Artwork

Sisällön tarjoaa BDO Canada. BDO Canada tai sen podcast-alustan kumppani lataa ja toimittaa kaiken podcast-sisällön, mukaan lukien jaksot, grafiikat ja podcast-kuvaukset. Jos uskot jonkun käyttävän tekijänoikeudella suojattua teostasi ilman lupaasi, voit seurata tässä https://fi.player.fm/legal kuvattua prosessia.
Player FM - Podcast-sovellus
Siirry offline-tilaan Player FM avulla!

The importance of standard setting - Part 2

26:54
 
Jaa
 

Manage episode 462827824 series 3558478
Sisällön tarjoaa BDO Canada. BDO Canada tai sen podcast-alustan kumppani lataa ja toimittaa kaiken podcast-sisällön, mukaan lukien jaksot, grafiikat ja podcast-kuvaukset. Jos uskot jonkun käyttävän tekijänoikeudella suojattua teostasi ilman lupaasi, voit seurata tässä https://fi.player.fm/legal kuvattua prosessia.

In part two of this two-part mini-series, host Anne-Marie Henson welcomes back Armand Capisciolto, Chair of Canada’s Accounting Standards Board, BDO alumnus, and former host of the Accounting for the Future podcast. In this episode, they delve into the significant changes that have occurred among different standards, the importance of optionality in standard setting, as well as the impacts of cryptocurrency and ESG on the current standards. . This episode also explores actionable insights for businesses when looking at compliance of current and future standards.

For more on accounting standard setting, subscribe to Armand’s LinkedIn newsletter: Inside Standard Setting.

What you’ll hear in this episode:

[1:52] Guidance and actionable steps for navigating various compliance standards applicable to public companies.

[4:04] How do we make standards scalable for businesses of various sizes?

[9:26] The impact of ESG and connectivity between sustainability reporting and traditional financial reporting.

[14:19] The challenges and opportunities presented by evolving economies, highlighted through the impact of cryptocurrency on accounting standards.

[20:56] Addressing the realities of due process and the importance of developing standards that are not only relevant today but will continue to hold value in an evolving economy.

Mentioned:

Anne-Marie Henson

Armand Capisciolto

BDO

Quotes:

“IFRS has moved, and our domestic standards have stayed still, so there's now this large gap between part one and part two of our handbook. First and foremost, any company that is applying ASPE and is thinking about going public, will have to adopt IFRS. They must understand they have a fairly large lift. This is not something you can do at a moment's notice, it takes time.”

“One element I think companies absolutely have to consider today, that maybe wasn't as important 10 or 15 years ago with different technology and systems, is the importance of understanding what that change means fundamentally to your organization.”

“We spend a lot of time on what we refer to as connectivity, and that's really the connections between sustainability reporting and traditional financial reporting. It highlights risks that traditional financial statements have not necessarily covered. Sustainability reporting looks quite a ways out into the future. Accounting standards do look out to the future, but not that far.”

“As standard setters, whether it's the FASB, whether it's us in Canada, or whether it's the IASB, we only have so many hours in the day. We must properly prioritize the projects we're going to work on, and we have to focus on the projects that are going to impact the majority of companies, or the most companies.”

“The reality is that we must deal with a standard-setting process that's built around a due process of consultation and outreach that takes time, while dealing with a changing economy and technology that really doesn't care how long standard-setting takes. That for me as a standard-setter is the challenge. How do I create standards that aren't just relevant today but standards that will remain relevant in a changing economy?”

  continue reading

41 jaksoa

Artwork
iconJaa
 
Manage episode 462827824 series 3558478
Sisällön tarjoaa BDO Canada. BDO Canada tai sen podcast-alustan kumppani lataa ja toimittaa kaiken podcast-sisällön, mukaan lukien jaksot, grafiikat ja podcast-kuvaukset. Jos uskot jonkun käyttävän tekijänoikeudella suojattua teostasi ilman lupaasi, voit seurata tässä https://fi.player.fm/legal kuvattua prosessia.

In part two of this two-part mini-series, host Anne-Marie Henson welcomes back Armand Capisciolto, Chair of Canada’s Accounting Standards Board, BDO alumnus, and former host of the Accounting for the Future podcast. In this episode, they delve into the significant changes that have occurred among different standards, the importance of optionality in standard setting, as well as the impacts of cryptocurrency and ESG on the current standards. . This episode also explores actionable insights for businesses when looking at compliance of current and future standards.

For more on accounting standard setting, subscribe to Armand’s LinkedIn newsletter: Inside Standard Setting.

What you’ll hear in this episode:

[1:52] Guidance and actionable steps for navigating various compliance standards applicable to public companies.

[4:04] How do we make standards scalable for businesses of various sizes?

[9:26] The impact of ESG and connectivity between sustainability reporting and traditional financial reporting.

[14:19] The challenges and opportunities presented by evolving economies, highlighted through the impact of cryptocurrency on accounting standards.

[20:56] Addressing the realities of due process and the importance of developing standards that are not only relevant today but will continue to hold value in an evolving economy.

Mentioned:

Anne-Marie Henson

Armand Capisciolto

BDO

Quotes:

“IFRS has moved, and our domestic standards have stayed still, so there's now this large gap between part one and part two of our handbook. First and foremost, any company that is applying ASPE and is thinking about going public, will have to adopt IFRS. They must understand they have a fairly large lift. This is not something you can do at a moment's notice, it takes time.”

“One element I think companies absolutely have to consider today, that maybe wasn't as important 10 or 15 years ago with different technology and systems, is the importance of understanding what that change means fundamentally to your organization.”

“We spend a lot of time on what we refer to as connectivity, and that's really the connections between sustainability reporting and traditional financial reporting. It highlights risks that traditional financial statements have not necessarily covered. Sustainability reporting looks quite a ways out into the future. Accounting standards do look out to the future, but not that far.”

“As standard setters, whether it's the FASB, whether it's us in Canada, or whether it's the IASB, we only have so many hours in the day. We must properly prioritize the projects we're going to work on, and we have to focus on the projects that are going to impact the majority of companies, or the most companies.”

“The reality is that we must deal with a standard-setting process that's built around a due process of consultation and outreach that takes time, while dealing with a changing economy and technology that really doesn't care how long standard-setting takes. That for me as a standard-setter is the challenge. How do I create standards that aren't just relevant today but standards that will remain relevant in a changing economy?”

  continue reading

41 jaksoa

Kaikki jaksot

×
 
Loading …

Tervetuloa Player FM:n!

Player FM skannaa verkkoa löytääkseen korkealaatuisia podcasteja, joista voit nauttia juuri nyt. Se on paras podcast-sovellus ja toimii Androidilla, iPhonela, ja verkossa. Rekisteröidy sykronoidaksesi tilaukset laitteiden välillä.

 

Pikakäyttöopas

Kuuntele tämä ohjelma tutkiessasi
Toista