WEF on integrated reporting, IFRS 17, FRC review, and more
Here’s a roundup of recent developments in corporate reporting.World Economic Forum addresses integrated reporting
One issue on the agenda of the World Economic Forum in Davos this week is the use of integrated reporting to help capture and communicate information from leading global companies on all value-related issues. The forum released a report that offers eight guiding principles to help organisations set up more effective governance on climate issues.
A forum document said that integrated reporting was an effective tool for companies to consider using.
IASB progress on IFRS 17
The International Accounting Standards Board (IASB) has decided to propose three targeted improvements to the new insurance contracts standard, IFRS 17. The board expects the improvements will ease implementation of the standard and make it easier for companies to explain the results of IFRS 17 application to investors and other stakeholders. The proposed changes are related to the recognition of contract costs, reinsurance contracts, and the investment service elements of a contract.
The board said it would continue discussions on the topic at future meetings and expects to publish a document for consultation on proposed changes around the middle of this year.
Kingman review of FRC
The UK government’s independent review of the Financial Reporting Council, led by Sir John Kingman, concluded at the end of last year. The wide-ranging report proposed extensive reform of the regulatory system, setting out 83 recommendations. More on the report can be found here.
European Reporting Lab task force
The newly established European Reporting Lab has issued a call for members for a new climate change task force. The application deadline is Saturday. The group will assess how European companies are addressing the issue of reporting in the context of sustainability and climate issues.
— David Hackett is technical policy manager at the Association of International Certified Professional Accountants. To comment on this article or to suggest an idea for another article, contact Neil Amato, an FM magazine senior editor, at Neil.Amato@aicpa-cima.com.