PAIB eNews: December 2011

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    Dec 09, 2011
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    PAIB Committee

     

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    PAIB eNews: December 2011

    Welcome to IFAC's Professional Accountants in Business (PAIB) Committee eNews.

    In this Issue:

    1. PAIB Committee Submits Comment Letter to IIRC; Deadline for Comments Approaching
    2. Proposed Internal Control Guidance Released by PAIB Committee
    3. New International Good Practice Guidance on Predictive Business Analytics Released
    4. CICA Publishes Briefing on Environmental and Social Issues for Boards

     

    1. PAIB Committee Submits Comment Letter to IIRC; Deadline for Comments Approaching

    The PAIB Committee recently submitted its Comment Letter for the International Integrated Reporting Council (IIRC)’s Discussion Paper, Towards Integrated Reporting: Communicating Value in the 21st Century. The PAIB Comment Letter provides the perspective of a preparer of internal and external business reporting. Among other recommendations, it highlights the need for how-to guidance for preparers to help them develop or redesign their internal processes to ensure readiness, and suggests that materiality needs to be defined in relation to investors and wider stakeholders.

    The comment deadline for the Discussion Paper is December 14, 2011. The IIRC requests comments from all stakeholders. Comments can be submitted using the online response form (the form requires use of Adobe) or submitting via email at dpresponses@iirc.org, including your name, organization, and country.

     

    2. Proposed Internal Control Guidance Released by PAIB Committee

    The PAIB Committee recently released proposed International Good Practice Guidance, Evaluating and Improving Internal Control in Organizations. With this Exposure Draft, the Committee aims to provide principles-based guidance that focuses on the role of professional accountants in business and how they can support their organizations in evaluating and improving internal control as an integrated part of the organization’s governance, risk management, and internal control systems. The proposed guidance can be implemented regardless of the existing internal control frameworks or standards used, as it deals with those internal control issues that are often unsuccessful because of poor implementation and design. The Committee invites all stakeholders to comment on or before February 29, 2012 by using the Submit a Comment button in the PAIB Publications and Resources section of the IFAC website.

     

    3. New International Good Practice Guidance on Predictive Business Analytics Released

    Predictive Business Analytics: Improving Business Performance with Forward-Looking Measures, new International Good Practice Guidance, was recently released by the PAIB Committee. It is designed to help professional accountants in business embrace predictive business analytics (PBA) as a business tool to support the development and execution of strategy. PBA is about using forward-looking performance measures and indicators to identify new opportunities for growth and improvement in organizations, as well as to highlight areas for corrective actions and strategy adaptations.

     

    4. CICA Publishes Briefing on Environmental and Social Issues for Boards

    The Canadian Institute of Chartered Accountants (CICA) recently published Sustainability: Environmental and Social Issues Briefing, which outlines the business impacts and governance challenges associated with environmental issues. The paper recognizes the increasing impact of environmental and social issues on the bottom line and discusses the associated opportunities and risks that can have important implications for strategy, competitiveness, risk management, stakeholder relations, and business resilience. The briefing is targeted toward boards of directors and was commissioned by CICA’s Risk Oversight and Governance Board.

     

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