Following an online meeting on June 4-5, G7 Finance Ministers and Central Bank Govermors (later joined by IMF, OECD, Financial Stability Facility and other organizations) issued a final communique in support of the IFRS Foundation Trustees' initiative to develop global sustainability reporting standards.

Accorindg to the Journal of Accountancy, internal audit will be pivotal in the ultimate success of the widespread implementation of sustainability reporting, as this function creates organizational value, which is one of ESG-related issues. The United States do not stand aside, so the US Securities and Exchange Commission is exploring the possibility of strict regulation in this area, especially on the social component, where in the past issues of inclusiveness, equality and diversity have been repeatedly raised.

Teamwork is the best way to complete projects. Teamwork has a number of values ​​that encourage listening to someone else’s opinion and reacting constructively to it, providing support for each other, giving colleagues the opportunity to question and recognize their interests and achievements.

Management 3.0 is the future of management. It is important for managers to respond immediately to changes in the environment to be effective, which is especially important in times of instability and prolonged crisis. As to audit firms, now the ability to respond quickly to external changes is critical. Without this, the audit firm may not survive in a highly competitive environment.

The U.S. Governmental Accounting Standards Board (GASB) has proposed to improve accounting and financial reporting requirements for accounting changes and error corrections. The main task is to simplify the reporting of financial information making its more reliable, consistent, relevant and comparable.

In May, the International Accounting Standards Board invites everyone interested to review the effectiveness of the new approach to disclosure requirements in IFRS 13 Fair Value Measurement and IAS 19 Employee Benefits in the fieldwork. As the experience of such ‘field-testing’ of IFRS already exists, and ​​the European Financial Reporting Advisory Group (EFRAG) was positive about the idea, it will study the effectiveness of the March proposals in practice.