The International Accounting Standards Board (IASB) has issued disclosure requirements to enhance the transparency of supplier finance arrangements and their effects on a company’s liabilities, cash flows and exposure to liquidity risk.
The International Accounting Standards Board (IASB) has issued disclosure requirements to enhance the transparency of supplier finance arrangements and their effects on a company’s liabilities, cash flows and exposure to liquidity risk.
The International Accounting Standards Board (IASB) has issued amendments to IAS 12 Income Taxes. The amendments give companies temporary relief from accounting for deferred taxes arising from the Organisation for Economic Co-operation and Development’s (OECD) international tax reform.
The staff of the International Ethics Standards Board for Accountants (IESBA) has released a database of Public Interest Entity (PIE) definitions by jurisdiction (jurisdictional PIE database) to further support the adoption and effective implementation of the revisions to the definitions of listed entity and PIE (PIE revisions) in the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code).
ACCA has received recognition that its procedure and examination programmes meet the requirements for obtaining auditor status in Ukraine.
The Financial Conduct Authority (FCA) has set out actions to improve the confidence of whistleblowers – including sharing further information with whistleblowers on how it’s acted on their information; improving the use of information provided by whistleblowers; and improving how it captures information from whistleblowers.
The Chartered Institute of Management Accountants (CIMA), part of the Association of International Certified Professional Accountants founded with the American Institute of CPAs (AICPA), has signed a Memorandum of Understanding (MoU) with The Productivity Institute to enable cooperation on generating new insights into the problem of low productivity growth and the role of accountants and finance professionals, UK businesses, and government in addressing it.
The US’ Public Company Accounting Oversight Board (PCAOB) plans to increase focus on fraud-related audit procedures, continue prioritising risks related to material digital assets, and continue selecting audits in the financial services sector for inspection.
The UK’s Financial Reporting Council (FRC) has published its latest 3-Year Plan, outlining its priorities and objectives for the period 2023-2026. It gives a detailed breakdown of intended expenditure for 2023-24 and a summary of the expected trajectory of overall costs and headcount for the following two years. The plan has been developed following a consultation with stakeholders, and the feedback statement shows respondents were broadly supportive of the FRC’s overall approach to its responsibilities and commitment to delivering the principles outlined in the Government White Paper ‘Restoring trust in audit and corporate governance’.
Following the release of interim guidance (Notice 2023-7) by the US Department of the Treasury and the Internal Revenue Service (IRS) addressing how the Corporate Alternative Minimum Tax (CAMT) applies to corporations, certain partnerships, troubled companies and affiliated groups of corporations that file consolidated tax returns, the American Institute of CPAs (AICPA) submitted comments and recommendations which identify and provide additional information regarding CAMT guidance provided in the Notice and for rules not included in the Notice.
The Public Company Accounting Oversight Board (PCAOB) has issued for public comment a proposed new standard, AS 1000, ‘General Responsibilities of the Auditor in Conducting an Audit’. The Board requests public comment on the proposal by 30 May, 2023.
The International Ethics Standards Board for Accountants (IESBA) and International Auditing and Assurance Standards Board (IAASB) have announced that they welcome the report released by the International Organisation of Securities Commissions (IOSCO) on developing a global assurance framework for sustainability-related corporate reporting. The IOSCO report reflects extensive research and feedback from key stakeholders. The report calls for timely development of ethics and assurance standards for sustainability reporting by the IESBA and the IAASB, respectively.
The Financial Reporting Council (FRC) has published version 2.0 of Technical Actuarial Standard 100 (TAS 100) and its associated guidance. The new version of the Standard includes revisions to ensure that it reflects current practices in actuarial work and addresses known gaps in the quality of actuarial work.
The Financial Accounting Standards Board (FASB) has published a proposed Accounting Standards Update (ASU) intended to improve the accounting for and disclosure of certain crypto assets. Stakeholders are encouraged to review and provide input on the proposed ASU by 6 June, 2023.
ACCA has announced its collaboration with the Financial Modeling Institute (FMI), a financial modelling accreditation body serving candidates in over 50 countries.
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