The U.S. Financial Accounting Standards Board (FASB) has amended the standards in Topic 820, Fair Value Measurement, that can enhance the usefulness of financial statements to investors and other users. The main objective is to increase the comparability of financial information on investments in securities (equity securities) subject to certain contractual restrictions preventing their sale, but which must be measured at fair value.

The role of finance professionals has grown dramatically in a pandemic. But only one in three believes that their current status will become a steady trend. In the difficult conditions of the pandemic, the attention of company management was focused on financial stability, planning and scenario analysis. However, the excessive demand for skills and the constant demands of the last year have put pressure on the mental health of finance professionals around the world. This is stated in a joint study “Finance Functions: Seizing the Opportunities” conducted by ACCA in collaboration with PwC.

The International Public Sector Accounting Standards Board (IPSASB) has begun regular consultations on further areas of its work. The previous items of the current program have been implemented, and such a step was fully planned. It has become clear that IFRS developers already see two major themes for public sector as the highest priority: financial reporting and differential reporting.

The International Federation of Accountants (IFAC) has published its guide on the implementation of future global sustainability standards at the level of individual jurisdictions. In this way, IFAC makes a clear hint of the need to gradually prepare for the transition to the new system, although in reality no standard has yet been developed, of course, and the official start of ISSB has not been announced by the IFRS Foundation (this is also planned at an international climate change conference in Glasgow in late November).

In recent years, the attention of the world community, including investors and regulators, to how businesses and capital markets are responding to climate change has increased significantly, creating one of the main challenges facing accountants and auditors today. As always, remaining on the cutting edge of progress, they are obliged to take an active part in how exactly climate information will be disclosed in the reporting for the current 2021 and in the future, says the International Federation of Accountants (IFAC).

Despite the spread of ESG disclosures in the corporate reporting of global companies (and even despite the appearance in the hands of auditors of reliable tools for their audit), a report from the U.S. Center for Audit Quality (CAQ) shows that so far very little public companies give this data for verification to auditors. At least, such conclusions can be reached, given the practice of U.S. companies.

According to the Journal of Accountancy the employee benefit plan audit and reporting will soon change in the United States as new AICPA auditing standard take effect. The communication of auditors with management and those charged with governance will change: it will become more substantial and robust. The same requirements will apply to the auditor’s report.