عرض العناصر حسب علامة : CIMA
الأربعاء, 16 أغسطس 2023 07:37
تطلق جامعة أكسفورد و AICPA و CIMA دورة في الاستدامة
التسجيل مفتوح الآن لدورة إدارة تنفيذية مدعومة من خبراء متخصصين من كلية أوكسفورد للأعمال، و AICPA و CIMA.
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محاسبة و مراجعة
الأحد, 25 يونيو 2023 08:18
تقدم AICPA و CIMA أدوات تعليمية جديدة للمحاسبين
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محاسبة و مراجعة
موسومة تحت
الثلاثاء, 28 فبراير 2023 08:41
التقرير الثالث من IFAC و AICPA و CIMA اتجاهات الاستدامة
وفقاً لتقرير AICPA و CIMA و IFAC يتزايد الزخم من أجل الإفصاح عن الحوكمة البيئية والاجتماعية وحوكمة الشركات وضمانها، ومع ذلك، لا يزال الإبلاغ عن التناقضات باقٍ
معلومات إضافية
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المحتوى بالإنجليزية
The largest global companies continue to show momentum on corporate reporting and related assurance involving environmental, social and governance (ESG) issues, according to a new report from the International Federation of Accountants (IFAC) and AICPA & CIMA, the latter two of which form the Association of International Certified Professional Accountants. Significant hurdles remain, however, when it comes to providing consistent, comparable and high-quality sustainability information for investors and lenders,
Some 95% of large companies reported on ESG matters in 2021, the latest year available, the IFAC-AICPA & CIMA study found. That’s up from 91% in 2019. Sixty-four percent of companies obtained assurance over at least some ESG information in 2021, up from 51% in 2019. The inability so far to coalesce around agreed upon global standards continues to create challenges, however.
“Even as we see companies increasingly report on ESG and sustainability, the data we’re tracking reveals continuing fragmentation around the world in terms of which standards and frameworks are used,” noted IFAC CEO Kevin Dancey. “Eighty-six percent of companies use multiple standards and frameworks. This patchwork system does not support consistent, comparable, and reliable reporting. Importantly, it also does not provide the necessary foundation for globally consistent, high-quality sustainability assurance.”
The report also examines the extent to which companies provide forward-looking information on emissions reduction targets and plans. While two-thirds of companies disclosed targets, they lag the rate at which companies report their historic greenhouse gas emissions (97%).
“Steady increases in reporting and assurance are significant, yet more companies need to take the additional step to obtain assurance to build trust and confidence in what they report,” said Susan Coffey, AICPA & CIMA’s CEO of public accounting. “Our profession’s role in providing that assurance is crucial. CPAs have unquestioned competence, professional judgment and operate within a robust system built with public protection in mind. We should be the clear choice for instilling trust and value in ESG data around the world.”
Additional Key Findings
Use of Sustainability Accounting Standards Board (SASB) standards and the Task Force on Climate-Related Financial Disclosures (TCFD) framework have increased significantly between 2019 and 2021: there was a 29% increase for SASB standards usage and 30% for the TCFD framework.
While accounting firms conduct more engagements, their market share—57% of sustainability/ESG assurance engagements—has declined from 63% in 2019.
When companies obtained assurance from a professional accountant, they chose their statutory auditor 70% of the time.
Globally, the International Auditing and Assurance Standards Board’s International Assurance Engagement Standard 3000 (Revised) remains the most popular standard when providing assurance:
95% of firms providing assurance use ISAE 3000, up from 88% in 2019.
38% of non-accountant service providers use ISAE 3000, up from 34% in 2019.
About the Study
IFAC and AICPA &CIMA partnered to understand the environmental, social, and governance (ESG) reporting and assurance practices on a global basis by capturing reports containing ESG information in 21 jurisdictions. Some 1,350 companies were reviewed—100 from each of the largest six economies, with 50 companies reviewed in the remaining 15 jurisdictions. The current report includes data from 2019-2021. Full methodology is available in the study.
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محاسبة و مراجعة
موسومة تحت
الأربعاء, 22 فبراير 2023 09:37
تطلق Oxford و AICPA و CIMA برنامج شهادة في مجال الاستدامة
تتعاون AICPA و CIMA اللتان تشكلان معًا رابطة المحاسبين المهنيين المعتمدين الدوليين، وكلية Saïd للأعمال بجامعة أكسفورد لتقديم برنامج شهادة الإدارة التنفيذية في الاستدامة لمحترفي المحاسبة والمالية.
معلومات إضافية
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المحتوى بالإنجليزية
AICPA & CIMA, which together form the Association of International Certified Professional Accountants, and the University of Oxford's Saïd Business School are partnering to offer an executive management certificate programme in sustainability for accounting and finance professionals.
"Simply put, this exciting collaboration will help to improve the world we live in," Soumitra Dutta, Dean of the Saïd Business School, said in a news release announcing the programme. "With our school's world-class teaching, we will equip accounting and finance professionals across the globe with the skills and knowledge they need to better focus businesses on their social and environmental impact. I cannot imagine a more important time for such a programme, as we all face the very real dangers of the growing climate crisis."
The programme, scheduled to launch later this year, is designed for mid- to senior-level accounting professionals, such as CFOs, chief accounting officers, and board members. It will be taught online through live classes, giving participants access to Oxford faculty members with expertise in sustainability issues, and will provide an unparalleled opportunity to develop a global network of contacts, the release said.
"As we move closer to global sustainability standards, there is high demand for accounting and finance leaders who can successfully navigate this dramatic shift to greater organisational transparency beyond traditional financial metrics," said Andrew Harding, FCMA, CGMA, AICPA & CIMA's CEO–Management Accounting. "Our new programme will give key players in this transformation the skills they need to build trust with stakeholders and provide consistent, comparable information to develop strategies and shape decisions related to sustainability."
Graduates of the programme will earn a certificate jointly signed by Oxford Saïd and AICPA & CIMA, and they also will benefit from a dynamic and impactful global alumni network — the Oxford Saïd Elumni Network.
The programme is intended to:
Equip aspiring professionals with subject matter expertise, insight, and practical knowledge to support and lead their organisation's response to sustainability issues;
Alert employers and prospective employers that certificate holders possess a deep understanding of how sustainability issues affect their organisation's ability to create long-term value, with relevant implications for decision-making and resource allocation; and
Deepen a professional accountant's ability to apply business skills to sustainability issues, which will have a profound effect on organisational business models.
According to the release, AICPA & CIMA and Oxford Saïd plan to explore other joint executive management programmes relating to management accounting and the future of finance.
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شهادات مهنية
الثلاثاء, 02 أغسطس 2022 10:06
حصلت المزيد من الشركات على تأكيد مستقل بشأن بيانات الاستدامة وفقًا لدراسة عالمية أجراها IFAC و AICPA و CIMA
معلومات إضافية
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المحتوى بالإنجليزية
More Companies Obtaining Independent Assurance on Sustainability Data, According to Global Study by IFAC, AICPA & CIMA
58% of global companies obtained ESG assurance in 2020
Assurance engagements were mostly limited in scope
61% of ESG assurance services were performed by professional accounting firms, with substantial variation in practice within different jurisdictions
The number of global companies obtaining independent assurance on their environmental, social and governance (ESG) information increased from 51% to 58% in 2020, compared to the previous year, according to new data from the International Federation of Accountants (IFAC), American Institute of CPAs (AICPA) and Chartered Institute of Management Accountants (CIMA), the latter two of which represent the unified voice of the Association of International Certified Professional Accountants.
The 2020 information released today is an update to the accounting bodies’ inaugural study last year that examined global trends in both sustainability-related reporting and its assurance. This latest update offers the first benchmark of progress relative to the original data. A follow-up study that incorporates 2021 information is expected to be released at a later date.
When it comes to ESG assurance, 82% of engagements were limited in scope in 2020, essentially the same as in 2019 (83%). Some 61% of assurance engagements were performed by audit firms on a global basis, a slight decline from the previous year (63%). Jurisdictions with some of the highest rates of assurance performed by professional accountants include Australia, France, Italy, Germany and Spain. In other countries, including South Korea, the United Kingdom and the United States, most assurance engagements are conducted by service providers outside of the accountancy profession. Professional accountants have high professional standards, including independence, and are subject to regulatory oversight, which is critical in this space.
On the reporting side, the study found 92% of global companies provided some ESG data to investors, either through integrated, annual or standalone reports. The use of, or reference to, Sustainability Accounting Standards Board (SASB) standards more than doubled in 2020. This is important because new disclosure proposals from the International Sustainability Standards Board (ISSB) include and build upon SASB standards. (SASB’s parent organization, The Value Reporting Foundation, will consolidate into the IFRS Foundation on Aug. 1, 2022, to support the work of the ISSB.)
“It’s encouraging to see continued high levels of reporting on sustainability information and an overall increase in assurance globally,” said IFAC CEO Kevin Dancey. “But our research tells us that 80% of companies are using multiple frameworks or standards, which results in data that is not consistent, comparable or decision-useful for investors, stakeholders or society at large. Sustainability reporting and assurance will only reach its full potential when it is based on a harmonized global system led by the International Sustainability Standards Board’s comprehensive baseline of disclosure.”
The 2020 study data also shows 89% of companies presented at least some information in each of four categories: greenhouse gasses, other environmental factors, social and governance. Yet only 43% provided assurance for all four categories. The most common area for independent assurance was greenhouse gases (95%).
Seventy percent of global companies that engaged a professional accounting firm to perform the ESG assurance engagement chose the firm that audits their financial statements.
“High-quality reporting requires high-quality assurance,” said Susan S. Coffey, CPA, CGMA, AICPA & CIMA’s CEO of public accounting. “Auditors already have a holistic view of a company’s risk profile, structure and processes, so it makes sense for that firm to also engage in ESG assurance. Professionally qualified and licensed accountants have the requisite expertise, objectivity, integrity and commitment to professional standards that are essential for instilling trust in ESG reporting.”
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محاسبة و مراجعة
الأحد, 12 ديسمبر 2021 18:47
الاتصال والعمل الأساسي والتقارب -ما التالي لمعايير المحاسبة الدولية لإعداد التقارير المالية؟
ألقى أندرياس باركو، رئيس مجلس معايير المحاسبة الدولية (IASB)، كلمة أمام المندوبين في مؤتمر AICPA وCIMA حول التطورات الحالية لـ SEC وPCAOB في 7 ديسمبر في واشنطن. في خطابه، أوجز أولويات IASB الفورية والمستقبلية، وتحدث عن الأهمية المتزايدة لقضايا الاستدامة في التقارير المالية وتبادل وجهات نظره حول التقارب مع FASB.
معلومات إضافية
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المحتوى بالإنجليزية
Connectivity, core work and convergence—what next for IFRS Accounting Standards?
Barckow Andreas
Andreas Barckow, Chair of the International Accounting Standards Board (IASB), addressed delegates at the AICPA and CIMA Conference on Current SEC and PCAOB Developments on 7 December in Washington. In his speech, he outlined the IASB’s immediate and future priorities, talked about the growing importance of sustainability issues in financial reporting and shared his views on convergence with the FASB.
Good afternoon, it is a pleasure to be with you today. My name is Andreas Barckow, and since July this year I have served as Chair of the International Accounting Standards Board, or IASB. The IASB is the independent standard-setting board of the IFRS Foundation, which is responsible for IFRS Accounting Standards required for use by more than 140 countries.
Although US companies are required to use US GAAP, many have international subsidiaries that report using IFRS Accounting Standards. Moreover, US investors investing internationally are prolific users of financial statements that comply with IFRS Accounting Standards. Your views matter to us, so please continue getting involved in our work.
Given the role IFRS Accounting Standards play in United States, I’ll focus my comments on three strategic topics: sustainability, our current and future work programme and convergence.
Sustainability-related financial disclosures
First off is sustainability. It might seem odd for the Chair of the IASB to begin by talking about sustainability. However, the principle-based nature of IFRS Accounting Standards means that sustainability issues such as climate change and other emerging risks are already covered by our existing requirements, even though such risks are not explicitly referenced—companies are required to consider sustainability-related matters in their financial statements when their effect is material to users of the financial statements.
About a year ago we published educational material that highlighted the potential relationship between current requirements in IFRS Accounting Standards and climate-related matters. The bottom line is that even if a Standard does not say ‘this applies to risks and obligations arising from climate-related matters, too’, those requirements need to be considered. Topics covered in the November 2020 educational material include impairment, provisions, and insurance contract liabilities—and some less obvious points like risks arising from financial instruments. I highlight this material as a reminder that climate change risk is an issue for today, not just for tomorrow.
Sustainability has become a mainstream topic for every company board of directors. The topic is making its way from the investor relations and communications functions straight to the finance department, and for good reason—it is here where robust processes and controls resides. So, for those involved in financial reporting, let me assure you—sustainability is going to become part of your day job—if it isn’t already!
Earlier today, you may have heard my colleague Lee White talk about a new sister-board to the IASB, known as the International Sustainability Standards Board, or ISSB. The creation of the new board was announced last month at the COP26 climate conference and welcomed by more than 40 jurisdictions around the world, including the United States. Its purpose is to develop a comprehensive global baseline of investor-focused, sustainability-related disclosure standards for the global capital markets. It will be up to each jurisdiction to decide whether and how to incorporate the global baseline into their own requirements, and there will be no requirement for the jurisdiction to be using IFRS Accounting Standards.
To facilitate a running start of the new Board, the ISSB will benefit from recommendations to create two standards—one on climate-related disclosures and one on general disclosure. These recommendations—or prototypes—have been developed in a joint effort by the IASB and leading investor-focused sustainability organisations. And we are truly delighted that two of these organisations, the Value Reporting Foundation—home of integrated reporting and SASB Standards—and the Climate Disclosure Standards Board will become part of the ISSB.
While both the ISSB and the IASB will be independent, our Trustees have made clear that the two Boards are expected to work in very close cooperation to drive compatible reporting from the outset. This is a message that we have also heard loud and clear from our stakeholders and advisory bodies—connectivity between accounting requirements and sustainability disclosure requirements is essential. The left hand must work in sync with the right. Hence, we will strive to make our Standards compatible and complementary—to facilitate seamless reporting by companies to provide investors with a comprehensive, decision-useful set of information.
However, there is also clear delineation between our responsibilities. The IASB is predominantly focused on reporting transactions and events that have taken place up until the reporting date; the ISSB’s focus is on risk and opportunities that could impact the company’s future value and cashflows. We must work to avoid gaps, frictions or unnecessary overlaps in the two boards’ literature. The two types of information should neatly fit together like two pieces in a puzzle.
As I said at the outset, the topic of sustainability disclosures is very likely to be coming your way if it hasn’t already. If you want to stay up to date with our sustainability work, then create an account on our website and choose to follow sustainability.
Current work programme and future direction
Working with the ISSB will be important, but we also have a lot to get on with ourselves. And the arrival of a new Chair does not mean we throw everything done to date overboard and start afresh. So, let me touch on some of the bigger projects on our current agenda, before looking at our future agenda.
The last 18 months have been intense for everyone given the enduring pandemic. We have asked a lot from our stakeholders, having published several consultation documents for comment, even though we have provided longer comment periods than normal. I want to thank everyone for their invaluable input—writing comment letters, engaging in fieldwork or participating in outreach events. We are now discussing the feedback we have received. Let me highlight three key projects—Primary Financial Statements, post-implementation reviews and Goodwill and Impairment.
Primary Financial Statements
Our Primary Financial Statements project consists of three key elements—creating a better structure for the statement of profit or loss by introducing an operating, an investing and a financing category of income and expenses and requiring companies to present two new subtotals; improving the way companies aggregate and disaggregate information; and requiring the disclosure of information of some management-defined performance measures—that is, performance measures not specified by IFRS Accounting Standards. We also have proposed limited changes to the statement of cash flows to improve consistency in classification by removing options.
Overall, the proposals have been well received. Surely, there have been concerns regarding some of the details and requests for clarification, but nothing so earth-shattering that we would see a need to go back to the drawing board completely. The IASB started its deliberations of the feedback in spring this year, and while we are making good progress, we will certainly spend the next year, too, to get us through all the feedback and make decisions.
Post-implementation reviews
Next are what we call post-implementation reviews, or PIRs. Our due process requires us to conduct a post-implementation review of any new Standard or major amendment two to three years after the pronouncement has become effective. The objective of such reviews is to assess whether the Standard is working as the IASB had intended and not to reopen rounds of known arguments.
We deliberately allow time for practice to develop before we review the requirements. Concerns raised in the early days after new requirements are introduced are often resolved without the need for us to get involved through standard-setting. This is of course a balancing act—issues may arise that require us to act before we get to the review stage. But as a global standard-setter we must be mindful of the challenges that arise when we do act. Every change affects tens of thousands of companies across 100+ jurisdictions. That is the main reason why the reviews don’t begin until after a reasonable time has passed.
We are currently working on two such reviews: the first is on our suite of consolidation Standards—IFRS 10, 11 and 12— and the second is on our financial instruments Standard, IFRS 9, which we have just initiated.
Overall feedback on the consolidation Standards indicates they are working well—somewhat contrary to the heated debates during the development of the Standards. Not everyone agreed with the changes that were brought in at that time, but initial concerns have largely gone away. Suggested improvements are mainly limited to specific areas of application, and we will consider whether and how to best address them. This is a good example of why it is best to let practice develop before considering making changes to new requirements.
Our financial instruments Standard became effective in 2018, so it would be about time to start the PiR. Yet, given the new impairment approach, we decided to postpone the review of those provisions to gather further evidence of how the Standard responds to the challenges posed by the current pandemic. We are, therefore, focusing on the classification and measurement requirements first and will consider the remaining requirements later. One area of particular interest we are looking at now concerns financial instruments with ESG features. We are aware that these are becoming increasingly popular, so we want to make sure that our existing requirements can be applied to them and produce meaningful results.
Goodwill and Impairment
The third project I will touch on from our current work plan is Goodwill and Impairment, which is actually a follow-up from the PIR on IFRS 3, our Standard on business combinations. The IASB published a discussion paper on this topic in March 2020. At that time, the IASB had concluded that the existing impairment provisions could not be significantly improved rather than making changes at the fringes. Having concluded that we couldn’t respond to investors’ concerns about post-acquisition performance by improving the effectiveness of testing goodwill for impairment, we shifted gears and asked whether companies can—at a reasonable cost—provide investors with more useful information about the acquisitions they make to help them assess whether they have been a success.
I should mention that the IASB also considered whether it should change the subsequent accounting for goodwill and revert back to an amortisation model. However, it was pretty much evenly split between those wanting to retain the existing impairment-only approach, and those wanting to have another look at amortisation, so did not propose any changes in the discussion paper. When looking at the feedback, it is evident that our stakeholders are equally divided over that question, with no clear trend being visible by jurisdiction, industry or professional background. My takeaway from that is that there is no perfect solution; both approaches have their benefits and drawbacks.
The IASB’s primary objective to bring transparency to the subsequent performance of a business combination was received well by users and less well received by preparers. Their concerns are ranging from an inability to track the performance of the acquired business to having to provide potentially company-sensitive and forward-looking information. Given the robustness and diversity in views, finding a solution is truly challenging. One approach we are considering is to investigate a package of disclosures that could substitute, at least in part, the perceived loss of information that proponents of the impairment-only approach fear when abandoning that model. Over the coming months, we will be testing sample disclosures with preparers, auditors and users and seek their feedback before making any hardwired decisions.
There is another dimension to this project—our colleagues at the FASB are also reviewing their goodwill literature and have tentatively reached a different conclusion to the IASB. Given that our pronouncements on business combinations are largely converged, an important consideration is to investigate how we can stay aligned. I will come back to this issue at the end of my speech.
Agenda consultation and future work programme
We are committed to completing the projects on our current agenda, but we are also looking at our future work programme. Our future work and priorities will be guided by feedback from our latest agenda consultation. This is a process we are required by our due process to undertake every five years—to seek views on whether we’ve got the right balance in our work and views on which issues we should prioritise.
Our consultation ran from March to September and was targeted at our future agenda covering the period from 2022 to 2026. We have received great feedback from all corners of the world. Our staff are still working through feedback received. Some key themes are already becoming clear— ‘be mindful how much change you impose on stakeholders; reserve time for working with the new ISSB as well as on emerging issues; and do something on intangibles.’ Especially the last message is music to my ears, because I have long held the view that we must improve the transparency around intangible items.
Encouragingly, stakeholders think our strategic direction and balance of activities are about right—that is focusing approximately half of our resources on working on new projects and devoting the remaining time on maintenance and supporting consistent application; on our private company Standard, the IFRS for SMEs Standard; on digital financial reporting; on understandability and accessibility; and on stakeholder engagement. Some stakeholders want us to focus slightly less on developing new requirements and more on maintaining the Standards and supporting consistent application, but overall stakeholders seem to be happy.
New projects our stakeholders have suggested as high priorities for our future work plan include work on climate-related risks (including pollutant pricing mechanisms), cryptocurrencies and related transactions, going concern, intangible assets and the statement of cash flows. We yet need to determine whether these issues are all for us—some items in this list may be better suited to the ISSB or may be areas to be considered jointly—and whether and how we should approach them. I have already confessed that I am very interested in starting work on intangibles. It’s a thorny issue but one where I think transparency is utterly needed and where I am sure we can make improvements.
Some of the projects I have mentioned in relation to both our current and future work plan are topics the FASB has also received similar feedback on or are linked to projects the IASB and the FASB have worked on together in the past.
Convergence
Let me therefore finish by saying a few words about our work with colleagues at the FASB—and about convergence. When the IASB was formed 20 years ago, it was modelled on the FASB. Our structures and processes are similar, and from the outset we’ve worked together in very close cooperation, and that cooperation continues to this day.
The label ‘convergence’ can have different meanings. I like to think of it as something that can refer to a process as well as to a product. In the early 2000s, the IASB and the FASB worked hard to bring our respective literature closer by engaging in joint standard-setting and joint decision-making. This aspect of convergence was the focus until 2011, and it led to requirements that were fully or largely identical. Our Standards on business combinations are evidence of such efforts, and so is our literature governing segment reporting, consolidation, revenue recognition and leases. Convergence was then used as a label describing a process.
Now, it is one thing getting to converged Standards. It is yet another is to keep converged Standards converged. We both realise that keeping converged literature converged is oftentimes easier said than done. We both have an obligation to our stakeholders, and we both want to be responsive when issues arise and are flagged to us. Each board has its processes and due process obligations it needs to follow.
So, preserving what our predecessors achieved is an ongoing challenge, and it is now up to me as IASB Chair and Rich Jones as FASB Chair to work together so that the gains of the earlier years’ convergence work are preserved for the benefit of investors around the globe.
Keeping each other informed is obviously vitally important. And as I said, our cooperation continues to this day. The FASB is and has been an active member of our Accounting Standards Advisory Forum since its inception; we have maintained fruitful annual joint education sessions; and we also have frequent engagements at board level and among our staff. And I for one would hope we can continue and deepen our relationship to the mutual benefit of our two boards and our stakeholders.
Close
I have focused my remarks on some of the bigger picture topics we see today to give you insight into the IASB’s immediate and future priorities. I have talked to the growing importance of sustainability issues and how they interrelate with financial reporting. I have spoken about the IASB’s current and future agenda. And I have shared my views with you as to how I see convergence with the FASB. I hope to have given you food for thought and wish you all an interesting conference.
Thank you all for your time and attention.
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محاسبة و مراجعة
الخميس, 23 سبتمبر 2021 11:36
بول آش الرئيس الجديد للمعهد القانوني للمحاسبين الإداريين
تم انتخاب بول آش الرئيس الثامن والثمانين لمعهد تشارترد للمحاسبين الإداريين (CIMA)
معلومات إضافية
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المحتوى بالإنجليزية
Paul Ash has been elected the 88th President of The Chartered Institute of Management Accountants (CIMA) and the 6th Chair of the Association of International Certified Professional Accountants, the most influential body of professional accountants in the world.
Combining the strengths of AICPA & CIMA, the Association represents 696,000 members, students and engaged professionals in management and public accounting across 192 countries and territories.
During his one-year term, Paul will concentrate his efforts on a digitally focused agenda, re-imagining the services that accounting professionals provide and demonstrating the value they bring in a fast-changing business world.
Ash: a privilege
He will encourage members to take new opportunities to help their organisations adapt and thrive, working closely with Bill Pirolli, who will serve as AICPA Chair and Vice Chair of the Association.
On his appointment, Paul said: “I am proud to have been elected. It will be a privilege to serve our members and students around the world.
“The shock created by the pandemic has accelerated the transformation of our profession to meet the demands of an ever-changing business world, harness the power of new and emerging technologies, and to remain at the forefront of business decision making for years to come.
As accounting professionals, we must step out of our own comfort zones and dare to help our businesses navigate paths out of the crises many now face
“AICPA and CIMA have worked tirelessly over the past five years to ensure that we train the management and public accountants the world needs. And now more than ever, we are here to support them to embrace change and innovation, evolve their skills and competencies and to create more value as strategic partners for their businesses.
“As accounting professionals, we must step out of our own comfort zones and dare to help our businesses navigate paths out of the crises many now face, and build a more resilient and sustainable future for both our businesses and all of their stakeholders.”
Paul became a CIMA member in 1981 and was awarded his fellowship in 1986. He first volunteered with CIMA during the mid-1980s while with the London Stock Exchange, where he initiated and managed a CIMA-approved training programme and was a founder member of the CIMA City Interest Group.
In 2013, he was elected to CIMA Council for the Central and Southern England area. In addition, he was a member of the inaugural governing Board of the Association, served on CIMA’s Membership, Global Markets and Executive Committees and was Vice Chairman of the CIMA Benevolent Fund Committee. Paul also served as Chairman of the Association’s Lifelong Learning Committee, where he helped lead the changes required to drive CIMA’s syllabus into the digital age.
He has a degree in economics from the University of Leicester and began his career in the industrial manufacturing sector. He then moved into the financial services sector and joined the London Stock Exchange in 1980 as a Management Accountant. He worked his way up to become Chief Accountant and led the changes that were necessary to the Exchange’s reporting systems during the deregulation of the financial securities markets in 1986.
Following a 12-year career in the City, Paul returned to industry and commerce undertaking corporate finance roles with British Gas and Greenergy International, before joining Institute for International Research (IIR) as Group Finance Director in 1996.
More recently, he founded, financed, and developed several businesses in the energy, media, and property services sectors. His energy businesses provide power and heat to their customers in the agricultural and manufacturing sectors, using the latest technologies to improve efficiency, reduce costs, and carbon emissions.
Other appointments ratified at the CIMA annual general meeting: Melanie Kanaka was elected as Deputy President and Sarah Ghosh Vice President.
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موضوعات متنوعة
الإثنين, 03 أكتوبر 2022 13:13
إرشادات حول مخاطر التدقيق للعملات المشفرة
أصدر المعهد الأمريكي للمحاسبين القانونيين AICPA والمعهد القانوني للمحاسبين الإداريين CIMA إرشادات مشتركة يوم الثلاثاء للتدقيق والمحاسبة لمخاطر الأصول الرقمية مثل العملة المشفرة.
معلومات إضافية
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المحتوى بالإنجليزية
AICPA, CIMA offer audit risk guidance for crypto
By Michael Cohn
May 25, 2021, 1:15 p.m. EDT
2 Min Read
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The American Institute of CPAs and the Chartered Institute of Management Accountants jointly released guidance Tuesday for auditing and accounting for the risks of digital assets such as cryptocurrency.
The AICPA and CIMA updated their practice aid, “Accounting for and auditing of digital assets,” with new nonauthoritative guidance on audit risk assessment, along with processes and controls, laws, and regulations and related parties. The practice aid was originally released in 2019, but was updated last year and now with the new information on audit risk assessment.
Cryptocurrency investing has caught on increasingly in recent years, particularly in the past year, when digital currencies like Bitcoin, Ethereum and Dogecoin have seen remarkable growth in prices. However, a recent downturn in the market has led to worries among crypto investors, who are also concerned about increasing regulation from the Securities and Exchange Commission and efforts by the Internal Revenue Service to require improved reporting of crypto transactions to discourage tax evasion and money laundering.
Yuriko Nakao/Bloomberg
The guidance was developed by members of the AICPA & CIMA Digital Assets Working Group (DAWG) and their staff and is specific to the U.S. generally accepted auditing standards (GAAS). “There are challenges and unique considerations when auditing an entity that holds or transacts with digital assets,” said Diana Krupica, lead manager of emerging assurance technologies at the AICPA and CIMA, in a statement. “From performing risk assessment procedures and understanding new processes and controls to identify related parties, it is important for auditors to look through the lens of digital assets and understand exactly what audit procedures need to be performed. We hope this latest guidance will help auditors consider the potential risks unique to the digital assets environment.”
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The practice aid now includes material explaining how to understand and evaluate an entity’s risk assessment processes and controls. It discusses the specific considerations that could be important when performing risk assessment procedures, such as the kinds of procedures that auditors can perform, or are required to perform, to identify and determine the risks of a material misstatement in audits of entities that participate in the digital asset or crypto environment.
Another section discusses laws and regulations, along with related-party transactions. It describes the particular challenges and potential procedures that auditors should consider to comply with laws and regulations, along with the identification, accounting and disclosure of related parties in an audit of an entity that holds or transacts with digital assets.
A new appendix,Blockchain Universal Glossary, has been added to the practice aid that was developed as a reference for all AICPA and CIMA blockchain and digital assets-related content. It defines digital assets as going beyond cryptocurrency, defining them broadly as digital records, made using cryptography for verification and security purposes, on a distributed ledger such as a blockchain. “Although all industries encounter change, the digital assets ecosystem is evolving rapidly,” the AICPA and CIMA warned. “As firms seek to provide audits to entities within the ecosystem, caution and consideration must be given to unique risks and challenges.”
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الأحد, 24 يناير 2021 14:16
المجلس الدولي للإبلاغ المتكامل يراجع إطار الإبلاغ المتكامل
نشر المجلس الدولي لإعداد التقارير المتكاملة إطار عمل الإبلاغ المتكامل
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IIRC revises integrated reporting framework
By Michael Cohn
The International Integrated Reporting Council has published its revised Integrated Reporting Framework, incorporating some major changes since the IR Framework was first published in 2013.
The new version aims to clarify concepts and simplify guidance in the framework for report preparers and produce integrated reports with better quality. Integrated reporting aims to unite financial reporting with reporting on other aspects of an organization, including its environmental, social, governance, strategic and human capital aspects. Approximately 2,500 organizations in more than 70 countries now use the current IR Framework.
Publication of the revised framework comes at a time of transition for the IIRC, which announced plans last fall to merge with the Sustainability Accounting Standards Board this year to form a group called the Value Reporting Foundation (see story). They are also in talks with the Climate Disclosure Standards Board to join them in the merger
Last year, the three groups, along with the Global Reporting Initiative and the Carbon Disclosure Project, announced plans to harmonize their sometimes conflicting standards to meet the needs of investors who are increasingly looking to invest in companies based on their environmental, social and governance, or ESG, measures. International financial regulators have been pushing the groups to align their standards better to make the disclosures easier to compare and discourage “greenwashing” by companies that choose to emphasize whatever environmental claims they like. The International Financial Standards Foundation has floated a proposal to set up an International Sustainability Standards Board that it would oversee alongside the International Accounting Standards Board, and has been gaining positive comments on that proposal from groups like the International Federation of Accountants and the Institute of Management Accountants.
The newly revised IR Framework may therefore give way eventually to whatever standards the Value Reporting Foundation or a potential International Sustainability Standards Board promulgate, but it will probably be used to help build those future standards too.
The revisions focus on a simplification of the required statement of responsibility for the integrated report, and aim to provide improved insight into the quality and integrity of the underlying reporting process. The revised framework offers a clearer distinction between outputs and outcomes and places greater emphasis on the balanced reporting of outcomes and value preservation and erosion scenarios.
“Since 2013, the Framework has progressed the quality of reporting around the world,” said IRC CEO Charles Tilley in a statement Tuesday. “It has enabled businesses to assess their ability to create value in the short, medium and long term, to improve their communication with investors and key stakeholders, and driven a more cohesive and efficient approach to reporting that enhances accountability and stewardship across financial, natural, manufactured, human, intellectual, and social and relationship capital. As business resilience is tested so severely in the wake of the global pandemic, climate change and growing inequality, effective integrated thinking and reporting is more important than ever.”
The IIRC consulted with 1,470 experts in 55 jurisdictions before publishing the revised framework. “This revised IR Framework is the culmination of invaluable feedback we received from our stakeholders globally and the tireless efforts of our dedicated and expert IR Framework Panel to identify key areas for clarity and simplification,” said IIRC chief technical officer Lisa French, who oversaw the consultation and revision process, in a statement. “As a market-led movement, the input of business, investors, the accountancy profession and experts in the field is essential. As a result, the revised IR Framework is now in an even better position to support the journey to integrated reporting.”
The London-based Chartered Institute of Management Accountants welcomed the revised framework, saying it would provide organizations across the world with a more valuable mechanism to improve their corporate reporting, focus on long-term value creation and increase stakeholder trust.
“The coronavirus pandemic has made abundantly clear that organisations cannot continue to solely base their corporate reporting and decision-making on past financial performance,” said
Andrew Harding, chief executive of management accounting at CIMA, in a statement. “They must now focus on a broad range of resources and relationships to provide a comprehensive, forward-looking picture of the organisation’s performance and its value-creation potential, particularly in an uncertain world. The revised IR Framework will provide organizations with high-quality standards to create relevant, reliable and comparable corporate reporting across the world.”
Barry Melancon, president and CEO of the American Institute of CPAs and the Association of Certified Professional Accountants, and global chairman of the IIRC, explained some of the changes going on with the IIRC, SASB and other groups during a virtual meeting Tuesday of the Accountants Club of America. He predicted that the CDSB would be likely to join SASB and the IIRC in their merger.
“There is discussion about how we create a rationalization of the standards and metrics that are in play globally, not just in the U.S., but globally, for businesses to comply with,” he said. “It is my impression that businesses, boards, employees, shareholders and investors all understand the need for businesses to report and be more consistent in these areas. But there are some 200 different models around the world. That does not comport with how this can actually evolve. If you are a CEO of a company, you might say, ‘Yes, I want to do the right thing. Tell me the definition of the right thing.’ That's not an unreasonable response from the leaders or boards. There are just too many things that have sort of evolved over the last four or five years that have not been rationalized. Our emphasis in 2020 at the IIRC was to have a rationalization process that hopefully will come to fruition in 2021.”
He pointed out that accounting standards also evolved in the 20th century from competing rules into a set of Generally Accepted Accounting Principles. Melancon acknowledged that it may take a while longer for all the international groups to come together around standards, and the U.S. has moved more slowly on integrated reporting than Europe, the U.K. and parts of Asia. But he believes the Biden administration will be putting more emphasis on ESG requirements, and the SEC may be backing that effort as well. “I think it's important that we have a global answer,” he said.
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الأربعاء, 28 سبتمبر 2022 11:52
جمعية المحاسبين الدوليين المعتمدين تحدد خارطة طريق الاستدامة لعام 2021 للمحاسبين
تتزايد أهمية تقارير الاستدامة في جميع أنحاء العالم حيث يطالب أصحاب المصلحة بشكل متزايد بمزيد من التبصر في إدارة الشركات للمخاطر والفرص البيئية والاجتماعية والحوكمة (ESG)
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Association sets out 2021 sustainability road map for accountants
Ellen Goldstein
Sustainability reporting has been growing in importance around the world as stakeholders increasingly demand greater insight into companies’ management of their environmental, social, and governance (ESG) risks and opportunities, and organizations see the benefits of managing ESG issues. That trend has advanced how the accounting profession supports reporting and assurance services around ESG information. To help public accountants and finance professionals navigate ESG-related education and resources, the Association of International Certified Professional Accountants, the unified voice of AICPA and CIMA, shared a 2021 road map.
The Association’s efforts reflect CPAs’ and Chartered Global Management Accountants’ decades of work in helping organizations report on and communicate their commitment to the priorities, values, and concerns of a diversified marketplace.
“This year we have seen the COVID-19 pandemic and tremendous environmental and social risks greatly impact our communities. These factors, coupled with stakeholder demand, are driving more organizations to report reliable and accurate ESG information that extends beyond financial information,” said Sue Coffey, CPA, CGMA, the Association’s executive vice president–Public Practice. “For decades, the Association has been ahead of the curve, playing a critical role in supporting CPAs and CGMAs to anticipate, report on, and mitigate ESG risks, as well as in providing guidance for assurance services. We have a long-standing commitment to providing relevant nonfinancial information, and our work with framework- and standard-setters reflects this.”
Coffey added, “CPAs and CGMAs are uniquely qualified to help organizations increase stakeholder trust and confidence, improve decision-making, and lower cost of capital. The Association is committed to providing educational resources for professionals working on behalf of corporations and robust authoritative guidance for those who play an independent role providing auditing and assurance services.”
For example, in 2020 the Association:
Collaborated with the Sustainability Accounting Standards Board (SASB) and the World Business Council for Sustainable Development (WBCSD) on a virtual event discussing the effects of COVID-19 on investor demand for ESG reporting and the importance of reliable ESG disclosures.
Partnered with the Global Reporting Initiative (GRI) to develop assurance FAQs that help organizations that report in accordance with GRI Standards and need more information about assurance engagements performed by CPAs in the United States.
Launched a series of educational briefs exploring sustainability, business, and the role of finance professionals.
These resources, coupled with existing AICPA attestation standards and guidance, as well as the Association’s support for the creation of a new sustainability standards board under the IFRS Foundation, provide a solid foundation for the Association’s 2021 ESG road map.
Looking ahead to 2021, the Association plans to offer several resources to CPAs and CGMA designation holders who provide sustainability reporting and assurance services. The Association’s plans include:
Publishing practical research tools from the CGMA Sustainability and Business Research Programme. These will reflect the Association’s appreciation that the relationship between business and sustainability is being reset, which significantly impacts the mechanics and mindsets of accounting, finance, and business globally.
Developing a road map for U.S. audit practitioners, in partnership with the Center for Audit Quality, to help them understand the risk and legal considerations associated with performing attestation engagements on ESG information disclosed in SEC filings.
Offering educational events in partnership with SASB and other organizations.
Developing educational briefs on the role of finance and management accounting and summary briefs on sustainability standards and frameworks and key climate change issues.
Updating the AICPA Sustainability Attestation Guide to reflect anticipated changes to the AICPA Auditing Standards Board’s Attestation Standards. The Guide was issued in 2017 and updated in 2018.
“Organizations around the world are resetting the way they think about sustainability, and this has significant impact on stakeholders’ trust in their nonfinancial data, risk management procedures, and business recovery,” said Andrew Harding, FCMA, CGMA, the Association’s chief executive–Management Accounting. “As core members of almost every business, government, and nongovernmental organization, CGMAs play a pivotal role in providing nonfinancial and financial management information to drive business performance, develop strategies, and influence decision-making. They bring a unique set of skills and knowledge to the table and can work with stakeholders to integrate responsible practices into their business and operating models.”
Harding added, “We believe that we will see profound changes in the next few years in the work of management accounting and public accounting to embed new practices and standards relating to sustainability. The Association will continue to provide education and guidance to all areas of the profession, ensuring that it is ahead of this transformation.”
For more information on the Association’s sustainability resources, visit:
Public accounting resources
Management accounting resources
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