The EU adopted the first rules on cybersecurity implementation to improve cybersecurity risk measures.
The move, effective last week, was described in a European Commission news release as another major step in boosting the cyber resilience of Europe’s critical digital infrastructure. The regulation applies to specific categories of companies providing digital, cloud, and online services.
EU member states apply the measures necessary to comply with the NIS2 cybersecurity rules, the release said, including supervisory and enforcement measures.
“The first EU-wide law on cybersecurity, the NIS Directive, came into force in 2016 and helped to achieve a common level of security of network and information systems across the EU,” the release said. “The directive strengthens security requirements imposed on the companies and addresses the security of supply chains and supplier relationships.”
IPSASB publishes sustainability work plan
In response to a consultation with stakeholders, the International Public Sector Accounting Standards Board (IPSASB) published a work plan addressing the board’s commitment to sustainable development globally.
The publication builds upon the success of the previous strategy and rebalances the work programme towards the maintenance of international public sector accounting standards and sustainability reporting.
IOSCO publishes final report on cryptocurrency assets
The International Organization of Securities Commissions (IOSCO) published a final report to highlight examples of regulatory changes and enforcement activity, as well as current priority issues around investor education in the cryptoasset space, a news release said.
Jean-Paul Servais, chair of IOSCO, said financial education is necessary for investors. “Financial literacy must go hand in hand with appropriate investor protection measures, fair advice,
supervision and enforcement of rules,” he said in the release.
FRC publishes findings from sustainability study
The UK Financial Reporting Council (FRC) published initial feedback on its market study into assurance of sustainability reporting, a news release said. The study found that UK companies are concerned about market competition.
The report outlines feedback received from written responses to the FRC.
“While currently most UK companies reported having sufficient choice of provider of assurance… many stakeholders highlighted possible issues around consistency in the quality of sustainability assurance services,” the release said.
The FRC invites stakeholders to provide further input, responding to the questions set out in the emerging findings by emailing competition@frc.org.uk by 29 November.
IAASB expands on technology commitment
The International Auditing and Assurance Standards Board (IAASB) reaffirmed its commitment to staying at the forefront of technology changes in a new statement.
The IAASB’s technology position includes a commitment to embrace innovation, remove barriers that prevent the use of advanced technology, and introduce new requirements and guidance, a news release said.
To navigate the technology landscape, the IAASB also detailed an eight-step action plan to deliver on its commitment, the release said, including addressing the impact of technology used by reporting entities.
IFAC and global accounting profession call for sustainability focus
The global accountancy profession, through the International Federation of Accountants (IFAC), urged G20 leaders to focus on sustainability, transparency, and governance as the 2030 deadline for the UN Sustainable Development Goals (SDGs) approaches.
In a new publication, IFAC underscores the essential role high-quality sustainability information, reporting, and assurance play in achieving global sustainability targets, a news release said.
“Professional accountants, with their unique skills, experience, and public interest mandate, are driving the creation of a sustainable future,” IFAC CEO Lee White said in the release. “As the 2030 deadline rapidly approaches, balancing environmental and societal priorities has never been more urgent.”
IFAC calls for G20 leadership in fostering a comprehensive ecosystem of sustainability reporting and assurance, grounded in international standards and supported by strong corporate governance practices, the release said.
— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.
