AC Insights provides audit committee members with a summary of financial reporting developments for public companies using IFRS, how those developments might affect their company and things they may want to think about when reviewing financial reports. The insights are provided for developments to the end of the current quarter-end. Developments may occur subsequent to the quarter-end which change the guidance issued or perspectives on the guidance. Such changes will be reflected in subsequent editions of AC Insights.

Climate change is one of the top environmental and societal concerns facing Canadians today. Climate change will likely impact how companies conduct business — and ultimately, their bottom lines. How is your company disclosing the risks and opportunities related to climate change?

In April 2018, the CSA released its Report on Climate change-related Disclosure Project (CSA Staff Notice 51-354) [the Report]. The Report highlights users' concerns over the extent and quality of disclosures about the consequences of climate change on issuers. The Report also identified the burdens and challenges issuers face in reporting climate change-related information.

The summer months are traditionally a quiet period for standard setting and 2019 was no different – the FASB only issued ASU 2019-07: Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates, which updates the Accounting Standards Codification (ASC) for changes to SEC requirements for financial statements. The ASU aligns the ASC with the SEC regulations.

The US edition also includes the climate change article along with the CSA, SEC and Auditing updates discussed in the Canadian edition.