US - XBRL tagging responsibility rests with filing companies

At the XBRL US National Conference in New York in mid-November 2009, panelists said the onus for Extensible Business Reporting Language (XBRL) tagging lies with filing companies and that efforts need to be made to outline tagging guidelines. Such best practices may prove tricky because many of the companies that outsourced the tagging on their early filings might not have documented their processes so they could be consistent in the future. (Read the article Panelists Advise Companies to Take Responsibility for XBRL Tagging—Even When Outsourcing in Journal of Accountancy online.)

Canada - PwC and Craib publish survey on CSR Trends 3

Our planet is changing and so is the way business is conducted. Phrases like sustainability, climate change, good corporate citizenship and going "green" are no longer part of some fringe discussion — they are now on stakeholders' agendas. This has meant a huge shift in focus for many businesses, as public concern over sustainability has started to impact the bottom line. The business environment is changing. With change comes opportunity. CSR Trends 3 is a practical working tool designed to provide useful insight into corporate social responsibility report trends around the world. The survey’s research was conducted jointly by PricewaterhouseCoopers’ Sustainable Business Solutions practice and Craib Design & Communications, a group of communications consultants with decades of experience in corporate and investor communications.

Canada - Craib survey published: AR Update 2009

"The importance of the corporate website has continued to grow as the primary channel for investor communications. That makes sense given its capacity for information and the immediacy with which that information can be disseminated. Despite these advantages, however, the web remains a passive medium in the sense that it has absolutely no impact unless investors choose to use it. In contrast, the printed annual report offers a unique ability to control the structure, pacing and content of the key messages companies want to place before the eyes of selected audiences. Judging from the time and resources spent on the printed annual report, this continues to be a priority for most Canadian public companies." (Read AR Update 2009 published by Craib online.)

New technologies that help businesses monitor social media

Companies are increasingly turning to new technologies to monitor comments made about their products on social networking sites such as Twitter and Facebook. The applications can be used to respond to customer complaints and for product development research. The applications also have marketing uses, with businesses getting involved in conversations about their products and industry. (Read the article Tracking A Million Conversations: New technologies that help businesses monitor social media at Forbes online.)

US - Highlights of IFRS Research

Conversion from US GAAP to International Financial Reporting Standards (IFRS) is a heavily discussed topic in the corporate world. Expected benefits of adoption include reporting consistency, enhanced global competition and improved financial repotting transparency. While many countries worldwide have already adopted IFRS, many other countries are closely examining its effects before adoption, not only from an economic perspective but also from a reporting quality position. (Read the article Highlights of IFRS Research at Journal of Accountancy online.)

UK - Does Green Accounting Add Up?

Are accountants part of the environmental problem or part of the solution? David Collison, professor of accounting and society at the University of Dundee, says: “Accountants provide information that drives important decisions, but very often this information is seriously flawed, because it does not take account of the environmental impact of those decisions.” Many large companies produce an environmental report, but there is little consistency. As Collison puts it: “It is fundamentally difficult because you are looking at different companies in different industries.” (Read the article Does Green Accounting Add Up? at CA Magazine online.)

US - AICPA chairman discusses accounting for sustainability

In the United States, CPAs are taking a leading role in accounting for sustainability, the practice of considering the environmental and social aspects of doing business to inform a "triple bottom line." Robert R. Harris, Chairman of the American Institute of Certified Public Accountants (AICPA), recently discussed financial reporting in this new paradigm. (View the AICPA video The CPA and Sustainability online.)

UK - Is it time to set carbon emissions standards?

Should the International Accounting Standards Board (IASB) prioritize a project on global rules for accounting for pollution? Gavin Hinks talks to PricewaterhouseCoopers sustainable development partner Alan McGill and David Lyon, principal at Arthur D. Little’s sustainability and risk practice, about the lack of a standardized method for carbon accounting and what should be done about it. (View the video Is it time to set carbon emissions standards? at Accountancy Age online.)

Canada - PwC survey on IFRS Readiness in Canada: 2009

With the January 1, 2011 deadline for Canadian companies' transition to International Financial Reporting Standards (IFRS) looming on the horizon, a new survey by the Canadian Financial Executives Research Foundation (CFERF), the research institute of FEI Canada, and sponsored by PricewaterhouseCoopers (PwC), indicates that many companies will have a race to the finish line. (Read the report IFRS Readiness in Canada: 2009.)

CICA corporate reporting guidance series

Corporate reporting is the process used to communicate with stakeholders. Stakeholders are individuals or groups that may be significantly affected by a company’s activities, products and services or whose actions can affect the company’s ability to successfully implement its strategies and achieve it objectives. The Canadian Institute of Chartered Accountants (CICA) is undertaking research to promote effective communication by providing helpful guidance for comprehensive and integrated corporate reporting.

In 2008, the CICA published a research study called Corporate Reporting to Stakeholders and a research report on Using Graphics in Corporate Reporting. Additional guidance is currently being developed with regard to Using the Internet in Corporate Reporting and Corporate Sustainability Reporting. It is also anticipated that future guidance will be developed regarding corporate reporting on governance, using performance measures, and reporting on risks and uncertainties.

Canada's Corporate Reporting Awards 2009

The Chartered Accountants of Canada Corporate Reporting Awards (CRA) is the only national awards program that recognizes excellence and best practices in corporate reporting. Now in its 58th year, the CRA presents awards for excellence in financial reporting, corporate governance disclosure, electronic disclosure and sustainable development reporting. Awards will be presented at The Carlu in Toronto, Canada on Tuesday, December 8, 2009. Hosted by leading business journalist Deirdre McMurdy, awards will be presented to the winning companies listed on the TSX and to federal Crown corporations.

Scams & shams: The trouble with social networks

The growth of social networks has brought a variety of threats that can potentially damage a company brand's good name. Most of those threats aren't new, however. Social networks have simply become another attack vector, whether for spreading malware, launching assaults on an individual's or company's reputation, or creating impostor social networking sites that divert traffic away from the brand's legitimate sites. (Read the articles Scams & shams: The trouble with social networks and How hackers find your weak spots at Computerworld online.)

Experts discuss ways to make cloud computing innovative

Cloud computing, once seen as a way to cut costs, is now being considered as a way to increase innovation. Companies need to think beyond simply running the same systems in the cloud as they have in their data centers. The value of automating business processes is decreasing, even though it is cheaper to run IT in a cloud. (Read the article Innovation, Not Cost, New Cloud Battle Cry at Information Week online.) It is also important to note that cloud computing can leave companies vulnerable to hackers. The damage that can be done is best demonstrated by a massive Google outage this year that was caused by hackers attacking the firm's cloud-computing infrastructure. (Read the article The Curse of Cloud Security at CSO online.)

COSO publishes thought paper on ERM

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has released a paper on Strengthening Enterprise Risk Management for Strategic Advantage. The paper follows the release in October 2009 of a paper on Effective Enterprise Risk Oversight: The Role of The Board of Directors. (Read COSO’s press release.)

XBRL tagging will change how financial data is reported

Extensible Business Reporting Language (XBRL), a version of XML tagging designed to improve the efficiency of financial information reporting, won't change what information is reported. Instead, it will change how information is reported. These tags provide a range of information and allow labels in any language, as well as accounting references or other subsidiary information. XBRL can show how items relate to one another, how they are calculated and whether they fall into particular groups for organizational or presentation purposes. XBRL is extensible, so companies can adapt it to meet special requirements. With XML tagging, the information in a business report is computer-readable and can be extracted, searched and analyzed (even if it's from multiple sources and written in different languages). (Read the article “QuickStudy: Extensible Business Reporting Language (XBRL)” in Computerworld online.)

Canada -XBRL Annual Conference 2009

The XBRL Canada Annual Conference was held on November 5, 2009 in Toronto, Canada. The presenters included Paul Cherry, Chair of the IASB Standards Advisory Council, who spoke about the IASB and Convergence, David Blaszkowsky of the US Securities and Exchange Commission (SEC) who explained The Roll-out of Interactive Data Reporting for US-listed Public Companies, and Andrew Lowe of the Ontario Securities Commission (OSC) who discussed XBRL and the CSA. The conference provided regulatory filers and potential filers with an up-to-date status report and concrete help in getting organized for the adoption of IFRS and XBRL. (The presentations are available at the XBRL Canada website.)

SEC's Schapiro says focus on investor needs will restore confidence

Mary Schapiro, chairman of the US Securities and Exchange Commission (SEC), said that while there were many causes of the global financial crisis, much of it boils down to risk. Investors, financial institutions, credit rating agencies, regulators and other market participants either did not know or did not understand the risks of many products. Schapiro said it is time for the markets to return to an era where everyone "can compete based on real services and results." She said to get to that point, the industry needs to focus on investor needs. (Read the online articles  "SEC head Mary Schapiro: Blame us for financial crisis too" and "SEC to begin scrutinizing risks related to retirement products".)

Basic Sustainable Marketing Principles

Sustainable Insight, a quarterly publication of KPMG, explores the important area of sustainability. The January 2009 issue looks at how companies can highlight their products and services to customers, while adhering to responsible principles of marketing. The April 2009 issue looks at the role of government in facilitating sustainability transitions based on a series of interviews with civil servants, private sector representatives and scholars of public policy. It proposes a set of criteria and means to determine whether, when and how government should facilitate sustainability.

Effective E-mail Marketing Programs

Guide to E-mail Marketing, a definitive how-to guide, was issued in 2007 by the Canadian Marketing Association’s Digital Marketing Council. It provides a critical path for a company's e-mail marketing program and includes many useful resource links.

Five Tips for Effective Use of Social Media

Integrating social media into a company's marketing strategy helps to keep in touch with current and potential customers as well as with suppliers, colleagues and other stakeholders. The Business Development Bank of Canada offers a brief overview of social media, including the individual benefits of these sites, and lists five handy tips for effective use. (Read the online article Putting a new spin on networking.)

Canada – OSFI releases draft advisory regarding impact of IFRS

Canada’s Office of the Superintendent of Financial Institutions (OSFI) has released a Draft Advisory on “Conversion to International Financial Reporting Standards (IFRSs) by Federally Regulated Entities (FREs).” This Draft Advisory addresses the regulatory implications of IFRS conversion on accounting and capital. The Draft Advisory is open for comment until December 31, 2009.