News in brief: CPA Canada supports Canada’s offer to host ISSB
Canada is looking to be centre stage in the development of international sustainability standards (Getty Images/franckreporter)
CPA CANADA SUPPORTS CANADIAN OFFER TO HOST ISSB
CPA Canada is among the private and public institutions backing Canada’s offer to host the global headquarters for the new International Sustainability Standards Board (ISSB).
The Government of Canada formally submitted the Canadian offer letter to the IFRS Foundation at the end of July.
The bid is a collaborative effort, facilitated by CPA Canada, that includes the largest pension funds, financial institutions, securities regulators, a leading First Nations organization, accounting firms, insurance companies and other large Canadian companies, along with support from the country’s six largest municipalities and a broad cross-sector of Canada’s leading businesses, academic and environmental stakeholder organizations. Together, this collective group is known as the Canadian Champions for Global Sustainability Standards (Canadian Champions).
Once established, the ISSB will develop a set of global standards for reporting on environmental, social and governance (ESG) matters, which is critical to streamline reporting sustainability frameworks and standards.
The accounting profession’s ongoing contribution to standard setting includes expertise, resources and funding, and providing the official French translation of international accounting and auditing standards.
“Our country has a solid track record of working with global institutions on sustainability and standard setting, including the IFRS Foundation,” says Charles-Antoine St-Jean, president and CEO of CPA Canada. “Our standard setters are respected internationally and their knowledge and expertise are continually in demand.”
Should the IFRS Foundation decide to locate the global headquarters for the new ISSB in Canada, the funding contributed by the Canadian Champions would be put towards its successful start-up and operations.
The Trustees are expected to officially announce their decision on a new ISSB by the United Nations Climate Change Conference, COP26, in November 2021.
NEW PODCAST SERIES ON FUTURE-PROOFING THE PROFESSION LAUNCHED
CPA Canada recently released Foresight: The CPA Podcast, a new series that examines how professional accountants can future-proof the profession. Episodes will highlight evolving technological and social business changes and their effect on accounting.
The first episode, “Can Sustainability be a Driving Force for the Canadian Economy?” examines how environmental sustainability and accounting are related, how CPAs are playing a pivotal role in creating a better future and how 2020 shifted the financial conversation toward sustainability.
Episode two, “The Big Shift. What Jobs will CPAs have in the Future,” features Tim Jackson, the chair of the Competency Map Task Force, exploring the daunting challenges CPAs face, as well as the opportunities presented by the profession’s ever-changing landscape.
Foresight: The CPA Podcast is available through most major podcast platforms and the CPA Canada website.
CPA CANADA CO-HOSTS WEBINAR ON CANADA’S RECOVERY HIRING PROGRAM
CPA Canada, together with the CRA, recently hosted a webinar on the Canada Recovery Hiring Program (CRHP). This new initiative is designed to support employers who have been impacted by COVID-19 through wage subsidies.
The online discussion provided an overview of the program and demonstrated the CRA’s commitment to their online CRHP tools and application portal. The event featured three expert panellists and was moderated by FCPA Bruce Ball, vice-president of tax at CPA Canada.
During the session, the CRA also responded to several questions that CPA Canada received on the CRHP. Watch the webinar to learn more.
FINANCIAL LITERACY TEAM WINS EIFLE AWARD
CPA Canada’s Financial Literacy Team took honours at this year’s Excellence in Financial Literacy Education (EIFLE) Awards for its publication, Love and Money: Conversations to Have Before You Get Married. This is the thirteenth EIFLE Award for CPA Canada.
The book, selected as the winner in the Adults’ Book of the Year: General category, provides tools to help facilitate important discussions needed to create a solid financial basis in any relationship.
“CPA Canada is honoured to be once again recognized for its work in helping Canadians better understand and improve their management of money. Getting married is one of those big life decisions and once you’re sure it’s love, these are the conversations to have to ensure your happily ever after,” says Doretta Thompson, financial literacy leader for CPA Canada.
The EIFLE Awards are presented annually by the U.S.-based Institute for Financial Literacy and were created to acknowledge innovation, dedication and commitment to financial literacy education worldwide.
CPA CANADA HOSTS WEBINARS FOR INTERNATIONAL MEMBERS
Over 300 CPAs across more than 30 countries attended two live presentations of ESG – A Strategic Tool for Success on July 8.
Hosted by Nancy Foran, FCPA, FCMA, president and founder of ESG Partners Inc., the webinar outlined the basics of environmental, social and governance (ESG) matters and how to integrate it into business strategy and operations.
“We believe sustainability reporting is joining financial reporting as key areas of focus for the CPA profession,” said Janet Treasure, senior vice-president, external relations and business Development at CPA Canada. “It is a global issue so it’s fitting that these webinars brought together members from many parts of the world.”
On July 28, CPA Canada held two sessions of Cultivating high performance leadership: Effective development one-on-ones that saw participation from 230 of its international members.
“Whether you are the manager or an employee, business relationships are inherently also personal relationships,” said Nikita Bayne, chair of the CPA Canada Barbados Chapter Advisory Council. “This session really explored techniques that make one-on-one meetings more effective for both parties.”
The webinars were led by CPA Jeff Smith, the founder and CEO of SupportingLines Institute Inc. and a certified executive coach, who focused on how to bring structure to one-on-ones, with a goal of improving long-term performance.
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