Estimado socio, Nuestro producto eGlobal INCP presenta noticias internacionales relevantes para la profesión a nivel global. Todos los artículos son difundidos en su idioma de origen; para filtrar por interés hemos traducido los títulos pero al leerlos en su totalidad los encontrará ya sea en inglés o en español. Para garantizar la recepción de estos correos en su bandeja de entrada, favor agregar este correo electrónico (comunicaciones@incp.org.co) en su lista de correos deseados.
Contable Grupo de trabajo exige estándares de contabilidad mundialmente uniformes para las entidades sin ánimo de lucro Los emisores de estándares de contabilidad de todo el mundo tienen como objetivo alcanzar un solo conjunto de directrices internacionales de información financiera para las entidades sin ánimo de lucro, y algunos dicen que la necesidad es urgente. El Foro Internacional de Estándares de Contabilidad [...] La espera ha terminado: el FASB ha emitido una nueva directriz para la contabilidad de arrendamientos El Consejo de Normas de Contabilidad Financiera de los Estados Unidos (FASB, por sus siglas en inglés) emitió oficialmente su largamente esperada norma de contabilidad para arrendamientos el pasado 25 de febrero. Esta norma exige a las compañías reportar la mayoría de sus arrendamientos en el balance de situación y termina con la presentación fuera del balance de activos y pasivos relacionados con los derechos y las obligaciones creados por los arrendamientos operativos. […]
El SASB lanza programa de socios asesores El Consejo de Estándares Contables para la Sostenibilidad (SASB, por sus siglas en inglés) ha lanzado un Programa de Socios Asesores para promover la aplicación de sus estándares y sus directrices de contabilidad para la sostenibilidad. Los Socios Asesores del SASB ofrecerán su experiencia, sus herramientas y sus perspectivas para apoyar la consideración y la aplicación de los estándares del SASB. […] El FRC emite enmiendas a las revelaciones sobre el valor razonable en la FRS 102 El Consejo de Información Financiera del Reino Unido (FRC, por sus siglas en inglés) ha emitido enmiendas que simplifican la preparación de revelaciones sobre instrumentos financieros para instituciones financieras y planes de beneficios para jubilaciones. Las enmiendas a la FRS 102 Jerarquía de las revelaciones sobre el valor razonable
fueron terminadas tras lo que la entidad vigilante de la profesión describió como “una respuesta arrolladoramente positiva” a la consulta. […] El desafío del siglo contabilidad: ¿cómo activos intangibles?
XXI para la valorar los
Cuando RadioShack Corp. solicitó protección por bancarrota el año pasado, consiguió más de USD 170 millones con la venta de propiedades como finca raíz, arriendos e inventario de teléfonos inteligentes, cables para computadores y cámaras. Sin embargo, los libros de este minorista no reconocieron dos de sus activos más valiosos: su marca y la información de sus clientes. […] Una norma de contabilidad que tendrá un impacto “considerable” en las instituciones financieras La entidad vigilante del mercado europeo, la Autoridad Europea de Valores y Mercados, ha revelado que espera que
la nueva norma de contabilidad para instrumentos financieros del Consejo de Normas Internacionales de Contabilidad (IASB, por sus siglas en inglés) tenga un impacto considerable en las instituciones financieras. […] El GASB publica una nueva directriz de implementación para ayudar a las partes interesadas a entender sus pronunciamientos recientes El Consejo Gubernamental de Normas de Contabilidad de los Estados Unidos (GASB, por sus siglas en inglés) emitió una directriz de implementación con preguntas y respuestas que buscan aclarar, explicar o profundizar sus pronunciamientos recientes. La Guía de implementación No. 2016-1, Actualización de las Directrices—2016, aborda principalmente preguntas recibidas respecto a las normas recientemente emitidas por el Consejo sobre las revelaciones del valor razonable y las deducciones impositivas. […]
Auditoría ¿Cómo pueden los comités de auditoría mantener vigilado el riesgo de las terceras partes?
La auditoría debe tener mayor capacidad de predicción, según una investigación del FRC y el ICAS
Herramientas para los comités de auditoría: evaluación del auditor externo
Empezó el dolor de cabeza: la auditoría interna. Los socios comerciales, los proveedores, los distribuidores, los contratistas y los proveedores de servicios —todos los llamados terceras partes que ayudan a muchas organizaciones a funcionar— conllevan riesgos que, generalmente, se espera sean evaluados por la auditoría interna y los posteriores comités de auditoría. […]
El Instituto de Contadores Certificados de Escocia (ICAS, por sus siglas en inglés) y el Consejo de Información Financiera del Reino Unido (FRC, por sus siglas en inglés) encargaron a dos equipos —liderados por expertos de la Universidad de Pretoria en Sudáfrica y la Escuela de Negocios Alliance de Manchester—, que explorarán la composición ideal de los equipos de auditoría modernos, así como la mejor manera de cumplir con la futura demanda de auditorías de alta calidad por el interés público, en un entorno de negocios global moderno y complejo. […]
En los últimos años se ha hecho mayor énfasis en la calidad, la precisión y la transparencia de la información financiera proporcionada por una entidad a accionistas, acreedores, reguladores, analistas y otros usuarios de la información. Esto ha aumentado la presión sobre los comités de auditoría para que aseguren el cumplimiento de esta meta. […]
RSE La tecnología crea una nueva responsabilidad social empresarial
Las normas ambientales estrictas no perjudican las exportaciones globales
Las alianzas empresa-cultura, simbiosis por explotar - España
Innovación, tecnología y negocios
Según un estudio de la OCDE, los países con políticas ambientales estrictas, tales como gravámenes por carbono y normas sobre la contaminación del aire, no tienen muchas desventajas a la hora de comerciar a nivel global en comparación con países con regulaciones más flexibles.
Un ciclo de conciertos, un festival de teatro, la producción de una película, una exposición de arte o de fotografía o la promoción del deporte base son hoy muchas veces posibles solo gracias al patrocinio o el mecenazgo privado.
De acuerdo con un sondeo de la BBC, las innovaciones en tecnología están ayudando a las compañías a cumplir sus compromisos de responsabilidad social empresarial. La RSE es el área de las empresas que protege el medio ambiente, ayuda a la población pobre del mundo y se responsabiliza del planeta en el que vivimos. Cada vez más empresas notan el valor de tener compromisos en RSE. Los clientes escogen empresas con base en sus actividades de RSE, y a los inversionistas les gusta comprar acciones de empresas responsables. […]
El informe llega en un momento en que los legisladores europeos discuten a profundidad los detalles de cómo compensar a las industrias con altos usos de energía por los costos asociados con el Régimen de Comercio de Derechos de Emisión del bloque, el cual cobra a los contaminadores por cada tonelada de dióxido de carbono que emiten. […]
una
Las alianzas entre empresas e instituciones culturales constituyen hoy una tendencia creciente y una gran oportunidad para ambas, en un contexto de restricciones de gasto en el sector público. […]
Empresas socialmente responsables: acciones contra el cambio climático México Los efectos del cambio climático son cada vez más evidentes para los gobiernos, la sociedad civil y, por supuesto, para las empresas. Urgen medidas contundentes para frenar el avance de las emisiones de gases de efecto invernadero. Para una organización, el tema del cambio climático puede sonar tan desconocido como sencillo. Sin embargo, se debe entender el gran reto que esto representa. […]
Ética Compañías incapacidad éticos
criticadas por su para revelar asuntos
Bentley en Bloomberg: ¿por qué la ética es importante para las empresas y los estudiantes universitarios?
Las compañías públicas del Reino Unido aún no están proporcionando a sus accionistas evidencias de su seriedad frente a la ética, según una investigación del Instituto Certificado de Auditoría Interna.
En cuanto a ética en los negocios, mucho ha cambiado y mucho ha seguido igual desde la caída de Wall Street y la posterior recesión global en el 2008. Según una encuesta realizada en junio del 2015 por Gallup, apenas un 9 % del público estadounidense confía “bastante” en las grandes empresas; en junio del 2009 era el 6 %. La única institución que según la encuesta de Gallup se encuentra por debajo de las grandes empresas es el Congreso, en el cual apenas un 4 % de los estadounidenses confía “bastante”, nivel históricamente bajo. […]
Menos del 25 % de las empresas del índice FTSE 100 proporciona a sus accionistas algún tipo de medición de sus estándares éticos, aunque casi todas —el 94 %— aseguran en sus informes anuales estar comprometidas con ellos. […]
La construcción de un entorno laboral ético empieza por la administración
Las compañías más éticas del mundo 2016
El centro de recursos éticos publicó recientemente un informe sobre la ética en los negocios, según el cual “la cultura de la ética se está debilitando y las percepciones de los empleados sobre la ética de sus líderes está desapareciendo”. Con el paso del tiempo, cada vez más empleados están distraídos, poco comprometidos y algo perezosos; y cada vez recurren más a prácticas poco éticas para realizar su trabajo. […]
Durante la última década el Instituto Ethisphere —una organización con sede en Scottsdale, Arizona y enfocada en la promoción de prácticas comerciales éticas— ha publicado una lista de Las Compañías más Éticas del Mundo. Esta semana, la firma anunció sus homenajeados del 2016; firmas que considera representan lo mejor que el mundo de los negocios tiene para ofrecer. […]
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Group urges unvarying world accounting standards for nonprofits Accounting standard-setters from around the world aim for a single set of international financial reporting guidelines for not-for-profit organizations, with some saying an urgent need exists for the guidance. The International Forum of Accounting Standard-Setters, at its April 5 meeting, moved toward creation of a working group that would devise how to go about developing such standards. Developing countries need guidance Tamba Momoh, of Sierra Leone’s accounting, auditing and institutional governance board, described the lack of consistent accounting by nonprofits as “a very serious issue” in developing countries. ”Standard-setters and national authorities should stop passing the ball”, he suggested at the forum’s gathering in Toronto. The topic of how a wide variety of notfor-profit enterprises from mom-andpop charities to giant hospitals run by universities to far-flung NGOs should report their activities has bedeviled rulemakers such as the Financial Accounting Standards Board. Issues, such as how to handle grants, and basic definitional questions have proven challenging for the
standard-setters. Who should undertake project? A key question is whether the International Accounting Standards Board will be able to carry out the task and is the appropriate venue for rulemaking on nonprofits. An IASB alternative would be to have the International Public Sector Accounting Standards Board conduct the project. If a comprehensive project were pursued by the IPSASB, it could take a long time to complete—as would a comparable effort by the IASB. IPSASB is a self-governance branch of the International Federation of Accountants, the professional group that includes the American Institute of CPAs. Ian Carruthers, IPSASB’s new chairman, suggested that non-governmental organizations and other not-for-profit entities are spending money and time addressing various regulators’ reporting requirements—as well as those of their funders—when they’d rather use those resources to deliver services. IASB Vice-chairman not optimistic For IASB to take up the cudgel would require what the staff of the London-based
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Group urges unvarying world accounting standards for nonprofits board calls an expansion of the panel’s mandate. The IASB’s parent body, the IFRS Foundation, has to clear that broadening of the group’s mission. The foundation is expected to consider the issue at its next meeting, in May. However, IASB Vice-Chairman Ian Mackintosh told the international forum April, “I wouldn’t be overly optimistic at this stage. It’s still up in the air”. He
suggested that the views of many IFRS Foundation members, as expressed to the IASB, are that the board has enough to do in its core work of writing corporate financial reporting rules, it has limited resources and “you should stick to your knitting”. Working group volunteers At the end of the April 5 discussion on
not-for-profits’ accounting, forum Chairman Tricia O’Malley saw a variety of rulemakers volunteer their organization for the working group. Those forum participants who volunteered for the accounting working group include Momoh; Carruthers; Daniel Sarmiento Pavas, of the Public Accounting Technical Council of Colombia; Linda Mezon, chair of the Canadian Accounting Standards
Board; Nokuthula (Thuli) Bamuza, a senior director at the Pan African Federation of Accountants; Jeffrey Mechanick, a FASB staff accountant specializing in not-forprofit issues; and Peter Sampers of the Dutch Accounting Standards Board. Source: Bloomberg BNA
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The wait is over: FASB issues new guidance on lease accounting standard”, he added. The new standard affects all companies and organizations that lease assets, like real estate, airplanes, and manufacturing equipment. According to a recent study by equipment leasing software provider LeaseAccelerator, public companies that will likely be impacted the most by the lease accounting overhaul include Walgreen Co., AT&T Inc., McDonald’s Corp., and Delta Air Lines Inc.
The Financial Accounting Standards Board (FASB) officially released its long-awaited lease accounting standard on Feb. 25, which now requires companies to report most leases on their balance sheets and puts an end to the off-balance-sheet reporting of assets and liabilities related to the rights and obligations created by operating leases. While companies are currently required to disclose lease commitments in the footnotes of their financial statements, they will now have to add lease obligations to their books instead. “The new guidance responds to requests
from investors and other financial statement users for a more faithful representation of an organization’s leasing activities”, FASB Chairman Russell Golden said in a written statement. “It ends what the US Securities and Exchange Commission and other stakeholders have identified as one of the largest forms of off-balance-sheet accounting, while requiring more disclosures related to leasing transactions”. “The guidance also reflects the input we received during our extensive outreach with preparers, auditors, and other practitioners, whose feedback was instrumental in helping us develop a cost-effective, operational
“This is not a regulatory issue that can be easily solved by the compliance officer. It is a big data problem and a business-process problem that will require the attention, coordination, and time of the entire C-suite”, LeaseAccelerator CEO Michael Keeler said in a written statement. “The accounting is not that complicated, and there is software already built and ready to use. It’s the data and the data management that possess the biggest problem. With thousands of leases spread around 50 countries for many of these large organizations, it will take a monumental effort to aggregate and gain insight on their current lease exposures”.
2016-02, Leases (Topic 842), will now require organizations that lease assets – or lessees – to recognize assets and liabilities on their balance sheets for leases with lease terms of more than 12 months. Previously, the recognition, measurement, and presentation of expenses and cash flows arising from a lease for lessees primarily depended on its classification as a finance (capital) lease or operating lease. But unlike current US GAAP, which requires only capital leases to be recognized on the balance sheet, the new standard requires companies to include both types of leases on their books.
New financial reporting requirements for lessees
“This is a huge change from current practice”, said Anne-Lise Vivier, CPA, accounting publications managing editor with Thomson Reuters Checkpoint within the Tax & Accounting business of Thomson Reuters. “Lessees will, in most cases, have to record a large asset and a large liability on their balance sheet. Companies will no longer be able to structure lease agreements to achieve off-balance-sheet reporting and will, in many cases, have to monitor the effect of this change on their debt-to-capital ratio and related debt covenants, among other things”.
Accounting Standards Update (ASU) No.
For finance leases, lessees will be required to:
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The wait is over: FASB issues new guidance on lease accounting •
Recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payment, in the statement of financial position. • Recognize interest on the lease liability separately from amortization of the right-of-use asset in the statement of comprehensive income. • Classify repayments of the principal portion of the lease liability within financing activities and payments of interest on the lease liability and variable lease payments within operating activities in the statement of cash flows. For operating leases, lessees will be required to: •
users better understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. Ralph Petta, president and CEO of the Equipment Leasing and Finance Association, believes the new guidance will not prevent companies from acquiring the necessary equipment to grow their businesses. “There are many reasons to lease equipment, and the primary reasons will remain intact under the new rules from maintaining cash flow, to preserving capital, to obtaining flexible financial solutions, to avoiding obsolescence”, he said in a written statement.
Recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payment, in the statement of financial position. Recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis. Classify all cash payments within operating activities in the statement of cash flows.
Lessor accounting will remain largely unchanged. “For example, the vast majority of operating leases should remain classified as operating leases, and lessors should continue to recognize lease income for those leases on a generally straight-line basis over the lease term”, according to the FASB.
The ASU also will require disclosures to help investors and other financial statement
Public companies will be required to adopt the new standard for fiscal years, and
•
•
Don’t delay on implementation
interim periods within those fiscal years, beginning after Dec. 15, 2018. For calendar year-end public companies, this means an adoption date of Jan. 1, 2019, and retroactive application to previously issued annual and interim financial statements for 2018 and 2017. Nonpublic companies will be required to apply the new leasing standard for fiscal years beginning after Dec. 15, 2019, and interim periods within fiscal years beginning after Dec. 15, 2020. For nonpublic calendar year-end companies, this means an adoption date of Jan. 1, 2020, and retroactive application to previously issued annual financial statements for 2019 and 2018. Early application will be permitted for all organizations The effective date might seem like a ways away, but companies should begin preparing for the new lease accounting requirements now, Vivier said. “With many companies having very large portfolios of leases, this long adoption period is only the sign that companies will have a lot of work to get ready by the effective date”, she added. The
International
Accounting
Standards
Board (IASB) published the international version of the standard, IFRS 16 Leases, on Jan. 13, which is effective for annual reporting periods beginning on or after Jan. 1, 2019. While there are similarities between the US and international rules, the IASB opted for a single-model approach that requires lessees to classify all leases as finance leases. “When the new FASB and IASB leases standards take effect, they’ll provide investors across the globe with more transparent, comparable information about lease obligations held by companies and other organizations”, Golden said. Sandy Peters, CPA, CFA, head of the Financial Reporting Policy Group at CFA Institute, said even though the global association for investment professionals had advocated for a different measurement method for the liability and an income statement recognition approach consistent with the IASB, the recognition of the liability in the new FASB guidance “is a major step in the right direction for investors”. Source: Accounting Web
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SASB debuts advisory partner program The Sustainability Accounting Standards Board has launched an Advisory Partner Program to encourage corporate and investor application of SASB’s standards and guidance on sustainability accounting. SASB Advisory Partners will lend their expertise, tools and perspective to support the consideration and application of SASB standards. “Now that SASB’s first set of provisional standards is nearly complete, we’re increasingly focusing on supporting use of the standards by companies and investors”, said SASB CEO Dr. Jean Rogers in a statement. “We developed our Advisory Partnerships to formalize our support for those advancing the application of accounting standards to manage and report sustainability risks and opportunities. Each advisory partner was selected as offering the perspective, proprietary tools, and expertise to help interested companies and investors find value from using SASB standards”. Founding advisory partners include Antea Group, BrownFlynn, Crowe Horwath, Goby Inc., iCompli, Sociovestix Labs, Sustainability Reporting Partners, thinkstep, 38 North Solutions and Zizzo Strategy. “Last year we published the Implementation
Guide, which offers reporting professionals practical guidance on using SASB standards”, said Robert Herz, former chair of the Financial Accounting Standards Board, who is now a board member for SASB. “The Advisory Partner Program offers hands-on support for companies looking to select appropriate sustainability accounting standards for their organization and effectively embed them into core management and reporting functions”. “A random mix of ESG data, without form or purpose, could create more confusion for companies and their investors”, said Evan Harvey, managing director of corporate sustainability at Nasdaq. “SASB’s Advisory Partners can clear up this confusion by improving the quality of ESG information, so that it proves the equal of financial information”. SASB plans to issue its last set of provisional standards, marking the complete set of provisional standards for 79 industries in 10 sectors complete. SASB will then enter a period of deep consultation to get feedback on the standards’ decision-usefulness and cost-effectiveness. SASB’s proposed process for codifying and maintaining the standards will open for public comment on April 7. Source: Accounting Today
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FRC issues amendments to fair value disclosures in FRS 102 Amendments simplifying the preparation of disclosures about financial instruments for financial institutions and retirement benefit plans have been issued by the FRC. Amendments to FRS 102 – Fair value hierarchy disclosures – were finalized following what the profession’s watchdog described as “an overwhelmingly positive response” to the consultation. As well as simplifying the preparation of the disclosures, the amendments are designed provide more meaningful information for users of the financial statements. The amendments only apply to financial institutions and retirement benefit plans; other entities applying FRS 102 are unaffected by these amendments.
The FRC added that the move will more closely align the relevant disclosure requirements with those in IFRS 13 Fair Value Measurement and are effective for accounting periods beginning on or after 1 January 2017, with early application permitted. Melanie McLaren, FRC executive director of codes and standards said: “In publishing these amendments we are responding to issues raised by stakeholders, who have confirmed the benefits they will bring, including reducing the potential costs of compliance with FRS 102 and improving the information available to users”. Source: Accountancy Age
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Accounting’s 21st century challenge: how to value intangible assets When RadioShack Corp. filed for bankruptcy protection last year, it raised more than $170 million by selling such holdings as real estate, leases and inventories of smartphones, computer cables and cameras. But the retailer’s books didn’t acknowledge two of its most valuable assets: its brand and its customer data. How do you attach a price tag to something you can’t see or touch? The question is increasingly significant for investors as more companies collect information about their customers and use it to develop products and services. Some companies rely on the hipness of their brands to propel sales. Assigning a value to a physical asset like a store or equipment is relatively easy. But, in the murky world of intangible assets, the calculations are squishy. The problem of how to value such assets has vexed accountants for decades. Under current accounting rules, U.S. companies don’t record those items on their books as assets. “It is 19thcentury accounting”, said Baruch Lev, an accounting and finance professor at New
York University’s Stern School of Business. The absence of abstractions like brand value on corporate balance sheets prevents investors from properly gauging their risks, said Mr. Lev. “It’s an incredibly important issue”, he said. “Investment in intangibles is almost completely obscured from investors”. Altogether, companies in the U.S. could have more than $8 trillion in intangible assets, according to Leonard Nakamura, an economist at the Federal Reserve Bank of Philadelphia. That’s nearly half of the combined $17.9 trillion market capitalization of the S&P 500 index. These days, companies put far more money into nonphysical assets, such as customer databases, than they do in building new factories. Companies invested the equivalent of 14 % of the private sector’s gross domestic product in intangibles in 2014, according to research by economist Carol Corrado. The investment in physical assets was about 10 % of that sum. That’s essentially the reverse of 40 years ago, when 13 % of private-sector GDP went to tangibles and 9 % to intangible assets. Last month a small group of researchers at the nation’s accounting standards-setter
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over time. While there are well-established ways to determine the depreciating value of a computer, it’s much harder to do so for such things as trademarks, patents or customer relationships. So far, the FASB hasn’t been able to find a solution in which the benefits of reporting intangibles outweigh the costs, according to a spokesman. “It’s definitely possible to value intangibles”, said John Rainey, chief financial officer of digital-payments company PayPal Holdings Inc. “But it represents another burden. The question is: how much incremental work does it take?”.
The FASB has weighed the question before, but got hung up on key issues: for example, should the value of intangibles be based on how much they cost to create, or should company management have to estimate the fair value of those assets? Companies also need to measure value
If the FASB adds intangibles to its agenda, it could be years before it comes up with a new rule. It took a decade of debate and revisions to overhaul rules for lease accounting that go into effect for public companies at the end of 2018. That rule, which requires companies to bring operating leases onto their books, could swell U.S. corporate balance sheets by $2 trillion overall, according to some estimates. The addition of intangibles would likely have much greater impact, said PJ Patel, co-chief executive of Valuation Research Corp.
Sometimes, such as after an acquisition, companies are required to value intangible assets. The buyer must itemize intangibles like brand value and client lists, and update their value annually. The accounting department at Perrigo Co., spends weeks at the end of every year valuing and auditing intangibles that the Dublin-based pharmaceutical company has purchased over the past several years. Doing the same every quarter for earnings reports would be “a huge undertaking”, said finance Chief Judy Brown. Businesses that file for bankruptcy value their intangibles, because those assets can be sold for millions. That, too, is a cumbersome process. Putting a value on RadioShack’s intangibles and selling them took about eight weeks, said David Peress, an executive vice president of valuation firm Hilco Streambank, who advised the company on the sale. Its brand and its customer data fetched $26.2 million. Corporate borrowers also often use their brands to backstop loans. Ford Motor Co., for example, borrowed $23.6 billion in 2006 by putting up virtually all of its
assets—including its blue Ford logo as collateral. Some investors and analysts say they don’t need to know the specific value of intangible assets like data. They say a company’s stock price reflects the market’s appraisal of those assets. Take Facebook Inc. The stock market values the social-networking company at nearly $320 billion. As of Dec. 31, its assets minus liabilities totaled $44.2 billion. The difference between the two could serve as a proxy for the value of Facebook’s vast troves of user data, the algorithms it creates to mine that data and its brand. That would put the value of Facebook’s intangibles at about six times that of its tangible assets, such as cash, property and equipment. But there’s no way to really know, said Ms. Corrado, the economist, who now works for the Conference Board. “You’re leaving a lot to the imagination”. Source: The Wall Street Journal
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Accounting standard to have ‘major’ impact on financial institutions standards.
Europe’s market watchdog the European Securities and Markets Authority has revealed it expects the International Accounting Standards Board’s (IASB) new financial instruments accounting standard to have a major impact on financial institutions.
Its 2014 ESMA Guidelines are intended to make sure issuers in the EU comply with the requirements of the Transparency Directive. Similarly, its 2015 ESMA Guidelines on Alternative Performance Measures are intended to promote the “usefulness and transparency of Alternative Performance Measures included in prospectuses or regulated information”.
The new standard takes effect for the reporting period beginning on or after 1 January 2018. In a report on enforcement and regulatory activities during 2015, ESMA said it would put out “two statements to inform the market and encourage listed companies to provide timely and relevant information on the expected impact of the new financial reporting standards once the endorsement timeline is clarified”. The second statement will relate to the IASB’s new revenue-recognition standard IFRS 15, Revenue from Contracts with Customers. The IASB launched its bid to develop International Financial Reporting Standard 9, Financial Instruments (IFRS 9), in 2009 in the wake of the financial crisis. Alongside a simplified classification and measurement model for financial assets, the new standard also features what its supporters describe as a more forward-looking
Since 2012, ESMA has also identified each European Common Enforcement Priorities in a bid to promote the consistent application of European securities and markets legislation and IFRS among issuers and their auditors. impairment model for financial assets held at amortized cost. ESMA said: “IFRS 9 is expected to have a major impact on the financial statements of financial institutions, mainly because it will determine a material increase in the impairment losses, with effects on the performance, and require major changes in IT systems”. It remains unclear when the European Union will endorse IFRS 9. Although the European Commission and the
European Financial Reporting Advisory Group support the standard, it has met with stiff opposition from many investors. ESMA’s main role is to promote the consistent application of International Financial Reporting Standards (IFRS) and foster convergence of enforcement practices across Europe. To this end, ESMA has a number of enforcement tools at its disposal to improve the quality of financial information and ensure the consistent application of financial reporting
The 2015 look-back also reveals that, during 2015, ESMA and national enforcers examined 189 listed issuers’ compliance with IFRS in 26 countries, focusing on areas identified in the 2014 European Common Enforcement Priorities. These steps led regulators to take enforcement action against 40 issuers. Source: IMP (Investment Pensions Europe)
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GASB publishes new implementation guidance to assist stakeholders with recent pronouncements The Governmental Accounting Standards Board (GASB) issued implementation guidance containing questions and answers intended to clarify, explain, or elaborate on recent GASB Statements. Implementation Guide No. 2016-1, Implementation Guidance Update–2016, primarily addresses questions that have been raised relative to the Board’s recently issued standards on fair value and tax abatement disclosures. The Guide also addresses a wide array of practice issues on other topics that have been brought to the GASB’s attention and reinstates certain previously superseded questions and answers that have been updated for the effects of newly issued standards on pensions and other postemployment benefits. The requirements of Implementation Guide 2016-1 are effective for reporting periods beginning after June 15, 2016. The Guide is available to download free of charge on the GASB website.
About the governmental accounting standards board Established in 1984, the GASB is the independent, private-sector organization based in Norwalk, Connecticut, that establishes accounting and financial reporting standards for U.S. state and local governments that follow Generally Accepted Accounting Principles (GAAP). These standards are recognized as authoritative by state and local governments, state Boards of Accountancy, and the American Institute of CPAs (AICPA). The GASB develops and issues accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to taxpayers, public officials, investors, and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the GASB. Source: GASB (Governmental Standards Board)
Accounting
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FASB removes effective dates for Private Company accounting alternatives The Financial Accounting Standards Board (FASB) has issued an accounting standards update for private companies that opt to apply private company accounting alternatives, removing the effective dates for four of the alternatives. They include: • • •
•
ASU No. 2014-02, Intangibles— Goodwill and Other (Topic 350). ASU No. 2014-03, Derivatives and Hedging (Topic 815). ASU No. 2014-07, Consolidation (Topic 810): Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements. ASU No. 2014-18, Business Combinations (Topic 805): Accounting for Identifiable Intangible Assets in a Business Combination.
Previously, if a private company elected to adopt an accounting alternative after its effective date, it had to assess whether the accounting alternative was preferable to its accounting policy at that time. The new accounting standards update permits a private company to forgo the preferability assessment the first time it elects a private
company accounting alternative. The recommendations for the private company alternatives originally came from the Private Company Council, FASB’s sister organization overseen by the Financial Accounting Foundation, which has been tasked with providing the perspective of privately held companies in the accounting standard-setting process to make the standards less complicated. The PCC added the issue of removing the effective dates to its agenda in response to some concerns raised by stakeholders at private companies about the required assessment of preferability when electing a private company accounting alternative for the first time after its effective date. They were concerned about scenarios in which it might not be optimal for a private company to elect a private company accounting alternative by its effective date because of the facts and circumstances of that company or because that company was unaware of that private company accounting alternative until after its effective date. Source: Accounting Today
Auditoría
How audit committees can keep third-party risk in check assessment issues and best practices to evaluating these risks. It probably comes as no surprise that handling and assessing third-party risks often falls to internal audit, which, in turn, comes under the audit committee’s purview.
Headache time, internal audit. The business partners, suppliers, distributors, contractors, and service providers – all of the so-called third parties that help many organizations function – carry risks that internal audit and subsequently audit committees, typically are expected to assess. And these third parties may have their own third-party relationships that extend the risks even further. They also may be outside the United States, operating under different laws and business ethics. The latest Audit Committee Excellence Series report from PwC, Oversight of Third-Party Risks, offers insight into
The reason that these partners, suppliers, distributors, contractors, and service providers are so important is that their risk comes under categories like bribery, environmental concerns, health and safety, and labor laws. And those areas, the report notes, may not be completely covered by “conventional” internal controls or however a particular organization assesses its risks. What’s more, a key issue unifies these risks: The third parties are governed by contracts. Those contracts outline the obligations, risks, and recourse of everyone involved. And they should come under the overall internal-control system in an organization. Which means, of course, that the lawyers have to be involved. The report makes special mention of the importance of legal review. “Evaluate whether company counsel is sufficiently engaged in the third-party risk control environment. And whether they comprehend the importance of their role”, the report states.
Internal audit or the audit committee should determine if the contracts provide for rights to security audits and notifications of breaches. That’s because just about any company has some measure of risk involving third parties, the report notes, stating that “essentially, any organization that has access to your company’s IP or corporate network, provides IT infrastructure to the company, or is otherwise a participant in the company’s ‘value chain’ creates a third-party risk that needs to be managed in some way”. Here’s a snapshot of what should be addressed:
• •
•
Inventory third-party relationships. The most significant third-party relationships should be given priority. Understand the role of internal audit in auditing these third parties as to risk, as well as fraud prevention and detection. Consider using fraud-monitoring software, the report states. Assign a risk rating for each type of risk and an overall risk rating for each third party. For example, risks might include bribery, revenue, cybersecurity, environmental, piracy, or any other that is pertinent to a
•
• •
specific organization. Discuss if and why third parties are being used in “corruption hot spots”, the report states. Does the company know what critical information the third parties can access? Is access only to necessary information? Figure out who in management is responsible for managing the risk. Does this person have appropriate visibility in the company to be the most effective? What’s his or her attitude about compliance? The report suggests exploring if the company exercises its rights to audit, terminate, and monitor compliance on an ongoing basis. Who does that manager report to? The full board? The audit committee? How frequently will reports be made about each third-party relationship?
As the report puts it, the risks never end. Not only do existing third-party relationships require routine reviews, new vendors and suppliers will come on board and company technology will change to create new relationships. And all of it may require change if mergers or acquisitions occur. Source: Accounting Web
Auditoría
Audit needs to be more predictive, says FRC ICAS research ICAS and the FRC commissioned two teams - led by experts at University of Pretoria in South Africa and Alliance Manchester Business School - to explore the ideal composition of modern audit teams and how they can best meet future demands of high quality public interest audits in a modern and complex global business environment. According the team led by Professor Karin Barac (University of Pretoria), current regulatory and liability issues need change in order to allow the current audit to evolve to a more forward-looking model. ‘The need for the audit process to be far more forward-looking and predictive in nature, requires changes in current liability and regulation profiles as these were perceived to be factors hindering change’, professor Barac’s team said. The team led by Professor Stuart Turley, at Alliance Manchester Business School, recommended that audit teams should contain people with more diverse backgrounds and more effort should be made to broaden skills. Auditors’ current and future roles Professor
Barac’s
team
looked
at
capability and competency requirements in the course of interviews across the UK, Australia and South Africa, with the focus on six of the most significant public companies, each from a different industry, in each jurisdiction. For each company in each jurisdiction, interviews were held with the relevant audit engagement partner and nonauditor experts who participate in the audit team, the chief financial officer, the audit committee chair and the chief audit executive (internal auditor). Individuals in each of the three countries who have some oversight, public policy or educative role with regard to audit were also interviewed. The team considered questions around expectations on auditors’ current versus future roles; current capability requirements; future capability requirements, impact on recruitment models; and impact on training and development programmes. In respect of auditors’ current and future responsibilities, there are increasing demands for specialisation from auditors, in line with the increasing complexity and globalisation of business. However this comes at a cost, the researchers say. ‘There is a perception that auditors breadth of experience is compromised,
Auditoría Audit needs to be more predictive, says FRC ICAS research that auditors rely on their technical divisions, that there is a lack of integration of the specialists within audit teams and that the use of specialists has a subsequent impact on the audit fee. Concerns were raised about the audit being regarded as a commodity and hence the audit fee was constantly under pressure. Until the audit is seen to ‘add value’ this perception is unlikely to change’, the report says. New challenges concerned the use of increasingly sophisticated technology. ‘The opportunities offered by increasingly sophisticated technology could result in real-time auditing and the movement away from problematic statistical sampling to data analytics. Changes such as these will have profound implications for the capability requirements and composition of audit teams in the future’, the team said. Auditor capabilities While auditors are acknowledged for their regard to risk – ascribed to improved risk articulation by boards and audit committees), disquieting views were raised about the depth of risk understanding reflected in audit approaches. Auditors
were
criticised
for
not
considering the interconnectedness and interrelationships within businesses during their risk identification and assessment processes. In general engagement partners were perceived to meet expectations, albeit with some reservations. For example, criticism was levelled at their ability to cross-fertilise knowledge gained from working within other industries, to spend time on pertinent matters and to demonstrate the required level of professional scepticism. ‘The engagement partner should make use of experts where appropriate but should remain in charge of the audit through decision making and the exercise of professional judgement’, the report said. Junior audit staffs were also subject to some criticism, ascribed to poor communication skills and compliancedriven practices resulting in rote learning and a lack of exposure to the commercial world of the client. Inappropriate supervision subsequently compromised their development of professional scepticism. The researchers also highlighted concerns around the use of experts during an audit, saying there can be mixed loyalties and tension when experts act as consultants to their own clients but subsequently have
to balance that with their audit support function. ‘The use of audit firm in-house experts was supported for ensuring a consistency of approach and an adherence to confidentiality undertakings, with the counter-argument that audit quality could be compromised by not considering the superior knowledge of outside experts. The direct involvement of such experts in clients’ audits was questioned and the impact of accommodating contradicting experts’ views during an audit process was highlighted as a concern’, the report said. Recruitment models Concern was expressed about the practice of early career specialisation because it holds negative value-adding consequences for individuals’ subsequent contribution to audit, as it sacrifices breadth of experience for a narrow focus. This was also raised as a reason for firms struggling to retain staff in their audit divisions. The researchers highlighted one suggestion was made to include industry-related traineeships in the audit profession’s training model. The role of the consultancy divisions within an audit firm were also a concern, with the report indicating that the
placement of individuals with particular expertise and specialisation within firms’ consultancy/advisory divisions were perceived to have a negative impact on the capabilities of the audit practice. ‘Consultancy/advisory divisions have fundamentally changed the culture, operational and financial business models of firms and could even compromise quality audits if firms employ such expertise for consulting rather than in the audit function. Moreover, the use of experts from consultancy/advisory divisions could be detrimental to the morale of the audit side of firms because such experts join firms at high levels and reach partner levels without progressing through the lower ranks’, the researchers said. The report concluded there is a need for a constructive debate about the future of audit, while audit teams should include people with more diverse backgrounds. In addition, there should be more focus on the development of mid-career professionals, since specialising too early can sacrifice breadth of experience. The team suggested instead that specialists should be recruited and then trained in audit to become an effective part of the audit team. Competency maps and frameworks, and
Auditoría Audit needs to be more predictive, says FRC ICAS research CPD offerings should be adapted for the development of data interrogation and analytical skills, broad business acumen and forensic skills.
The second study, led by professor Stuart Turley of the Alliance Manchester Business School, University of Manchester, identified 11 ‘pressure points’ or areas of difficulty where the challenges lie for auditors. The research suggested these challenges will not be met by a checklist of skills but rather by more fundamentally considering the ‘functional competence’ of audit and the ‘value proposition’ it offers to business and society.
of the audit as a professional service. The research team said it is possible to identify the need for auditors to demonstrate a strong understanding of the audited business and ability to assess business models and identify risks in that business; psychological awareness and a range of soft skills around interaction with boards and management; project management ability to draw together, apply and assess diverse expertise; the ability to make clear judgement calls on significant and sometimes difficult issues and the strength of character to be resilient in applying that professional judgement; and technical abilities to deal with accounting issues, valuation models and the scale of ‘big data’ in large, complex and diverse entities.
The issues identified revolved around making sure that audit is recognised as a skilled, judgemental activity; recruiting and developing suitable audit professionals; and managing the delivery
The report states: ‘There is a pressure point for the public practice accountancy firms that undertake audits concerning how they nurture the development of staff to ensure that it is the best quality
Alliance Manchester Business School
auditors who progress to senior positions and partnership. This includes the need to demonstrate the attractiveness of audit as a long-term professional career’. The research on skills and competencies echoes this finding, stating: ‘The loss of attraction of auditing as a destination career, coupled with changes in the conventional model of a broad based pyramid to firms’ organisational structures places pressure on firm recruitment for ensuring suitably skilled auditors for the future. ‘As auditing has become a smaller proportion of the revenues of major firms, skills and attributes associated with quality auditing become less identifiable as defining characteristics of the firms’. In addition, the findings indicate there is also a clear concern that the dominance of a mind-set focused on regulatory compliance is detracting from
the development of judgemental skills.
other
important
Anton Colella, ICAS CEO, said: ‘As the researchers state: knowing what the capabilities and competencies auditors will need in an uncertain future is difficult, but if we do not start that debate now how will the profession keep pace with changing expectations and evolve to meet the needs of stakeholders and society?’ Stephen Haddrill, FRC chief executive, said: ‘As we implement significant changes in audit regulation, we hope that the research results will lead to a constructive debate on the future of audit and the competencies which will be required in order to meet that vision to deliver high quality audit and professionled innovation in the UK’. Source: CCH Daily
Auditoría
Tools for audit committees – assessing the external auditor In recent years, an increased emphasis has been placed on the quality, accuracy and transparency of the financial information an entity provides to equity holders, lenders, regulators, analysts and other users of this information. This has also put increased pressure on audit committees to ensure that this goal is met. Responsibilities of the audit committee For Canada’s publically listed entities, the responsibilities of the audit committee when it comes to financial reporting are outlined in National Instrument 52-110 “Audit Committees” of the Canadian Securities Regulators (“NI 52-110”). It states that an audit committee, among other things, must perform the following tasks as they relate to the external auditor: I. Recommend to the board of directors. a.
b.
The external auditor to be nominated for the purposes of preparing or issuing an auditor’s report or performing other audit, review or attest services for the issuer. The compensation of the external auditor.
II. Be directly responsible for overseeing
the work of the external auditor, including the resolution of disagreements between management and the external auditor regarding financial reporting. III. Pre approve all non-audit services to be provided by the issuer’s external auditor. Tools for the audit committee While the regulations outline what the audit committee has to do, there is no authoritative guidance telling audit committees how to do it or, for that matter, how much to do. This leaves audit committees searching for best practices and tools to help them fulfil their responsibilities. There are a number of publications in both Canada and the United States available that help out in this regard. Most of these publications outline key areas to assess and provide a template checklist(s) that can be modified as needed to fit the specifics of a given situation. Key areas to consider in evaluating the external auditor normally include: I.
Independence and objectivity of the external auditor
Things to consider include the size of the audit, the number of years that the lead
Auditoría Tools for audit committees – assessing the external auditor partner and quality assurance partner have been on the audit and other non-assurance services provided by the external auditor’s firm. II. Quality of, and resources provided by, the audit engagement team This includes the size of the audit firm, their experience with the specific industry and accounting issues and other services that can be provided within the constraints of independence rules. Expected costs of the audit and other services are also evaluated here. It is important to keep in mind the balance
between quality and cost, as well as assessing the long term costs, rather than only the first year’s fee quote. III. Quality of communications and interactions with the external auditor This includes the clarity and specificity of both oral and written communications, the avoidance of boilerplate language and the candour with which the lead audit partner discusses issues with the audit committee (especially issues where there is significant management judgement being exercised). These communications can be in the context of formal audit committee
meetings. If the need should arise, these meetings can also take place within a relationship developed between the audit committee chair and the lead audit partner to allow for open and frank communication outside of formal meetings. As part of their Enhancing Audit Quality initiative, the Chartered Professional Accountants of Canada has published three useful guides that provide a starting point for audit committees: I.
Annual Assessment of the External Auditor - Tool for Audit Committees;
II.
Periodic Comprehensive Review of
the External Auditor – Tool for Audit Committees; and III. Oversight of the External Auditor – Guidance for Audit Committees Regardless of the tools chosen by the audit committee, it is important to tailor the approach to the unique characteristics whether it be size, complexity, industry or geographic location of the entity.
Source: Collins Barrow
RSE
Technology sets new corporate social responsibility Innovation, technology, and business
Technology brings funding to projects
Innovations in technology are helping companies to maintain their corporate social responsibility commitments, according to a survey by BBC. CSR is the division in companies that protect the environment, help poor people around the world, and be responsible for the planet where people live. More and more corporations see the value in having CSR commitments. Customers choose companies based on their CSR activities, and investors like to buy stocks in companies that are responsible. In the past, customers learned about CSR through advertising or company information. Now, corporations are using social media and online forums to engage their customers and enlist their help in their projects. This promotes brand loyalty and a customer who feels good about what he or she is doing. This trend is happening in the United States and throughout the world. For example, in the United Kingdom, Neighbourly, an online platform, has linked charities and projects with department stores. The British department store Marks and Spencer began an initiative that redistributed surplus food to people who needed it. Neighbourly is expected to
Besides volunteers and engaging customers with their projects, corporations also are funding CSR projects locally and nationally. They are providing these funds through technology. Crowd-source funding, such as GoFundMe.com, lets corporations find the charities that desperately need funding and issue a pledge. Although fundraising still involves fancy dinners or silent auctions where corporations can contribute, the online funding platforms are giving them another way to providing money while engaging in individuals who will become loyal to the brand.
redistribute 1 million meals through M&S’s network. Neighbourly also has organized 2,500 days of volunteering promised by Starbucks. The volunteering supports 70 local projects. Other online platforms, such as Helpful Peeps, are bringing volunteers together with projects to support. The volunteers
help the companies find the projects they want to support. People are using Facebook and other sites to talk about their projects and get support from corporations. Social media allows ideas to begin at the grassroots level to the executive level that always supports community projects. Corporations help with expertise, skills, and financial support.
In addition, technology is giving companies the actual equipment and tools to do good. The Navy invented a machine that provides clean water for areas hit by a natural disaster. This same machine is leased by corporations who are providing clean water in areas around the world that need it. Corporations are being innovative in how they can help protect the environment or help people who need it. Source: Blasting News
RSE
Tough environmental rules do not hamper global exports Countries with tough environmental policies such as carbon levies and air pollution rules are not at a big disadvantage when trading globally compared with countries that have looser regulations, a study by the OECD. The report comes at a time when lawmakers in Europe are thrashing out details of how to compensate energy-intensive industries for costs associated with the bloc’s Emissions Trading System (ETS) which charges polluters for each tonne of carbon dioxide they emit. “Environmental policies are simply not the major driver of international trade patterns”, Catherine L. Mann, chief economist for the Paris-based Organization for Economic Cooperation and Development (OECD) said in a statement with the report. “Governments should stop working on the assumption that tighter regulations will hurt their export share and focus on the edge they can get from innovation”. The study found exports from Denmark, Germany and Switzerland—countries deemed to have the most stringent environmental policies—to major emerging economies with weaker regulations, Brazil, Russia, India, China and South Africa (BRICS) rose by $11.2 billion from 1995-2008.
That export figure would have been 3 % higher from heavy polluting industries such as chemicals and metals without the tough regulation but this was offset by a 3 % rise in exports of cleaner industries such as electronics, the report said. Under Europe’s ETS the European Commission awards free carbon permits to guard against the relocation of EU firms to places with less-stringent emission limits, amid fierce lobbying from industries fearful of meeting the cost. Around 180 sectors are currently on the socalled “carbon leakage” list but this will be scaled back to around 50 sectors with the final list to be decided in 2019. “These companies that are protected from the environmental policy signal have much less incentive to innovate and become cleaner”, the OECD’s Tomasz Kozluk and co-author of the report told journalists at a briefing on Thursday. The Commission estimates the permits will be worth €160 billion ($174 billion) from 2021-2030. Source: Resource Investor – By Susanna Twidale
RSE
Las alianzas empresa-cultura, una simbiosis por explotar - España permite la extrapolación de los resultados al conjunto de España. Los resultados de la encuesta permiten conocer si las empresas realizan mecenazgo o patrocinio, en qué ámbito, si realizan una evaluación para conocer los resultados obtenidos, así como enumerar las principales motivaciones por las cuales se decide entablar una alianza cultural y, finalmente, establecer las razones por las cuales no se realizan alianzas.
Un ciclo de conciertos, un festival de teatro, la producción de una película, una exposición de arte o de fotografía o la promoción del deporte base son hoy muchas veces posibles solo gracias al patrocinio o el mecenazgo privado. Las alianzas entre empresas e instituciones culturales constituyen hoy una tendencia creciente y una gran oportunidad para ambas, en un contexto de restricciones de gasto en el sector público. Estas alianzas benefician a la sociedad a través del desarrollo personal, la integración social y, también, el crecimiento económico, pues la industria cultural genera un gran impacto, directo e indirecto, sobre la economía.
Las empresas, a su vez, también obtienen beneficios que se miden fundamentalmente en términos de posicionamiento de marca, reputación y beneficios fiscales, entre otros. Sin embargo, España todavía está muy rezagada, en cuanto a patrocinio y mecenazgo de la cultura, respecto de otros países de nuestro entorno. Con el objetivo de conocer en profundidad y cuantificar el grado de vinculación actual entre las empresas y las instituciones culturales, la asociación Cultura y Alianzas y la Cámara de Comercio de Barcelona han realizado una encuesta entre más de 2.500 empresas con actividad en Cataluña que, debido al gran número de respuestas obtenidas,
De acuerdo con los datos de la encuesta, el 13 % de las empresas realiza algún tipo de acción de patrocinio o mecenazgo. De estas, un 66 % lo hace en el ámbito de la cultura, que es la segunda opción preferida por detrás del deporte no profesional, que lo efectúa el 74 % de las empresas (son respuestas múltiples). Por tanto, solo el 8,3 % del total de empresas realiza acciones de patrocinio o mecenazgo en actividades culturales, frente al 9,4 % que las desarrolla en el ámbito del deporte no profesional. Con un porcentaje menor de respuestas le siguen las acciones de mecenazgo en el ámbito de la asistencia y cooperación, en enseñanza y formación universitaria, en medioambiente y en investigación científica e I+D+i. Las empresas encuestadas otorgan a la
cultura una valoración más baja que al resto de ámbitos, con lo que se confirma la percepción que muchas veces tiene la sociedad de que las actividades culturales son prescindibles y de menor importancia que otras como la investigación, si bien el peso económico de las industrias culturales, tanto en términos de ocupación como de PIB, es mayor. La motivación principal para que una empresa decida emprender algún tipo de alianza cultural es la responsabilidad social empresarial, que es citada por casi el 74 % de las empresas que realizan patrocinio o mecenazgo. La reputación para la empresa y el posicionamiento de marca son los dos siguientes motivos más nombrados (55 % y 41 %). El porcentaje relativamente bajo de empresas que realiza acciones de patrocinio y mecenazgo en el sector de la cultura pone de manifiesto el enorme potencial de crecimiento que todavía existe en el ámbito de las alianzas empresas-instituciones culturales. Asimismo se detecta la necesidad de que el sector público cree un entorno más favorecedor para el sector empresarial. Fuente: Cincodias.com (España)
RSE
Empresas socialmente responsables: acciones contra el cambio climático - México Los efectos del cambio climático son cada vez más evidentes para los gobiernos, la sociedad civil y, por supuesto, para las empresas. Urgen medidas contundentes para frenar el avance de las emisiones de gases de efecto invernadero. Para una organización, el tema del cambio climático puede sonar tan desconocido como sencillo. Sin embargo, se debe entender el gran reto que esto representa. La población mundial tiene una tasa constante de crecimiento, lo que genera la necesidad de producir más bienes y servicios. Entonces la pregunta es ¿cómo producir más para satisfacer necesidades, pero contaminando menos? ¿Qué inversiones requerirá su negocio? ¿Qué requisitos legales y/o retos de abasto en materias primas y energéticos habrá en el futuro? El reto no es menor. Estos temas constituyen un gran desafío para las empresas que deben identificar cuál será su nuevo reto, los cuales van desde generación de información en cuanto a CO2, metas de reducción, innovación y desarrollo, entre otros. Unos por obligación regulatoria, otros por competitividad (ahorros) y otros por gestión reputacional. México no es la excepción. El gobierno se trazó la meta de reducir 25 % las
emisiones de gases de efecto invernadero en el año 2030, manteniendo los niveles de producción e incorporando metodologías que minimicen la generación de CO2. Para lograr esto, surgió la Ley General de Cambio Climático (LGCC), que obliga a las empresas que generen más de 25 mil toneladas de CO2 a realizar un inventario de sus emisiones de gases de efecto invernadero y, posteriormente, a subirlo al Registro Nacional de Emisiones (RENE). La ley contempla una serie de multas y sanciones para las organizaciones que no se apeguen a la norma. La ley ya está aprobada y las empresas obligadas tenían como fecha límite para presentar su primer inventario de CO2 ante el RENE el 15 de diciembre de 2015. Sin embargo, el 14 de diciembre, vía Diario Oficial de la Federación (DOF), la Secretaría del Medio Ambiente y Recursos Naturales emitió una extensión del plazo, por lo que la fecha límite era el 15 de febrero de 2016. En conclusión, el tema es serio, está regulado y, a nivel empresarial, tiene retos nuevos y diversos. El cambio climático es un desafío para los líderes empresariales, que deben estar al día de los temas que se debaten al interior de sus naciones, pero también los que se discuten en escenarios globales, como la Conferencia de las
RSE Partes (COP, por sus siglas en inglés), una reunión anual en la que la Organización de las Naciones Unidas (ONU) y casi todos los gobiernos del mundo debaten medidas para minimizar el impacto de las emisiones de gases invernaderos en el planeta. Por esto, es fundamental conocer cuáles son los impactos de los acuerdos mundiales, los riesgos que existen para lograr el cumplimiento regulatorio y, a la vez, encontrar oportunidades de negocio. ¿Qué acción deben emprender?
emisión de informes sobre carbono. 3.
4.
5.
Las empresas deben asumir un enfoque proactivo hacia el carbono y el cambio climático a nivel directivo en dos niveles: •
En su operación
1.
Garantizar que el negocio comprenda y esté preparado para los posibles efectos del cambio climático en la cadena de suministro. Considerar los efectos de los eventos meteorológicos extremos, como tormentas e inundaciones, que afectarán a proveedores decisivos, la posible disrupción de la cadena de bienes y materia prima y escasez de agua en muchas regiones.
2.
Garantizar que estén vigentes los sistemas y procesos correctos para afrontar los rigurosos requisitos de
Comprender cómo pueden afectar a su organización los compromisos de reducción de carbono hechos por las naciones en las que se opera. Identificar posibles ahorros derivados de una gestión de energía renovable, que ayuda a reducir combustibles fósiles (menor CO2), generando ahorros y beneficios al medio ambiente.
•
En su estrategia
1.
Implementar un escenario en el que se planee comprender de qué manera es posible que los compromisos de reducción de CO2 a nivel nacional de la COP21 afecten el negocio en forma de regulación, multas e incentivos.
2.
Divulgación del Carbono (CDP, por sus siglas en inglés), ya están utilizando precios de carbono a nivel interno para fomentar la inversión en la reducción de emisiones. “25 % de emisiones de gases de efecto invernadero se deberán reducir a 2030, según la meta trazada por el gobierno mexicano”.
Proteger la marca y reputación desarrollando y comunicando una postura clara y consistente acerca del cambio climático, así como también demostrar lo que se está haciendo para reducir las emisiones.
En los casos donde todavía no esté regulado el precio del carbono, anticipar el impacto al constituir un precio interno en la planeación y administración de riesgos. Más de 400 compañías a nivel mundial que reportan al Proyecto para la
3.
Comprender de qué manera pueden afectar los efectos del cambio climático a las futuras ganancias y valor de los accionistas. Garantizar a los accionistas que su negocio esté bien preparado para florecer en un “mundo de 2°C”.
4.
Colaborar con pares, proveedores y clientes del sector para reducir los riesgos del cambio climático y desarrollar oportunidades de crecimiento, como productos y servicios innovadores con bajas emisiones de CO2.
5.
Investigar oportunidades para emitir bonos verdes que incrementen el capital de inversión en la reducción de carbono y en innovación con bajas emisiones de CO2.
El cambio climático y la sostenibilidad son aspectos que tienen una gran capacidad de impacto en las empresas. Algunas lo reconocen y toman acciones al
respecto y otras aún están en proceso de entendimiento del tema. Para el cierre de 2015, casi todas las naciones del planeta habrán hecho un compromiso por reducir sus emisiones. Nunca antes había sucedido algo así, por lo que es un logro en sí mismo. Sin embargo, aún se esperan acuerdos vinculantes a nivel global. Por su parte, México debe recordar que ya cuenta con una ley local, que contiene retos relevantes y que, en muchas ocasiones, las empresas nunca antes han enfrentado. La norma tiene fechas límites cercanas y es apenas el inicio de un proceso de transformación. A futuro, se prevé la existencia de mercados de carbono, obligaciones de reducción y otros temas que requerirán inversión, innovación, revelación y gestión reputacional. Existen grandes retos y nuevos riesgos, pero también nuevas oportunidades. Aquellos que comprendan el nuevo esquema de operación empresarial/ regulatorio tendrán mejor oportunidad de aprovechar y permanecer en este innovador, retador y dinámico ambiente de negocio local y global. Source: VeritasOnline.com.mx – Por Jesús González Arellano - México
Ética
Companies criticized over failure to disclose ethics The UK’s largest public companies are still not providing evidence to shareholders that they are taking ethics seriously, according to research by the Chartered Institute of Internal Auditors.
staff must complete the certification of compliance.
None of the FTSE 100 companies disclosed a target for ethical performance. Mr Peters said that, given recent controversies such as the Libor and forex scandals, boards should work harder on this issue in order to protect their companies’ reputation and financial performance.
Less than a quarter of FTSE 100 companies provide shareholders with any measure of their ethical standards, although nearly all of them — 94 per cent — say in their annual reports that they are committed to high ethical standards.
“Just over one in five FTSE 100 companies provide shareholders with this evidence, which suggests that many companies do not have effective metrics in place to monitor behavior and protect the organization from risks posed by poor practices”, he said.
Although five more companies provided such a metric than a year ago, the CIIA said the low percentage suggested many FTSE 100 companies still did not have demonstrable oversight and control of standards of ethical behavior. “Increasing emphasis is being placed on ethical practices, and shareholders, regulators and consumers are looking for more transparency from businesses”, said Ian Peters, chief executive of the CIIA. “It is no longer enough to claim a company has integrity, it must also be proven”. The CIIA said that disclosing a metric for ethics was a way of demonstrating that standards were being upheld in practice as well as a measure of whether a company’s performance in this area was improving or
company’s
deteriorating. It found that, while a high proportion of FTSE 100 companies mentioned ethics in their annual reports, the language used was often vague. Buzzwords such as “integrity” and “responsibility” were frequently used but without any elaboration or evidence to help shareholders and other stakeholders understand what this meant.
Diageo and Aviva were among the 23 per cent of FTSE 100 companies providing clear metrics for ethical performance. Aviva surveyed its employees in 2014, according to the CIIA, and said that 96 per cent had read and understood the company’s code of ethical practice. At Diageo, all employees at manager level and above, more than a third of its 10,000
“Not only do these metrics need to be in place but they should also be easily accessible and understood by employees and reported to shareholders and other stakeholders”. Source: Ft.com (Financial Times)
Ética
Bentley on Bloomberg: why ethics matter for companies and college students When it comes to business ethics, a lot has changed and a lot has remained the same since the fall of Wall Street and subsequent global recession in 2008. According to a June 2015 Gallup poll, a mere 9 % of the American public says they trust big business “a great deal”, up from 6 % in June 2009. The only institution Gallup found to be polling lower than big business is Congress, which a historically low 4 % of Americans trust a “great deal”. Have companies learned from their mistakes? How can we train the future workforce to be ethical, responsible leaders? Bentley President Gloria Larson joined Bloomberg Radio’s Carol Massar and Cory Johnson, along with guest experts, to discuss how companies are enforcing and promoting ethical behavior and what universities are doing to teach ethics in the classroom. 1.
Create a culture of ethical conduct in the workplace
Make it a priority to train and educate employees on what constitutes ethical, responsible behavior through corporate programming, communications and storytelling - and continually reinforce it.
Encourage a “speak-up” culture and be sure to set an ethical tone at the top that is infused throughout company levels. 2.
Watch out for misconduct in a good economy
According to a longitudinal study done by the Ethics and Compliance Initiative every two years since 1994, when times are tight, companies tend to strongly enforce corporate integrity whereas when times are lucrative, companies tend to take more risks, making them more likely to push the limits and loosen their ethical standards in favor of increased performance. 3.
Give students case-based ethics scenarios and infuse ethics across the curriculum
Present students with real-world dilemmas in the classroom so that when they graduate into the workforce, they are confident engaging in an ethical dialogue. Do this by role-playing and asking pressing questions that require them to think about why they made certain decisions and what will be the consequences of their choices. Source: Bentley University
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Building an ethical work environment begins with management hires and the environment at work becomes hostile. Instead of working hard as a team to better the company, employees are willing to engage in unethical practices, such as lying to customers to gain more clientele, bad-mouthing competitors, or undermining co-workers in order to secure their place in the company. These types of behavior create a tense work environment and can potentially lead to legal issues. Creating a healthy, ethical work environment begins at the top. It is crucial for business leaders to emulate the company’s business ethics in their words and actions. The ethics resource center recently did a report on business ethics finding that “ethics cultures are eroding and employees’ perceptions of their leaders’ ethics are slipping away”. As the times progress, more and more employees are distracted, disengaged, a little lazy, and resorting to unethical business practices to get the job done. This unethical behavior trend seems closely related to today’s tough business climate. With the economy, the business world is more cutthroat than it once used to be. Add that to unprepared and unmotivated
1. Team mentality Regardless of whether an employee’s job requires them to work directly with others, there should be a team mentality among all employees. First and foremost, it is vital anyone in a position of leadership follows these same principles in order to create an environment conducive to productivity by working together. While healthy competition between coworkers for a job promotion can stimulate productivity, ensure employees that any unethical behavior toward each other will lead to harsh consequences.
Create a healthy environment with fairness and giving each employee an equal opportunity to achieve a promotion. This is especially with jobs that deal with contract positions or shifts. Because of the nature of these positions, it can be simple to unintentionally offer one or a couple employees more hours or contracts than another. This can create tension between co-workers. Look to implement employee scheduling software. Utilizing a schedule like the software provides keeps a clear and concise record of each employee’s hours and time spent working. Not only can scheduling be done on a mobile device if away from work, it also alleviates any concern of employees manipulating a written schedule in their favor. Creating a weekly or monthly employee schedule is time-consuming and a difficult process. Working with an online system also simplifies the entire process. 2. Clear expectations It is difficult to fault an employee for poor business ethics when the expectations you have for them have not been clearly defined. In each employee contract, list out the company’s expectations for each employee. Detail what is expected of them in their work performance and in their interactions
with co-workers. Follow these expectations with the company’s business ethics. Each employee is aware of what is required of him or her and the consequences if they ignore or undermine these principles. 3. Enforce policies If an ethical breach happens, do not overlook it without dealing with it. This creates a mentality of tolerance in the mind of employees, which can lead to further rule breaking. Not only does it hurt the work environment, it could have significant consequences on the business itself if clients and customers are hurt or swindled in the process. Regardless of whether it’s the top employee cheating or lying to customers or the lowest performer, deals with the problem head on. 4. Practice what you preach In order to uphold company standards and create an environment founded on moral work ethic, be sure you or anyone in a position of authority acts in the same manner. A healthy, productive environment is made when every employee, regardless of status or ranking, is held to the same standard and code of ethics. Source: All Business
Ética
The world’s most ethical companies 2016 do things the right way”. Ethisphere Institute’s annual ranking is made up of companies that have submitted to be vetted for the chance to become an honoree. Submissions also come with a fee attached – $1,000 for companies generating less than $500 million revenue and $1,500 for those making more. Some companies that submit do so not to become honorees but to glean how they might improve their own organizational ethics moving forward. The methodology
For the past decade the Scottsdale, Arizona-based Ethisphere Institute – an organization focused on gauging ethical business practices – has put out a list of the “World’s Most Ethical Companies”. This week the firm announced its 2016 honorees—firms it feels represent some of the best the international business world has to offer. This year Ethisphere’s roster includes 131 companies from 21 countries, representing 45 industries. The list includes 14 10-time honorees and 13 first-time honorees.
The overall goal of Ethisphere’s rankings are to reward organizations with good practices and offer a model – and actionable advice – on how corporate entities should conduct themselves, says chief marketing and strategy officer, Tia Smallwood. “The papers are filled with scandals and companies that made judgment errors, which made policy errors or that don’t have good practices in place to handle things like non-retaliation or transparency or open reporting, or have had a crisis and handled it poorly”, she said. “But there a lot of companies that are really trying to
Companies in the running are asked 180 questions to form Ethisphere’s proprietary “Ethics Quotient” score—part of a vetting process that evaluates them in categories including ethics and compliance programs, corporate citizenship and responsibility, culture of ethics, governance, and leadership, innovation and reputation. Answering the many queries and compiling accompanying data to complete the submission can take a month, says Smallwood. Once all the information is in, Ethisphere’s staff – with help from its panel of advisers – verify as much as is possible through research, executive interviews, perusing
financial filings and looking through reports from online sources and news reports. Analysts research each company’s history of litigation, reputation, and ethical track record. Industry, size, geographic location, and other factors, are all taken into consideration. Ethisphere rejects companies that have significant legal charges pending and won’t consider firms that deal in alcohol, tobacco or firearms. Notable call-outs this year are firms that have been honored every year of the list’s existence. Those include Aflac, Fluor Corporation, GE, Kao Corporation (Japan), Milliken & Company, Starbucks and UPS. 2016′s most ethical companies list Company
Industry
Country
National Australia Bank
Banks
Australia
Teachers Mutual Bank
Banks
Australia
The Rezidor Hotel Group
Lodging & Hospitality
Belgium
Natura Cosméticos
Health & Beauty
Brazil
Covenant Health
Healthcare Providers
Canada
Empresa de Desarrollo Urbano
Government Services
Colombia
Capgemini
Consulting Services
France
L'ORÉAL
Health & Beauty
France
Schneider Electric SE
Diversified Machinery
France
Henkel AG & Co. KGaA
Consumer Products
Germany
Cementos Progreso, S.A.
Construction & Building Materials
Guatemala
William E. Connor & Associates Ltd.
Sourcing Services
Hong Kong
Tata Steel Limited
Metals, Minerals & Mining
India
The Tata Power Company Limited
Electric Utility
India
Wipro Limited
Information Technology Services
Accenture
Energias de Portugal, SA
Electric Utility
Avanade Inc.
Consulting Services
USA
Dun & Bradstreet
Business Services
USA
Avnet, Inc.
Electronic Components & Semiconductors
USA
Eastman Chemical Company
Chemicals
Singtel
Telecommunications
USA
Iberdrola, S.A.
Electric Utility
Spain
H & M Hennes & Mauritz AB
Apparel
Sweden
Baptist Health South Florida
Healthcare Providers
USA
ABB
Diversified Machinery
Switzerland
BDP International, Inc.
Logistics & Transportation
USA
TE Connectivity
Electronic Components & Semiconductors
Switzerland
BlueCross BlueShield of North Carolina
Health Insurance
USA
Marks and Spencer Plc
Retail
UK
CA Technologies
Software & Services
USA
National Grid
Diversified Utilities
UK
Health Insurance
USA
Delphi Automotive PLC
Automotive
UK
CareFirst BlueCross BlueShield CBRE Group, Inc.
Real Estate
USA
Northumbrian Water Group
Water & Sewerage Utility
UK
CH2M
Engineering & Design Services
India
3M Company
Industrial Manufacturing
USA
Cisco
Consulting Services
Ireland
Oil & Gas, Renewables
Ireland
Accident & Life Insurance
USA
DCC plc
Aflac Incorporated
illycaffè spa
Food, Beverage & Agriculture
Italy
Allstate Insurance Company
Property & Casualty Insurance
Kao Corporation
Health & Beauty
Japan
Ricoh Company, Ltd.
Information Technology Services
Japan
Alyeska Pipeline Service Company
Shiseido Co., LTD.
Health & Beauty
Japan
Applied Materials, Inc.
PKN ORLEN S.A.
Oil & Gas, Renewables
Poland
Arthur J. Gallagher & Co.
Portugal Singapore
Ecolab Inc
Chemicals
USA
Fluor Corporation
Engineering & Design Services
USA
Ford Motor Company
Automotive
USA
GE
Conglomerate
USA
Granite Construction Incorporated
Construction & Building Materials
USA
Hasbro, Inc.
Consumer Products
USA
Health Insurance
USA
USA
Health Care Service Corporation (HCSC)
Technology
USA
Henry Schein, Inc.
Healthcare Products
USA
Cleveland Clinic
Healthcare Providers
USA
USA
Consumer Products
USA
Holland America Line
Leisure & Recreation
USA
ColgatePalmolive Company
Healthcare Providers
USA
USA
Scientific & Technical Services
USA
Oil & Gas, Renewables
Concurrent Technologies Corporation
Hospital Corporation of America (HCA) Hypertherm Inc.
Machine Tools & Accessories
USA
Cummins Inc.
Automotive
USA
USA
CUNA Mutual Group
Financial Services
USA
Ingredion Incorporated
Food, Beverage & Agriculture
USA
Electronic Components & Semiconductors
Intel Corporation
Insurance Brokers
USA
Industrial Manufacturing
USA
Electronic Components & Semiconductors
USA
Deere & Company Dell Inc.
Technology
USA
International Paper Company
Forestry, Paper & Packaging
USA
Johnson Controls, Inc.
Industrial Manufacturing
USA
Jones Lang LaSalle Incorporated
Real Estate
USA
Kellogg Company
Food, Beverage & Agriculture
USA
Kennametal Inc.
Machine Tools & Accessories
USA
Knights of Columbus
Life Insurance
USA
Levi Strauss & Co.
Apparel
USA
LinkedIn Corporation
Technology
USA
ManpowerGroup
Staffing & Outsourcing Services
USA
Marriott International, Inc.
Lodging & Hospitality
USA
Massachusetts Mutual Life Insurance Company
Life Insurance
USA
MasterCard
Payment Services
USA
Microsoft
Technology
USA
Milliken & Company
Industrial Manufacturing
USA
MSA - The Safety Company
Security & Protection Services
NextEra Energy, Inc.
Electric Utility
Northwell Health (formerly North Shore-LIJ Health System)
Healthcare Providers
USA
Old National Bancorp.
Banks
USA
ON Semiconductor
Electronic Components & Semiconductors
USA
Oshkosh Corporation
Trucks & Other Vehicles
USA
Parsons Corporation
Engineering & Design Services
USA
Paychex, Inc.
Staffing & Outsourcing Services
USA
PepsiCo, Inc.
Food, Beverage & Agriculture
USA
Schnitzer Steel Industries, Inc.
Metals, Minerals & Mining
USA
Sharp HealthCare
Healthcare Providers
USA
Starbucks
Specialty Eateries
USA
Symantec Corporation
Software & Services
USA
T-Mobile US, Inc.
Telecommunications
USA
Target Corporation
Retail
USA
Teradata Corporation
Software & Services
USA
Texas Instruments
Electronic Components & Semiconductors
USA
Diversified Utilities
USA
Petco
Retail
USA
The AES Corporation
Premier, Inc.
Health Information Services
USA
The Hartford
Property & Casualty Insurance
USA
Principal Financial Group
Insurance
USA
The Nature Conservancy
Philanthropy
USA
Prudential Financial, Inc.
Financial Services
USA
The Timken Company
Industrial Manufacturing
USA
Quintiles
Diagnostics & Research Services
USA
Thrivent Financial
Financial Services
USA
Realogy Holdings Corporation
Real Estate
USA
USA
USA
Rockwell Automation, Inc.
Diversified Machinery
USA
USA
Rockwell Collins
Aerospace & Defense
Royal Caribbean Cruises Ltd.
Leisure & Recreation
NiSource Inc.
Gas Utility
USA
Northern Trust
Financial Services
USA
USAA
Insurance
USA
VISA Inc.
Payment Services
USA
Vizient
Business Services
USA
Voya Financial, Inc.
Financial Services
USA
Waste Management
Environmental Services
USA
Weyerhaeuser Company
Forestry, Paper & Packaging
USA
Wisconsin Physicians Service Insurance Corporation
Accident & Life Insurance
USA
Wyndham Worldwide
Lodging & Hospitality
USA
Xerox Corporation
Information Technology Services
USA
Source: Forbes
TIAA
Financial Services
TSYS
Payment Services
USA
U.S. Bank
Banks
USA
USA
University Hospitals
Healthcare Providers
USA
USA
UPS
Logistics & Transportation
USA
“El INCP se une a la consciencia ecológica para la conservación del equilibro ambiental. ¿Sabías que de un árbol de 2,5 metros de alto se pueden producir 10.000 hojas? Pero según estudios mundiales el 70% resulta en la basura. Con el eGlobal no solo damos alcance a las necesidades de nuestros socios sino también ayudamos a preservar el planeta.”