The U.S. Audit Regulator, the Public Company Accounting Oversight Board (PCAOB), has released a report on its audit performance inspections over the past year. This time, 510 audits of 114 U.S. audit firms were inspected and 107audits of 39 non-U.S. firms. The main conclusions are as follows.

According to the Association of Certified Public Accountants (ACCA), European and global organizations, as well as governments, must take an active part in reducing carbon emissions through regulation and provision of green infrastructure. Specific proposals include setting a global minimum price for carbon emissions.

The Financial Reporting Council (FRC) has published the results of a study of the application of IAS 37 “Provisions, Contingent Liabilities and Contingent Assets”, which is considered problematic in the United Kingdom.

The Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA) focused auditors’ attention on risk-based audits by introducing a new standard, SAS 145, Understanding the Entity and Its Environment and Assessing the Risk of Material Misstatement.

In March, a new approach to developing IFRS disclosure requirements was introduced. The European Financial Reporting Advisory Group invites to take part in an online survey on its implementation, which will run until January 12, 2022. It targets small and medium-sized entities.

The International Ethics Standards Board (IESBA) plans to replace management. For the first time after the last six years of Stavros Thomadakis presidency the organization will be headed by Gabriela Figueiredo Dias, a Portuguese-born woman who will take office on January 1, 2022.

The COVID-19 pandemic has become a driver of change and unprecedented transformation. In particular, many companies that previously resisted the digitalization of business, accepted it as inevitable. Most of them have successfully adapted to the situation and are gradually gaining more and more market share, squeezing competitors.

The Financial Economists Roundtable (FER), a group of senior financial economists formed in 1993 with significant contributions to economic theory, shared views on future requirements for disclosure on factors of sustainability that the Securities and Exchange Commission is preparing to introduce in the United States.