The Council of the European Union has formally approved the Omnibus I package, which revises and simplifies both the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CS3D). This decision marks the final major political step before the legislative act is published in the EU Official Journal. Once published, the act will enter into force 20 days later.

The overarching goal of these reforms is to boost European Union competitiveness by significantly reducing administrative burdens on companies while maintaining core sustainability objectives.

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The International Accounting Standards Board (IASB) issued amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates that will require companies to provide more useful information in their financial statements when a currency cannot be exchanged into another currency.

The amendments will be consolidated into IAS 21 and IFRS 1 in March 2024 and will become effective for annual reporting periods beginning on or after 1 January 2025.

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IFAC’s Professional Accountants in Business Advisory Group has worked on the following document. This shows that through the pandemic accountants can, if willing come out of such a difficult situation stronger and with a plan to make a difference in terms of sustainable recovery.

“A crisis offers us a unique chance for transformative change. As we hit refresh, the accountancy profession must be responsive to opportunities emerging from this current crisis to create positive impact and help support stronger organizations and a stronger profession.” PAIB Advisory Group Chair, Sanjay Rughani.

Among the topics explored are:

• Value creation and integrated reporting

• Building trust in business through effective corporate governance

• Future CFO and finance function – navigating the COVID-19 era

• Revenue management

This November, IFAC will be hosting its virtual global summit, The Anticipatory Accountant: Global Trends Transforming Learning & Development. Coinciding with International Education Week, this four-day, multi-disciplinary panel series will run from 12pm-2pm Central European time each day on November 16-19, 2020. Read More…

The Euopean Commission issued an action plan for fair and simple taxation supporting the recovery strategy.

In order to view such an action plan, click here.