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 IAASB

New Guidance Available from IAASB on Using the ISA for LCE

(New York, New York, August 27, 2024)

The International Auditing and Assurance Standards Board (IAASB) has issued new guidance on the application of the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities, known as the ISA for LCE. The Authority Supplemental Guidance will help users in determining the appropriate situations to use the standard.

The guidance will be particularly beneficial for legislative and regulatory authorities implementing the standard, firms developing related policies or procedures, and auditors determining whether the standard is appropriate to use for a specific engagement.

Accessible on the IAASB website, this guide complements previously released resources, including videos, webinars, and the Auditor Reporting Supplemental Guidance. Later this year, the IAASB will also issue an adoption guide and a first-time implementation guide. Collectively, these materials provide a comprehensive toolkit for navigating adoption and implementation of the ISA for LCE.

The new guidance does not amend or override the ISA for LCE, the text of which alone is authoritative. Reading the guidance is not a substitute for reading the ISA for LCE. For more information and to access the new guidance, visit: www.iaasb.org/ISAforLCE

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 Manual LD / FT

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 IAASB

Now Available from the IAASB: New ISA for LCE Guidance on Auditor Reporting

(New York, New York, July 11, 2024)

The International Auditing and Assurance Standards Board (IAASB) has released new supplemental guidance on auditor reporting as it relates to the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities, known as the ISA for LCE. Meant to be read with the ISA for LCE, the new guidance provides assistance for auditors about modifications to the auditor’s report when using the standard. The guidance also includes information on using emphasis of matter and other matter paragraphs, reporting on other information, and reporting on a material uncertainty related to going concern.

Additionally, the guidance features eight illustrative auditor’s reports, including examples of adverse opinions, disclaimer of opinions, and opinions when there is a material uncertainty related to going concern.

Accessible on the IAASB website, this new Auditor Reporting Supplemental Guidance complements previously released resources, including videos and webinars, which provide a robust toolkit for navigating the ISA for LCE, adoption, and implementation. Additional resources will be published this quarter, including an adoption guide, supplemental guidance on the authority of the standard, and a first-time implementation guide.

The new guidance does not amend or override the ISA for LCE, the text of which alone is authoritative. Reading the guidance is not a substitute for reading the ISA for LCE. For more information and to access the new guidance, visit: www.iaasb.org/ISAforLCE

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New Report from International Federation of Accountants, ICAEW, and Basel Institute on Governance Urges Accountants in Business to Continue to Lead Anti-Corruption Actions

(New York, London, and Basel, Switzerland, July 03, 2024)

The International Federation of Accountants (IFAC), the Institute of Chartered Accountants in England and Wales (ICAEW), and the Basel Institute on Governance have published a new, joint report, Integrated Mindset in Practice: Professional Accountants in Business and Anti-Corruption Compliance. It offers practical guidance and actionable strategies to approach anti-corruption initiatives with an integrated mindset, resulting in long-term value creation.

The approach of an “integrated mindset”, as highlighted in the report, encourages company leadership to view financial and sustainability data in an interconnected, holistic way. Integrated Mindset in Practice provides guidance for companies—particularly professional accountants working in business—to apply this integrated approach to anti-corruption oversight and programs. The report underscores the crucial role of governance in environmental, social, and governance (ESG), emphasizing a commitment to an ethical culture of integrity and highlighting red flags for the accountants during their risk assessments.

The International Federation of Accountants (IFAC), the Institute of Chartered Accountants in England and Wales (ICAEW), and the Basel Institute on Governance have published a new, joint report, Integrated Mindset in Practice: Professional Accountants in Business and Anti-Corruption Compliance. It offers practical guidance and actionable strategies to approach anti-corruption initiatives with an integrated mindset, resulting in long-term value creation. The approach of an “integrated mindset”, as highlighted in the report, encourages company leadership to view financial and sustainability data in an interconnected, holistic way. Integrated Mindset in Practice provides guidance for companies—particularly professional accountants working in business—to apply this integrated approach to anti-corruption oversight and programs. The report underscores the crucial role of governance in environmental, social, and governance (ESG), emphasizing a commitment to an ethical culture of integrity and highlighting red flags for the accountants during their risk assessments. Advocating for a “whole of business” approach to anti-corruption, the report calls on professional accountancy organizations to encourage their members to fully embrace their role combatting corruption by: Recognizing themselves as key anti-corruption stakeholders. Supporting integrated thinking across their organizations. Being champions of Collective Action. Lee White, IFAC Chief Executive Officer: “The cost of corruption and financial crime are significant obstacles to economic prosperity and fairness in society. This report is a vital resource for professional accountants as business leaders to have an integrated mindset in continuing to respond to corruption and support economic prosperity.” Alan Vallance, Chief Executive of ICAEW: “Professional accountants are uniquely positioned to influence and implement an integrated mindset within organizations. With these tools and insights, they will be able to embed anti-corruption measures into their organizations’ broader ESG framework, ensuring that integrity and transparency remain at the forefront of business practices.” Vanessa Hans, Head of the Private Sector Division of the Basel Institute on Governance: “Importantly, this report encourages professional accountants to be champions of Collective Action as part of a “whole of business” approach to anti-corruption. Anti-corruption Collective Action brings business and stakeholders together to tackle the shared problem of corruptions. Accountants can play a crucial role in these efforts, driving initiatives that bring real change.” The report will be featured during “The CFO & Finance Function and Anti-Corruption: Cultivating an Integrated Mindset” webinar on July 9 at 13:00 UTC. Jointly hosted by IFAC, ICAEW and the Basel Institute on Governance, the webinar is organized under the auspices of the B20 and in collaboration with the OECD (Organisation for Economic Co-operation and Development) and Business at OECD (BIAC), as part of the 25th Anniversary of the OECD Anti-Bribery Convention campaign. Visit the IFAC website for more details and to register.

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             Manual LD / FT

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Fundación IFRS

25 April 2024

ISSB to publish inaugural IFRS Sustainability Disclosure Taxonomy

The International Sustainability Standards Board expects to publish the inaugural IFRS Sustainability Disclosure Taxonomy and related materials on 30 April 2024. 

3 Desde Alerta de la Fundación IFRS

 Desde News Alert

23 April 2024

IASB launches comprehensive review of accounting for intangibles

The project will assess whether the requirements of IAS 38 Intangible Assets remain relevant and continue to fairly reflect current business models.

23 Desde Observatorio ITESM

 

23 Desde Observatorio ITESM

Desde INSTITUTO PARA EL FUTURO DE LA EDUCACIÓN

La nueva cultura de la tierra como centro inexcusable de la educación

"No hay ni debería haber mayor prioridad educativa que la de reconstruir nuestra visión del mundo que habitamos, de la manera en que nos relacionamos con él y entre nosotros". Joaquín Rodríguez | Espacios de Educación Superior

10 Desde IFAC

 IFAC Identifies Key Areas Accountants Need to Update their Knowledge & Skills to Prepare for Increasing Sustainability Demands

The International Federation of Accountants (IFAC) has released a new publication setting out four key areas where accountants need to update their knowledge to meet the growing demand for high-quality sustainability-related information. Equipping Professional Accountants for Sustainability: What's New and What Hasn't Changed speaks to the vital role accountants play in producing reliable sustainability-related data, reporting and assurance, as well as the importance of education and training in ensuring professional accountants are able to meet society’s needs.

Much of what accountants already do is transferable to sustainability; however, new topics and challenges require new ways of thinking and working. The framework aims to help professional accountants as well as professional accountancy organizations close any gaps between known and needed technical expertise, business acumen, behavioral competence, and ethics and professional values.

The publication was developed following previous sustainability and education research as part of work to revise the International Education Standards and with the support of the IFAC International Panel on Accountancy Education.

The publication is available on the IFAC website and complements IFAC's existing resources on sustainability, including webinars, podcasts, and publications, all of which are available on the IFAC Knowledge Gateway.

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Transformación Digital en Contabilidad y Auditoría

 

Incorporación de habilidades digitales en la Educación de Contabilidad

 

Introducción

La invención de Internet marcó el comienzo de un nuevo paradigma para conseguir la ejecución trabajo. La información se mueve a una velocidad mucho más rápida de lo que cualquiera pueda imaginar. Las respuestas a las consultas solían tardar días por correo postal o por facsímiles convenientes. Estas fueron completamente reemplazadas por respuestas casi instantáneas a través de correos electrónicos, chats en línea y voz a través de protocolos de Internet (VOIP).

La profesión contable proporciona certificación, creación de información, y servicios de apoyo a la toma de decisiones utilizando datos financieros. Esto ha sido realizado principalmente a través de avistamientos físicos de documentos impresos. El desarrollo de la tecnología de la información, en particular la invención de la Internet, ha cambiado sistemática y significativamente la forma en que se ofrecen servicios de contabilidad. Esto fue más evidente en las pandemias globales de 2020 y 2021, donde la auditoría tuvo que realizarse virtualmente porque las empresas y economías estaban cerradas a los contadores y auditores para realizar operaciones in situ de Trabajo físico por períodos de tiempo.

En las décadas de 1960 y 1970, la introducción de la tecnología de la información computarizada, los sistemas de información y el procesamiento electrónico de datos se convirtieron en cursos de contabilidad clave que se impartìan en las escuelas de contabilidad. Sobre el pasar de los años, la aparición de sistemas de información computarizada más sofisticada, como recursos empresariales y sistemas de planificación, además del uso de software de contabilidad, se ha sumado a las habilidades digitales necesarias para formar contadores. Es inconcebible hoy en día para cualquier licenciado en contabilidad no usar una hoja de cálculo.

Una tercera ola de tecnologías digitales, que “transforman y expanden los tipos y fuentes de datos utilizados por los contadores” extendieron aún más las habilidades digitales de los contadores. Moll y Yigitbasioglu (2019) comentaron que “los académicos no han prestado suficiente atención a estas tecnologías y cómo estas tecnologías afectan el trabajo diario de los contadores. Se necesita Investigación con urgencia para comprender los nuevos tipos de contabilidad necesarios para gestionar empresas en la cambiante economía digital y determinar las nuevas habilidades y competencias que los contadores pueden necesitar dominar para seguir siendo relevantes y agregar valor”.

Muchos artículos han abordado la necesidad de que las escuelas de contabilidad incorporen habilidades digitales en sus planes de estudio. Las escuelas de contabilidad tienen que actualizar sistemáticamente sus planes de estudio para garantizar que los estudiantes de contabilidad están bien versados en las cambiantes habilidades digitales que impactan la profesión contable a lo largo del tiempo. Esto es para garantizar que los graduados en contabilidad puedan encajar con la transformación digital que se está produciendo en la profesión contable. De lo contrario, los graduados en contabilidad se quedarán atrás. Sin embargo, con la mayor velocidad de cambio en el conjunto de habilidades digitales, hay debates importantes que las escuelas de contabilidad están luchando por actualizar sus planes de estudio y proporcionar habilidades digitales relevantes para enfrentar estos nuevos desafíos.

Este contenido busca pintar una imagen de cómo sería el futuro de los contables frente a la transformación digital de la profesión contable. Luego analiza la literatura y las opiniones de los profesionales sobre las habilidades digitales clave que los contadores deberían tener para ser competente. En tercer lugar, cubre lo que las escuelas de contabilidad deben hacer para asegurar que los estudiantes de contabilidad estén adecuadamente capacitados y preparados para estas habilidades digitales actuales y emergentes. Finalmente, se analizan los desafíos que enfrentan las escuelas de contabilidad para cumplir con los nuevos requisitos de habilidades digitales para los contadores en el futuro.

 

 

Referencia de Fuentes de Información

Perdana, A. y Wang T., (2024). Transformación Digital en Contabilidad y Auditoría. Palgrave, Macmillan. Publicado por Springer, Suiza.

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Los CEO quieren adoptar IA generativa, ¿pero podrán hacerla funcionar? Más allá de invertir solamente en la tecnología de IA generativa, las empresas deben invertir en personas, gestión de procesos empresariales e integración de datos para sacarle todo el  provecho posible.

3 Desde Alerta de la Fundación IFRS

 

10 Desde IFAC

 IESBA

IESBA to Hold Interactive Webinars on the Proposed IESSA and Ethics Standards Relating to Sustainability Reporting and Using the Work of an External Expert

(New York, New York, February 07, 2024)

The IESBA is holding interactive global webinars to present the key proposals in the Exposure Drafts on International Ethics Standards for Sustainability Assurance (including International Independence Standards) (IESSA) and Other Revisions to the Code Relating to Sustainability Assurance and Reporting and Using the Work of an External Expert.

The Exposure Draft on IESSA and ethics standards for sustainability reporting proposes a clear framework of expected behaviors and ethics provisions for use by all sustainability assurance practitioners, regardless of their professional backgrounds, as well as professional accountants involved in sustainability reporting. The goal of these standards is to mitigate greenwashing and elevate the quality of sustainability information, thereby fostering greater public and institutional trust in sustainability reporting and assurance.

The Exposure Draft on Using the Work of an External Expert proposes an ethical framework to guide professional accountants or sustainability assurance practitioners, as applicable, in evaluating whether an external expert has the necessary competence, capabilities, and objectivity in order to use that expert’s work for the intended purposes. The proposals also include provisions to aid in applying the Code’s conceptual framework when using the work of an external expert.

These proposed ethics (including independence) standards are especially relevant in a context where sustainability information is increasingly important for capital markets, consumers, corporations and their employees, governments and society at large, and when assurance providers outside of the accounting profession play a prominent role in sustainability assurance.

The webinars will provide useful information and valuable insight on the proposals in the Exposure Drafts for participants from all stakeholder groups, including regulators, preparers of sustainability information, sustainability assurance practitioners from all backgrounds, and investors.

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IFAC’s Professional Accountants in Business Advisory Group Welcomes New Members

(New York, NY, February 05, 2024)

Professional accountants in business (PAIB) play a vital role within various sectors such as commerce, industry, financial services, education, and the public and non-profit sectors. IFAC’s PAIB Advisory Group, established in 1977, is a global forum of finance and business leaders advising the global accountancy profession and its members on critical areas such as sustainability and digital transitions so that PAIBs are well prepared to meet the evolving needs of both business and the public sector in the future.

The newest PAIB Advisory Group members are:

• Mike Driver, Past President, CIPFA & Independent Non-Executive Director (United Kingdom)
• Ruth Gardiner Forbes, President and CEO, Fortis TCI Ltd (Turks and Caicos Islands)
• Lisa Kelley, Managing Director, Floating Interest Corporation (United States of America)
• Josephine Okui Ossiya, CEO, Capital Markets Authority of Uganda (Uganda)
• Aniket Sunil Talati, Senior Partner, Management Consultancy Services and Advisory, Talati & Talati LLP (India)
• Charles Xuereb, CEO, Trident Estates Plc (Malta)

With these additions, the PAIB Advisory Group has achieved gender parity. Sanjay Rughani remains Chair and Sharon Ditchburn has been appointed Deputy Chair.

"Every member brings a distinctive and valuable viewpoint on the contributions of professional accountants in business and finance leadership,” said Sanjay Rughani, Chair, IFAC PAIB Advisory Group. “We are privileged to welcome these new members who will share their diverse experiences and offer strategic insights on the profession, expanding its contribution to sustainable economic development worldwide and serve as global champions for the profession.”  

The continuing PAIB Advisory Group members are:  

• Sanjay Rughani, Chair, CEO, Standard Chartered Bank Uganda (Uganda)
• Sharon Ditchburn, Deputy Chair, & Managing Director/Founder, Capital Advantage Consultants (Australia)
• Zia-Ul-Mustafa Awan, CFO and Business Administrator, Pakistan Expo Centres Private Limited (Pakistan)
• Anastasija Boljević, Secretary General, Institute of Certified Accountants of Montenegro (Republic of Montenegro)
• Esther Bosch, Director Risk & Audit, Royal Schiphol Group (Netherlands) 
• Ibrahim (Murat) Çağlar, Chief Financial Officer, Sanovel (Türkiye)
• Eric Freudenreich, Independent Non-Executive Director (France)
• Lindawati Gani, Professor in Management Accounting, Faculty of Economics and Business, Universitas Indonesia (Indonesia) 
• Tim Herrod, Vice President, Global Procurement, Albemarle Corporation (Canada)
• Margaret Muinde, Financial Controller, Kenya Roads Board (Kenya)
• Maria del Dado Alonso Sanchez, Group CFO, Berlin Brands Group (Spain) 
• Milton Segal, Executive Director: Standards, South African Institute of Chartered Accountants (South Africa)
• Muhammad Samiullah Siddiqui, CFO, Oxford University Press Pakistan (Pakistan) 
• Nancy Sau Ling Tse, JP, Independent Non-Executive Director [Hong Kong (Special Administrative Region of China)]
• Ichiro Waki, Group CEO, JBA Group (Japan)
• Gloria Zvaravanhu, Managing Director, Old Mutual Insurance Company (Zimbabwe)

Member expertise is drawn upon to deliver timely reports, articles, and case studies relevant to professional accountants in business across the globe. Explore their latest insights. 

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Desfíos, casos de uso y pronósticos de inversión de IA generativa empresarial Aunque la mitad de las organizaciones ya consideran usar IA o están en etapa de pruebas, menos del 20% ya está implementando IA generativa, revela una encuesta de ESG sobre la que hablamos en un video.

23 Desde Observatorio ITESM

 

IFE Insights Reports | Educación digital en las universidades: una guía de implementación integral

Observatorio IFE
En este reporte, exploramos las múltiples facetas, desafíos y posibilidades que presenta este modelo educativo. Acompáñanos en un viaje hacia la comprensión de cómo la fusión entre la educación y la tecnología puede moldear un futuro más brillante y equitativo para todas las personas.
DESCARGA EL REPORTE+

52. Desde TechTarget

 

¿Qué sucede con la implementación de IoT en las empresas? La adopción de IoT en las industrias en Chile está avanzando progresivamente. Este año se prevé que se incorpore con fuerza en Minería, Agricultura, Manufactura y en las ciudades inteligentes.

3 Desde Alerta de la Fundación IFRS

 

17 January 2024

December 2023 SME Implementation Group meeting summary now available

The meeting summary for the 5 December 2023 SME Implementation Group meeting is now available.

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 IFEA 

The International Auditing and Assurance Standards Board

IAASB Welcomes New & Reappointed Members

(New York, New York, January 16, 2024)

The International Auditing and Assurance Standards Board (IAASB) is pleased to welcome five new members following their appointments by the Public Interest Oversight Board (PIOB) in November 2023.

• Sami Alshorafa is the Deputy for Supervision, Capital Market Authority Saudi Arabia, where he is based. He leads the supervision of listed entities' financial statements, auditors, and governance as well as compliance of collective investment schemes. He has also worked as an audit partner at two of the big four audit firms.

Mr. Alshorafa: “Being part of the IAASB constitutes an excellent opportunity for accountants and specialists from different backgrounds and different geographical jurisdictions to come together with one main objective in mind, which is serving the public interest of the capital markets by cooperating in the development of high-quality auditing standards.”

• Hernán Casinelli is the Chair of the Accounting and Assurance Standards Board of Argentina, where he is based. He has held positions as a member of the International Accounting Standards Board’s SME Implementation Group and the IAASB's ISA for LCEs’ Reference Group.

Mr. Casinelli: “I look forward to working in the public interest to develop standards that enhance confidence in corporate reporting. I am certainly joining the IAASB at an exciting and challenging time.”

• Vishal Doshi is a Council member of the Institute of Chartered Accountants of India. He is also the Vice Chair of ICAI’s Auditing and Assurance Standards Board and a partner in K C Mehta & Co LLP, in India, where he is based.

Mr. Doshi: “The IAASB plays a very important role in global standards setting and I am looking forward to contributing towards the IAASB' s objectives to meet stakeholders’ expectations and serve public interest.”

• Robert Koethner is the retired Vice President, Chief Accounting Officer, Mercedes-Benz Group AG, a role he held for more than 20 years. During his career, he worked closely with audit firms as well as governance bodies, including supervisory boards and audit committees, on an international scale. He is based in Germany.

Mr. Koethner: “As a former Chief Accounting Officer for a publicly listed and globally operating company I am looking forward to share my experience from a preparers side with my fellow board members to deliver international high-quality auditing standards.”

• Chrystelle Richard is Associate Professor in Accounting, ESSEC Business School, and is based in France. Dr. Richard teaches financial accounting and sustainable reporting in bachelor, master, and executive programs. Her primary research interests focus on firms' oversight and new forms of economic governance, including public-private partnerships and financial industry regulation.

Dr. Richard: “I feel very privileged to serve the IAASB at such an exciting time. The challenges of sustainability as well as technological developments present the IAASB with an ambitious and demanding agenda in 2024 and beyond. I am deeply honored to provide my academic expertise to the IAASB, and I am fully committed to serve it with the highest sense of the public interest.”

The IAASB is also pleased to share that two members were re-appointed by the PIOB for terms that also began on January 1, 2024:

• Edo Kienhuis is PwC’s Global Standards Leader and a partner in the Audit and Assurance practice in Amsterdam, where he is a member of the National Office Methodology team and serves as an engagement quality review partner on several listed entities; and

• Wendy Stevens is the National Practice Leader for Quality & Risk Management (QRM) at Mazars in the US, the Mazars Group International Quality Management leader, and a member of the Mazars Group QRM Board.