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DTCC Perspectives: From Where We Stand NEW!

Going Concern – IFRS Foundation Publishes Educational Material on Going Concern NEW!

Journal of Accountancy: The Outlook of Finance Decision-Makers for 2020 

IFRS for SMEs – IFRS Draft Q&A on the IFRS for SMEs Standard Published for Public Comment 

Public Accounting Report: Personalized Career Itineraries Guide and Retain Talented Women 

Public Accounting Report: Professors Say Their Top Accounting Students Hope to Work...Where? 

Public Accounting Report - Early Industry Rotations Can Help Fill SEC Audit Pipeline with Women 

Articles

DTCC Perspectives: From Where We Stand

Summary - According to the DTCC website, it is "the premier post-trade market infrastructure for the global financial services industry. From operating facilities, data centers and offices in 15 countries, DTCC, through its subsidiaries, automates, centralizes and standardizes the processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers."

From Where We Stand is DTCC's thought leadership hub that offers perspectives and insights "on the innovations that are driving the transformation of global markets as well as the fintech revolution, the critical role of market infrastructures, opportunities to overcome the challenges of the complex regulatory environment and more.

For more information, please click here.

Going Concern – IFRS Foundation Publishes Educational Material on Going Concern

Summary - The IFRS Foundation has issued educational materials to support companies in consistent application of going concern requirements under International Financial Reporting Standards (IFRS).

The educational material, Going Concern—A Focus on Disclosure, neither changes nor adds to the existing IFRS requirements. IFRS requires companies preparing financial statements under IFRS to assess their ability to continue as a going concern. In the current stressed economic environment arising from the COVID-19 pandemic, deciding whether the financial statements should be prepared on a going concern basis may involve a greater degree of judgment than usual. To support companies, the educational material brings together the requirements in IFRS relevant for going concern assessments.

As discussed in the educational material, under International Accounting Standard (IAS) 1, Presentation of Financial Statements, companies must disclose material uncertainties relating to the entity’s ability to continue as a going concern. IAS 1 defines going concern by explaining that financial statements are prepared on a going concern basis unless management either intends to liquidate the entity or to cease trading or has no realistic alternative but to do so. Factors that management may need to consider when assessing whether the going concern basis of preparation is appropriate are those factors that relate to the entity’s current and expected profitability, the timing of repayment of existing financing facilities, and potential sources of replacement financing. As IAS 1 requires management to take into account all available information about the future, given the current stressed environment, entities may be affected by a wider range of factors than previously. Thus management needs to consider those additional factors. These include the effects of temporary shut-downs or curtailment of activities, potentially imposed by governments, the availability of government support, and the effects of longer-term structural changes in the market place, including changes in customer behavior.

The educational material provides guidance on how to assess the applicable factors for an entity’s particular situation. It includes a flowchart that considers four potential scenarios ranging from an entity with no significant doubts about going concern to an intention to liquidate. The flowchart uses the scenarios to provide guidance on assessing the effect of a deteriorating situation on the entity. The discussion includes how management can do a dynamic assessment of the applicable environment and effect on the entity, focus on disclosures relating to going concern, and evaluate assumptions management uses in reaching conclusions on the entity’s ability to continue as a going concern. 

For more information, click here.

© 2021 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

Journal of Accountancy: The Outlook of Finance Decision-Makers for 2020

Summary - According to the Journal of Accountancy, "positive sentiment about the U.S. economy is easy to find among CPA decision-makers in business and industry, despite obstacles and the uncertainty that regularly accompanies an election year. Ken Witt, CPA, CGMA, lead manager for management accounting and member engagement for the Association of International Certified Professional Accountants, breaks down the reasons for optimism and hesitance for the year ahead."

What you’ll learn from this episode:

  • Why the optimists in a recent survey see 2020 as a time for their businesses to grow.
  • The concerns of those that are pessimistic or neutral about business growth this year.
  • The issue that has ranked atop CPA decision-makers’ list of top challenges for 10 consecutive quarters.
  • How sentiment and spending plans are viewed in an election year.

For more information and to hear the episode, click here.

IFRS for SMEs – IFRS Draft Q&A on the IFRS for SMEs Standard Published for Public Comment


Summary - The IFRS Foundation is calling on stakeholders to comment on its draft Q&A on the application of the IFRS for SMEs® Standard.

The draft Q&A responds to a question from stakeholders about the application of the undue cost or effort exemption for investment property on the date of transition to the IFRS for SMEs Standard. The draft Q&A concludes that additional cost or effort due to the elapse of time between the date of transition and the date of preparing the first IFRS for SMEs financial statements is not considered.
The draft Q&A has been developed by the SME Implementation Group (SMEIG), which assists the IASB in supporting the application of the IFRS for SMEs Standard. Developing non-mandatory and timely guidance on applying the IFRS for SMEs Standard is one of the two main responsibilities of the SMEIG. The group also advises the IASB on amendments to the IFRS for SMEs Standard.

During the 2019 Comprehensive Review of the IFRS for SMEs Standard, the IASB will consider the guidance developed by the SMEIG since the issue of the 2015 amendments to the IFRS for SMEs Standard and decide whether to incorporate the responses in the IFRS for SMEs Standard.

The draft Q&A is the second to be published since the initial comprehensive review of the IFRS for SMEs Standard, completed in May 2015.

The consultation is open for comment until October 7, 2019.

For more information, please click here.
 
© 2019 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.
 
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Public Accounting Report: Personalized Career Itineraries Guide and Retain Talented Women

Summary - CCH has published a new edition of Public Accounting Report (PAR), Personalized Career Itineraries Guide and Retain Talented Women - May 2019. This special edition of PAR covers the Accounting MOVE Project, which surveys participating firms on key factors that drive the retention and advancement of women. Other topics in this edition of PAR include:
 
  • Why do rising women opt out; and
  • To retain rising women, invest in relationships.
 
For more information, please click here.
 
 
© 2019 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.
 
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Public Accounting Report: Professors Say Their Top Accounting Students Hope to Work...Where?

Summary - CCH has published a new edition of the Public Accounting Report (PAR), Professors Say Their Top Accounting Student Hopes to Work ... Where? - September 2018. Other topics discussed in this edition include:

  • News digest;
  • People, firms, and promotions; and
  • PAR's 37th annual professors survey editorial advisory board for 2018.

PAR is the leading provider of competitive intelligence for public accounting firms and the profession. It is renowned for its straight reporting and analysis of the news, developments, and trends that have defined the profession for more than 20 years. Public Accounting Report is written for public accounting firm partners and professionals, opinion leaders, and industry observers.

For more information on Public Accounting Report, click here.

© 2018 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

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Public Accounting Report - Early Industry Rotations Can Help Fill SEC Audit Pipeline with Women

Summary - CCH Incorporated has published a new edition of the Public Accounting Report (PAR), Early Industry Rotations Can Help Fill SEC Audit Pipeline with Women and Extra Issue - May 2018. Other topics discussed in this edition include:
 
  • News digest;
  • Checklist helps guide decision to become multi-office practice; and
  • People, firms and promotions.

This month's PAR also includes an extra edition that examines the Accounting MOVE Project that focuses on gender equality within accounting firms.

PAR is the leading provider of competitive intelligence for public accounting firms and the profession. It is renowned for its straight reporting and analysis of the news, developments, and trends that have defined the profession for more than 20 years. Public Accounting Report is written for public accounting firm partners and professionals, opinion leaders, and industry observers.

 

For more information on Public Accounting Report, click here.

 

© 2018 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.