has issued Rising to the Challenge, the report of its review of the narrative reporting of 50 UK listed companies in 2008 and 2009. The review focused on:

• how companies are complying with the enhanced business review content requirements from the Companies Act 2006;
• effective communication and presentation of the required content; and
• areas that are leading to clutter in narrative reporting.

Canada - IFRS guidance for lawyers, bankers and investors

Canada's Accounting Standards Board (AcSB) staff has issued Bulletin #9 which emphasizes the need to anticipate how trend analyses, debt covenants and financial ratios that are included in contracts and used to make decisions will change when International Financial Reporting Standards (IFRS) are adopted. This is essential reading for lawyers, bankers and investors.

Canada - CPAB/AcSB IFRS webcast for small and mid-sized companies

The Canadian Public Accountability Board (CPAB) and Canada's Accounting Standards Board (AcSB) will host a webcast that will set out a roadmap for what small and mid-sized companies should be doing now to prepare for International Financial Reporting Standards (IFRS). It will be held on November 5, 2009 from 2:00pm to 3:00pm EST. (Register online for this free webcast.)

Canada - Advisory Committee on Canadian Securities Regulator

The Honourable Jim Flaherty, Canada's Minister of Finance, has announced the appointment of the members of the Advisory Committee of Participating Provinces and Territories to the Canadian Securities Transition Office, which is leading Canada's efforts to establish a Canadian securities regulator. The Advisory Committee will provide advice on the transition to a Canadian securities regulator. As part of its work plan, the Transition Office is consulting with provinces and territories, securities experts and legal advisors.(Read the Press Release.)

US - AICPA starts Twitter page on IFRS news, updates and resources

The American Institute of Certified Public Accountants (AICPA) has started a page on Twitter to provide guidance on International Financial Reporting Standards (IFRS). The goal is to disseminate comprehensive resources related to IFRS for accounting professionals, financial managers, audit committees, boards, investors and other users of financial statements. (Visit the AICPA Twitter site on IFRS for select IFRS news, updates and resources.)

SEC - Draft Strategic Plan and Proposed Amendments to e-Proxy

On October 8th, 2009, the US Securities and Exchange Commission (SEC) announced the release of its Draft Strategic Plan for 2010-2015 (also refer to SEC Release No. 34-60799). The comment deadline is November 16, 2009. In addition, on October 14, 2009, the SEC released Proposed Amendments to Rules Requiring Internet Availability of Proxy Materials. The proposal cites findings from a survey conducted by Broadridge Financial Solutions, which indicated a significant drop in retail investor participation in, and understanding of, online-only proxies. Issuers were required to send shareholders a notice regarding availability of online proxies but, according to the survey, the boilerplate nature of notices developed under the original rules appears to have confused some investors. (Read more at the FEI Financial Reporting Blog.)

AICPA - Prince of Wales address on Sustainability

The Prince of Wales is calling on the United States CPA profession to take a leading role in helping develop the tools and information necessary for companies to embed sustainability issues effectively in their day-to-day operations and decision-making and to report sustainability performance in a clear, concise and connected way. He presented a 10-minute videotaped address to the Governing Council of the American Institute of Certified Public Accountants (AICPA) which gathered in Las Vegas for its Fall meeting.

AICPA - Enterprise risk management extends to the board of directors

As policymakers assess the causes of the recent financial crisis, it is clear that improvements must be made in the way that senior executives approach risk management within their organization and the role of their boards of directors in risk oversight. An Audit Committee Brief by the American Institute of Certified Public Accountants (AICPA) provides some insights.

2010 World Congress on "Accountants: Sustaining Value Creation"

The World Congress of Accountants will be held on November 8-11, 2010 in Kuala Lumpur, Malaysia. "Accountants: Sustaining Value Creation" is the theme for numerous plenary sessions and workshops. The conference is sponsored by the International Federation of Accountants (IFAC) and the Malaysian Institute of Accountants. More than 6,500 delegates representing 123 countries are expected to attend.

Regulators urged to create standard for climate-change reporting

According to a report by the Association of Chartered Certified Accountants, regulators should create a single, international standard for climate-change reporting. Accountants have a valuable role in climate-change strategy, such as helping in evaluating the returns on low-carbon investment proposals, advising employers and clients on emissions-trading regimes, developing organization-relevant carbon and greenhouse-gas key performance indicators, and providing disclosure of information through annual reports and accounts. (Read the article "ACCA: Accountants Should Work on Climate Change Reporting" on WebCPA and the AICPA business brief on companies going green.)

Canada - XBRL conference in Toronto on November 5, 2009

XBRL Canada will host a one-day conference at the Metro Toronto Convention Centre on November 5, 2009 to update professionals impacted by XBRL. Issues to be covered include the United States' Securities and Exchange Commission's (SEC) Interactive Data Program, IFRS Convergence, the Canadian XBRL filing environment as well as an update regarding XBRL internationally. A showcase of XBRL service providers will allow attendees to view, understand and evaluate solutions to XBRL challenges. (Read the press release and register to attend this free event at the XBRL Canada website.)

A Check-up on the Habits and Values of North America’s Young Adults

Americans like football, MySpace and text messaging. Canadians like hockey, Facebook and playing the lottery. And, both just can’t get enough of the Internet. The Internet and mobile devices have revolutionized the way people connect and communicate and that is evident in the way people have engaged in communication through their devices and online social networks. These are some of the findings from an Ipsos Reid study that investigated the behaviors, lifestyles and habits of American and Canadian young adults ages 18-34, the emerging market of young consumers. (Read the highlights of the survey "A Check-up on the Habits and Values of North America’s Young Adults (Part 2)" and also read "A Check-up on the Habits and Values of North America’s Young Adults (Part 1).")

Corporate Social Responsibility: Leading a sustainable enterprise

Today, more than ever, organizations are focused on environmental and social responsibility as a strategic objective. A 2009 survey of 224 business leaders worldwide shows that 60 percent believe that corporate social responsibility (CSR) has increased in importance over the past year. Only 6 percent say it's a lower priority. To be sustainable, businesses are now embracing a relatively new objective: optimizing their operations to improve environmental and social outcomes in a manner that increases overall performance. As a result, executives face entirely new decisions and must manage an intricate new set of trade-offs. (Read the IBM Institute for Business Value study Corporate Social Responsibility: Leading a sustainable enterprise.)

Canada - Ernst & Young survey on risk management

According to a recent survey by Ernst & Young, corporate fraud, data theft and financial reporting risk can cost organizations dearly. That’s why it’s so important for today’s businesses to get their risk management strategies right. By doing so, they can protect their valuable assets and also create a competitive advantage. In The future of risk: Protecting and enabling performance, Ernst & Young finds 96% of organizations believe they can improve risk management, while nearly half say committing additional resources to risk management could actually drive a competitive edge. The survey also finds coverage of multiple risk functions has become increasingly difficult to manage and is compounded by a lack of alignment. (Read the article "Ignoring risk management is risky, survey says" in the October 2009 CAmagazine online.)

Canada - IFRS on the Audit Radar

The Canadian Institute of Chartered Accountants (CICA) has issued a new guide that provides practical information auditors need to know about the transition to International Financial Reporting Standards (IFRS). The guide, Assurance Implications for Changeover to IFRS, is available in electronic format and will be updated periodically.

Canada - CSA prepares for upcoming changeover to IFRS

The Canadian Securities Administrators (CSA) has published for comment National Instrument 52-107 Acceptable Accounting Principles and Auditing Standards, its Companion Policy and related amendments that are aimed at ensuring a smooth transition from current Canadian Generally Accepted Accounting Principles (GAAP) to International Financial Reporting Standards (IFRS).