News in brief: Accounting bodies issue call to action to address climate change
“The impacts of climate change are already being felt throughout the world,” says a call to action issued by CPA Canada and other accounting bodies from around the globe (Getty Images/stockstudioX)
ACCOUNTING BODIES ALIGN TO ADDRESS CLIMATE CHANGE
CPA Canada and other accounting bodies from around the globe have issued a call to action in response to climate change. The statement urges “the accountancy profession to act now to help the organizations they work with respond to climate change with the urgency and scale required.”
The call to action is signed by the CEOs of 14 accounting bodies representing 2.5 million accountants and 181 countries worldwide, including more than 217,000 Canadian CPAs. As the call to action notes, “the impacts of climate change are already being felt throughout the world.”
The accounting bodies are all part of the Accounting Bodies Network (ABN) run by The Prince of Wales’s Accounting for Sustainability Project (A4S).
“CPA Canada is already making positive contributions to help its members, governments and the business and investment communities adapt to a continuously evolving operating landscape,” says Gord Beal, the organization’s vice-president, research, guidance and support.
“Sustainable growth and social development must go hand in hand; political leaders and regulators must pledge to not only protect the environment but also commit to growing the economy by addressing the concerns and hurdles faced by some sectors.”
Read more about A4S and the Call to Action statement online. And for more information on CPA Canada sustainability and climate change actions and guidance, visit cpacanada.ca/sustainability.
CANNABIS INDUSTRY TASK FORCE: STAGES OF GROWTH
CPA Canada created the Cannabis Industry Task Force on IFRS Standards to share views of relevance to cannabis companies. The task force’s first paper, or Viewpoint, provides an overview of the stages of growth of a cannabis plant and certain post-harvest activities.
International Accounting Standard (IAS) 41, Agriculture, establishes the accounting treatment for cannabis plants during their biological transformation and for the initial measurement of agricultural produce at the point of harvest, but it does not deal with the processing after harvest.
The task force Viewpoint covers pre-harvest period, harvest, post-harvest activities, typical production costs, and common terms and definition. Download an electronic copy here.
FORESIGHT: JOIN THE CONVERSATION
As part of the Foresight initiative to help imagine and shape the future of the profession, CPA Canada has launched a new digital engagement platform to help CPAs and the broader business community take part in online discussions.
Join conversations that explore data governance and value creation and the role CPAs will play in those areas. The new and improved digital platform allows you to stay up to date with new questions, take quick polls and share your ideas as you engage with other members of the Foresight community. Register at foresight.cpacanada.ca.
IIRC OPENS CALL FOR FEEDBACK
The International Integrated Reporting Council (IIRC) is refreshing the International Integrated Reporting Framework and calling for feedback on themes that will inform the direction of revisions. The revision will respond to an evolving market and further embed integrated reporting and thinking into mainstream business practice.
The IIRC is inviting feedback on key themes outlined in three topic papers covering business model considerations, responsibility for an integrated report and charting a path forward. Share your views online by Friday, March 20.