Paul Ash, FCMA, CGMA, has been elected the 6th chair of AICPA and CIMA, the Association that represents 696 thousand members, students and engaged professionals in management and public accounting across 192 countries. He has been also elected the 88th president of CIMA (the United Kingdom).

The UK Financial Reporting Council (FRC) has published a Statement of Intent on Environmental, Social and Governance challenges, which discusses the problematic areas of expanded disclosure, which does not yet satisfy the requests of its users. Next, regulators talk about what they intend to do in this regard for regulation.

The European Commission sets new sustainable finance goals. And as always, when the issue of European financial stability is raised, the relevant messages to the European Parliament, the Council of Europe and other senior EU bodies are not without mentioning international financial reporting standards and their impact on sustainability.

Following management approval in late May, the International Accounting Standards Board’s technical staff has begun writing narrow-scope amendments to IFRS 17 Insurance Contracts to address accounting inconsistencies in the simultaneous application of IFRS 9 Financial Instruments.

The International Organization of Securities Commissions (IOSCO) presented a report in which it shared its expectations of the future work of the IFRS Foundation in the context of international sustainability reporting standards with an emphasis on the investors needs. The report was prepared by the Sustainable Finance Taskforce, a part of the IOSCO, whose members reiterated the urgent need to ensure consistency in the sustainability-related disclosures, their compatibility and reliability.

The Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA) has issued new guidance that takes into account the effect of recent changes in the Statement on Standards for Attestation Engagements. The topic is agreed-upon procedures related to assets- backed securities that are part of a comprehensive due diligence.

Analysis of the integrated reports of 14 companies – members of the International of Integrated Reporting Council (IIRC) for 2019-2020 has showed that integrated thinking provides new opportunities to define the company's purpose and understand enterprise value creation. However, the constant development of norms and standards makes the process of writing reports more difficult. This is stated in the study “Invisible threads: communicating integrated thinking”, conducted by ACCA – a global professional association that brings together professionals in the field of finance, audit and accounting.

The IFRS Foundation is currently in the process of establishing a new International Sustainability Standards Board (ISSB). The search for candidates for the chairman and vice-chairman of the new organization began in early June and was to end on June 30. To provide the new developer with an easy transition to their immediate responsibilities for creating a new system based on the standards systems that have been in place for several years, the Trustees decided to create a special Technical Readiness Working Group (TRWG), which will include representatives of global organizations with experience in developing standards for integrated reporting and sustainability reporting.

The US Sustainability Accounting Standards Board (SASB) and the International Integrated Reporting Council (IIRC), which announced the merger closer to the end of last year, have finally completed the process. ACCA representatives were among the first to welcome this good news.

The National Association of State Boards of Accountancy (NASBA) and the American Institute of CPAs (AICPA) have launched a new ‘evolutionary’ model of professional training for accountants - the CPA Evolution Model Curriculum (CPAEMC). The ‘evolution’ of the model is that it is an example for educational organizations in the preparation of their graduates – future professional accountants – taking into account the changing requirements.