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IASeminars Weekly News Roundup

Monday 3 December 2018

Erkki Liikanen, Chair of the Trustees for IFRS Foundation talks at European Conference

Erkki Liikanen, Chair of Trustees recently gave a keynote speech at a European Commission Conference on the future of corporate reporting in a digital and sustainable economy.

Erkki spoke about the history of the Financial Market Action Plans in Brussels before talking about the good progress we have seen towards high-quality, global accounting standards.

“It was the EU’s landmark decision to cut short EU intergovernmental negotiations and endorse an outside standard instead of attempting to create one of its own which triggered similar responses by other governments and the spread of IFRS Standards the world over.”

Erkki touched on the benefits that people are seeing of global standards and how they seem comfortable with the existing endorsement process. The IFRS Standards are proving effective and helping to reduce the cost of capital and increase investments within the EU.

Erkki concluded that the IFRS Standards are a great example of EU leadership in establishing rules for global finance.

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Working Group looking into changes to CAP licensing requirements

The National Association of State Boards of Accountancy (NASBA) and the AICPA are looking at potential changes to CPA license requirements which would bring together skills in areas such as technology and data analytics that are becoming increasingly more important in business.

The NASBA and AICPA have formed a working group to cover these issues and will plan to make recommendations regarding these licensing requirements that will be shared with interested stakeholders next year.

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Public Sector Accountants must protect data as well as money

The Director of Safer Communities at the Northern Ireland Department of Justice, Anthony Harbinson, has stated that the public sector needs to “treat data and information as money and protect it”.

This relates to recent cybercrime attacks and the industry needs to be prepared for future attacks where criminals attempt to steal personal data. Accountants are in a area of the organisation where they have knowledge of what is going on and they can help to tackle the threat of fraud.

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