Climate-related disclosures – sufficiently on target?

As we’ve addressed many times before, the International Sustainability Standards Board has issued its first two exposure drafts, General Sustainability-related Disclosures and Climate-related Disclosures, which were both open for comment until July 29, 2022. Here’s an extract from the document on climate-related disclosures: …the Exposure Draft proposes that an entity be required to disclose information…

Latest regulatory review highlights, or: Global leader!

The Canadian Securities Administrators have issued CSA Staff Notice 51-364 Continuous Disclosure Review Program Activities for the fiscal years ended March 31, 2022 and March 31, 2021. The notice summarizes the key findings and outcomes of the review program, describes common deficiencies and includes some illustrative examples “to help issuers address these deficiencies and understand…

Recent developments in sustainability reporting, or: how high the moon!

I’m sure I’m not the only one who can hardly keep up with all the developments on the sustainability reporting front… For instance, the ISSB recently announced a “Partnership Framework for capacity building in developing and emerging economies” designed to “(seek) alignment on a shared vision that widespread availability of high quality, comparable and timely…

Accounting enforcement in action, or: is being held accountable!

Here are some extracts from a settlement agreement recently entered into between the Ontario Securities Commission and Cronos Group Inc. Cronos Group Inc., an Ontario-based public cannabis company, is being held accountable for improperly recognizing $7.6 million (US $5.8 million) in revenue in its Q1, Q2 and Q3 2019 interim financial statements and for subsequently…

Unanimous confirmation of Scope 3 disclosures, or: something, sometime…

“ISSB unanimously confirms Scope 3 GHG emissions disclosure requirements with strong application support, among key decisions,” announced a recent press release. Here’s what it said: The International Sustainability Standards Board (ISSB) of the IFRS Foundation has made significant progress refining its first two proposed sustainability-related disclosure standards―[draft] IFRS S1 General Requirements for Disclosure of Sustainability-related Financial…

Sustainability-related disclosures – make the connections!

As we’ve addressed many times, the International Sustainability Standards Board issued its first two exposure drafts, General Sustainability-related Disclosures (S1) and Climate-related Disclosures (S2), which were both open for comment until July 29, 2022. Here’s an extract from the S1 document: An entity shall provide information that enables users of general purpose financial reporting to…

IFRS – part of the neoliberal myth?

Globalism Failed to Deliver the Economy We Need heralds a recent article in The New York Times. It’s written by Rana Foroohar. Here are some extracts: For roughly half a century, our political economy has been based on the governing concept of neoliberalism — the idea that capital, goods and people should be able to…

Festival of errors!

Let’s look at another extract from the Ontario Securities Commission’s refilings and errors list. You’ll recall that this is a record of companies that refiled or restated some aspect of their continuous disclosure record as a result of an OSC review – the list has the dual purpose, I believe, of providing an extra degree…

Targeting the auditors, or: too short on confidence!

Here’s the main text of a recent news release issued by the Ontario Securities Commission: The Ontario Securities Commission (OSC) announced today it will be making targeted inquiries to certain public accounting firms that conduct audits of Ontario reporting issuers. As a result of ethical violations identified by regulators in Canada and other jurisdictions, the…