The high rate of economic growth connected to pandemic recovery weakened in the third quarter of 2021. At the same time, consumer confidence index and the volume of orders remain at high levels. This is the conclusion of a quarterly Global Economic Conditions Survey (GECS), conducted by ACCA in conjunction with the Institute of Management Accountants (IMA). According to respondents from the financial sector, the economic prospects in developed economies remains brighter than in emerging markets, where low vaccination rates continue to hamper economic recovery.

The International Federation of Accountants (IFAC) has announced the appointment of three new members to the Board (representatives of the United States, Canada and South Africa, including two women), and the reappointment of four members, representatives of Barbados, Iceland, China and Turkey, three of whom are women). Thus, for the third year in a row, the International Federation of Accountants retains a female majority, and this fact is emphasized separately.

The American Financial Accounting Standards Board (FASB) has issued an Accounting Standards Update that improves equity-classified share-based awards reporting for non-public business entities (private companies). The amendments were proposed for consideration by the Private Company Council (PCC) of the FASB, and the participating parties reached a consensus.

13 associations of professional accountants from around the world, including the Association of Chartered Certified Accountants (ACCA), the Institute of Certified Public Accountants in England and Wales (ICAEW), the U.K. Association of Accounting technicians (AAT), the Institute of Chartered Accountants of Scotland (ICAS) and the U.S. Association of Certified Professional Accountants (AICPA), are committed to ensuring the goals of carbon neutrality.

57 organizations around the world have released an open letter for the European Commission, the European Parliament and the Council of the EU calling for the unification of future European sustainability reporting standards with global baseline set of standards. Their efforts were coordinated by the European Round Table for Industry (ERT), the World Business Council for Sustainable Development (WBCSD) and the International Value Balancing Alliance.

Leaders of the world’s 20 biggest economies, who recently met in Rome, have decided to introduce a global minimum corporate tax of 15% from 2023. It will be reminded that in the previous version it was agreed by the G20 in July, and last month – in a broader format, by the leaders of more than 130 world powers.

The European Securities and Markets Authority (ESMA) listed “common enforcement priorities” when assessing the 2021 annual financial statements of listed companies. The first of these is the impact of COVID-19, followed by climate-related disclosures.

The COVID-19 pandemic required unprecedented public sector intervention in society and the economy. Much of the world’s spending was distributed in an accelerated manner. In such circumstances, conducting audit of such spending becomes especially relevant. This is stated in the survey “Auditing the pandemic: transparency, accountability and inclusiveness of the use of emergency funding for COVID-19”, conducted by ACCA.