In a rapidly changing business landscape, the need for robust risk management and internal controls has never been more critical. As the corporate world grapples with increasing complexities, a new training program is poised to empower professionals in the field of internal control and reporting. This initiative, launched by Shasat, promises to reshape the way organizations approach corporate governance.

Designed for intermediate to advanced professionals, the course is strategically tailored to enhance expertise in managing risk and internal controls within the corporate governance framework. While this training is essential for professionals in the internal control and reporting sector, its potential impact transcends industry boundaries.

In today’s dynamic business environment, boards bear a substantial responsibility in ensuring effective risk management and internal control systems. The success and sustainability of any organization hinge on these critical components. The Advanced Internal Audit and Controls program offers participants an opportunity to gain invaluable insights into the core elements of corporate governance, a must-know for those involved in designing, implementing, monitoring, and evaluating risk management and internal control frameworks.

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Shasat Introduces the 2023 Edition of the IFRS Update Program

In the dynamic landscape of financial reporting, staying informed and updated with the latest developments is essential for financial professionals worldwide. The International Financial Reporting Standards (IFRS) continue to evolve, with over 140 countries adopting these globally recognized accounting standards. To thrive in this ever-changing environment, professionals must invest in their knowledge and expertise.

Shasat has launched its 2023 edition of the IFRS Update Programs in selected cities. These IFRS Update Programs serve as a gateway to staying ahead of the curve. Designed to provide comprehensive insights and practical training, the program equips financial experts with the latest updates in the International Financial Reporting Standards (IFRS)

Central to this program is an in-depth exploration of the latest accounting standards. The program delves into the intricacies of newly issued standards, closely examines comments and concerns raised by the Financial Reporting Council (FRC), and dissects discussion papers and exposure drafts issued by the International Accounting Standards Board (IASB). The goal is to ensure participants are fully up to date with the ever-evolving IFRS landscape. Shasat recognizes that staying informed is not limited to just new standards. The program extends its coverage to include IFRIC updates and their impact on current accounting practices. Additionally, it sheds light on annual improvement projects and changes that could potentially influence upcoming annual reports.

Beyond the realm of accounting standards, the program’s instructors will discuss key topics under consideration at the IASB, providing insights into the ongoing research initiatives by the IASB and their current status. This comprehensive approach ensures participants receive an all-encompassing education on IFRS.

In today’s interconnected world, industry bodies significantly influence financial reporting practices. The program addresses concerns voiced by these prominent entities, offering invaluable perspectives on how these matters might affect future annual reports.

Grasping the IASB’s project timeline is crucial for anticipating changes in the near future. The program offers clarity on what to expect in the ensuing 12 months, preparing participants for any potential shifts in the financial reporting landscape.

Details on the upcoming programs are as follows:

IFRS Update Training Program | GID 210001 | London: October 6-7, 2023

IFRS Update Training Program | GID 210003 | Sydney: November 20-21, 2023

IFRS Update Training Program | GID 210004 | Zurich: November 23-24, 2023

IFRS Update Training Program | GID 210005 | Toronto: December 14-15, 2023

IFRS Update Training Program | GID 210006 | Cape Town: November 14-15, 2023

IFRS Update Training Program | GID 210009 | Singapore: October 18-19, 2023

IFRS Update Training Program | GID 210010 | Dubai: December 27-28, 2023

IFRS Update Training Program | GID 210012 | San Francisco: October 11-12, 2023

IFRS Update Training Program | GID 210013 | Miami: December 7-8, 2023

IFRS Update Training Program | GID 210011 | New York City: December 18–19, 2023

IFRS Update Training Program | GID 210000 | Online (Live Webinar): Available on request, four 90-minute sessions

31 May 2023 — Shasat’s training division organises an in-depth compliance training program for the staff and members of ICPAC (The Institute of Certified Public Accountants of Cyprus). This includes Accredited Service Providers, Qualified Accountants, and Professional Service Providers. Additionally, invitations have been extended to FIU, ACCA, and other professional bodies to attend the training program in Cyprus. Shasat’s training division offers a wide variety of professional development courses, including IFRS, US GAAP, IPSAS, AML, ESG, risk management, and other professional development programs. ICPAC Cyprus

Reinsurance under IFRS 17: Many devils in the details

The new IFRS 17 standard for the accounting of insurance contracts is mandatory for IFRS accounts from this year onwards.  In the time since its publication, we discovered that it creates significant challenges in re-assessing margin expectations and reflecting the outcome in the financial statements. As we will show in this article, this applies in particular to ceded reinsurance – an area, not many companies have paid enough attention to so far.

Read More: Reinsurance under IFRS 17: Many devils in the details

Participants in the IPSASB’s May 2022 consultation paper on Enhancing Public Sector Sustainability Reporting universally acknowledged the urgent need for distinct sustainability reporting standards tailored for the public sector. They also endorsed the IPSASB, with its quarter-century of standard-setting expertise, as the suitable authority to spearhead this development. Implementing specific sustainability reporting standards in the public sector would significantly improve the transparency, accountability, and comparability of efforts to address climate change and other sustainability issues.

After an initial phase of research and scoping, the IPSASB has chosen to proceed with the creation of a Climate-Related Disclosures standard specifically designed for the public sector. A project brief for this crucial initiative has been published. Climate change reporting, a focal point of sustainability reporting, falls within the broader context of environmental, social, and governance (ESG) issues.

IPSASB Chair Ian Carruthers celebrated the decision to establish a public sector-specific Climate-Related Disclosures standard as a significant stride towards meeting the public sector’s demand for sustainability reporting standards. “We are thrilled to be able to answer stakeholders’ requests in this manner and look forward to initiating more projects in this vital field in the months to come.”

The IPSASB, with this launch, will convene a Climate-related Topic Working Group to offer climate-specific expertise and guidance to facilitate the project’s successful implementation. A Sustainability Reference Group will also be established to advise on the overall development program for sustainability reporting standards. To thoroughly understand these recent updates from IPSASB, we invite you to join our IPSAS Workshops.

The International Accounting Standards Board (IASB) has announced amendments to IAS 12 Income Taxes, providing temporary relief for companies from the accounting for deferred taxes in light of the Organisation for Economic Co-operation and Development’s (OECD) international tax reform.

In December 2021, the OECD introduced the Pillar Two model rules to enforce a minimum 15% tax rate for large multinational companies. This reform has been agreed upon by over 135 countries and jurisdictions, representing more than 90% of global GDP.

In response to stakeholder concerns about accounting uncertainty due to these rules, the IASB has made timely amendments to:

• Introduce a temporary exception for accounting for deferred taxes in jurisdictions adhering to the global tax rules. This promotes financial statement consistency during the implementation of these rules.
• Add targeted disclosure requirements to offer investors more clarity on a company’s exposure to income taxes arising from the reform, particularly before the legislation implementing the rules is in effect.

Companies can adopt the temporary exception immediately, but the new disclosure requirements apply to annual reporting periods starting from 1 January 2023.

IASB Chair, Andreas Barckow, stated that the amendments, developed in response to stakeholder feedback, support companies during the OECD’s rules implementation while enhancing financial information provided to investors about the impact of international tax reform.  The IASB is observing developments as jurisdictions adopt the Pillar Two model rules. It has added a future maintenance project to its pipeline to revisit the temporary exception and related disclosures.

The Board is also working on a separate project contemplating potential amendments to the IFRS for Small and Medium-sized Entities (SMEs) Accounting Standard related to the OECD tax reform.  

To gain a comprehensive insight into the recent changes announced by the IASB, we invite you to participate in our IFRS Update Courses

The International Sustainability Standards Board (ISSB) has issued its inaugural standards—IFRS S1 and IFRS S2.

Join us for an in-depth exploration of global trends on sustainability reporting in accordance with the International Financial Reporting Standards (IFRS) S1 and S2. This masterclass training will delve into the application and implications of these standards, environmental, social, and governance (ESG) strategies, stakeholder apprehensions, and key performance metrics.

You will acquire vital tools and methodologies for creating a robust data foundation that will facilitate streamlined reporting systems. The course will also cover assurance procedures for sustainability-related disclosures in line with Task Force on Climate-related Financial Disclosures (TCFD) recommendations, and risk management strategies related to reporting.
In addition, you will gain insights into control mechanisms, governance, and strategies for effective stakeholder communication. This will be supplemented by a wealth of case studies and practical examples. Our Masterclass series on environmental, social & governance (ESG) aims to provide you with a detailed roadmap to implement ESG strategies and corresponding disclosures, ensuring compliance with disclosure requirements in line with IFRS S1 and S2.

Don’t miss out on this opportunity to enhance your knowledge on ESG strategies and their impacts, and how they are reflected in the IFRS sustainability reporting standards.

See our upcoming workshops: IFRS S1 and IFRS S2 – Transitioning to ESG Masterclass

ESG: A Strategic Imperative for Modern Businesses

In today’s evolving business landscape, Environmental, Social, and Governance (ESG) principles are no longer optional. They have become a cornerstone of competitive strategy. Stakeholders now demand transparency, accountability, and measurable impact, making ESG essential for businesses seeking to thrive in a dynamic market. 

Why ESG is Reshaping Key Industries

ESG in Finance: Financial institutions are integrating ESG into their decision-making processes. This includes evaluating climate risks, addressing social concerns, and improving governance structures. By aligning with ESG principles, these institutions ensure resilience and long-term value creation.

ESG in Manufacturing and Consumer Goods: Manufacturers are under pressure to reduce environmental impact and adopt sustainable practices. Consumers increasingly prefer products that align with their values, creating both challenges and opportunities for companies in this sector.

ESG in Technology: The technology industry faces unique ESG challenges, including data privacy, diversity, and ethical AI development. Addressing these issues ensures innovation remains sustainable and socially responsible. 

Shasat’s ESG Masterclass: A Practical Solution

This growing complexity has left organizations searching for effective solutions. Companies like Shasat offer ESG Masterclass programs to help businesses navigate these challenges. These programs focus on practical insights into frameworks like IFRS S1 & S2, ESRS, and the EU Taxonomy, among others.  Held in cities like London, Sydney, Singapore, Cape Town, Hong Kong, Brussels, and Miami, Shasat’s Masterclasses provide tools for addressing sector-specific ESG challenges.
 

Key Benefits of Attending

• Understand global ESG regulations, including TCFD and ISSB standards.
• Learn best practices for sustainability reporting and trade finance.
• Explore ESG’s role in green bonds and sustainable investing.
• Gain actionable strategies tailored to your industry.

ESG: A Path to Sustainable Growth

For many companies, ESG is more than compliance—it is a driver of innovation and growth. Shasat’s ESG Masterclasses empower businesses to respond proactively to ESG demands while uncovering new opportunities.  By attending, professionals gain the expertise to turn ESG challenges into strategic advantages. Whether you are new to ESG or an experienced practitioner, these programs offer insights that align with your business goals.

Be Part of the ESG Revolution

ESG is no longer a trend—it is the future. Equip your organization with the tools to succeed in this evolving landscape. Join Shasat’s ESG Masterclass today to build a sustainable, resilient, and competitive business.  For more details, visit our ESG Masterclass page and secure your place. Together, let’s drive meaningful change and achieve long-term success.