Square Mile Global Consulting

Square Mile Global Consulting is a London-headquartered financial training and consulting company
IFRS l IPSAS l World Class Manager

[Square Mile Global Consulting @SquareMileGC]

Regulators expect preparers and auditors to ensure appropriate climate related disclosures. We organise up to half-day sessions on IFRS Accounting for Climate Change.
Contact us [email protected]
#CFOs #controllers #internalaudit #externalaudit #regulators #analyst

[Square Mile Global Consulting @SquareMileGC]

The key areas of financial reporting that may be affected by climate-related matters are:

Estimates and judgments:
✅ Fair value measurements
✅ Asset impairments including expected credit losses
✅ Provisions and contingent liabilities

[Square Mile Global Consulting @SquareMileGC]

It requires a current measurement model, where estimates are re-measured in each reporting period.

#CFOs #controllers #internalaudit #externalaudit #regulators #analyst #charteredaccountants #cpa #accounting #finance

[Square Mile Global Consulting @SquareMileGC]

The effective date of IFRS 17 Insurance Contracts has arrived.

IFRS 17 is the first comprehensive IFRS Standard on accounting for insurance contracts effective for periods beginning on or after 1 January 2023.

[Square Mile Global Consulting @SquareMileGC]

Wishing everyone an enjoyable festive season! Merry Christmas

[Square Mile Global Consulting @SquareMileGC]

CSRD requires adoption of the European Sustainability Reporting Standards (ESRS).

Along with the EU Taxonomy Regulation, CSRD will be the future of corporate sustainability reporting in the EU.

#CFOs #controllers #internalaudit #externalaudit #regulators #analyst

[Square Mile Global Consulting @SquareMileGC]

Corporate Sustainability Reporting Directive (CSRD)

CSRD, the new European Union (EU) legislation passed by the European Union Council in November 2022 will be applicable to 50,000 EU companies. It also applies to non-EU companies with significant turnover/operations in the EU.

[Square Mile Global Consulting @SquareMileGC]

Join us on a free webinar organized by CIMA UK to help you navigate through IFRS 16 Leases.
Visit : https://t.co/ds7YmWQZjg
#CFOs #controllers #internalaudit #externalaudit #regulators #analyst #charteredaccountants #cpa #accounting #finance #cima

[Square Mile Global Consulting @SquareMileGC]

including going concern, impairments, debt modifications and impact of rising interest rates and inflation.

#CFOs #controllers #internalaudit #externalaudit #regulators #analyst #charteredaccountants #cpa #accounting #finance #cima

[Square Mile Global Consulting @SquareMileGC]

@CIMAIndia recently organised a session on the above topic which was attended by participants across the Middle East and Asia. @Saket_A_Modi , ACA CFA discussed the key issues in IFRS reporting,

[Square Mile Global Consulting @SquareMileGC]

Happy Diwali wishes to you and your loved ones as we celebrate the triumph of light over darkness, hope over despair, and the victory of good in the world. #HappyDiwali

[Square Mile Global Consulting @SquareMileGC]

The International Sustainability Standards Board (ISSB) was launched in COP26 in November 2021. Our blog highlights the role of the ISSB and its key achievements in 2022 - https://t.co/DPOKYBWdxC

#accounting #finance #cpa #charteredaccountant #cima

[Square Mile Global Consulting @SquareMileGC]

Which one of the ESG components is most important to your organisation?

#accounting #finance #charteredaccountants #cpa

[Square Mile Global Consulting @SquareMileGC]

These standards will consolidate and add to the requirements under the different frameworks to bring consistency and comparability in sustainability reporting.

#accounting #finance #charteredaccountants #cpa

[Square Mile Global Consulting @SquareMileGC]

There is a lot of buzz around ESG (Environment-Social-Governance) reporting. The key ESG frameworks are:

a) Global Reporting Initiative (GRI)
b) Sustainability Accounting Standards Board (SASB)
c) Task Force for Climate-Related Financial Disclosures (TCFD)

[Square Mile Global Consulting @SquareMileGC]

The sustainability reporting standards to be published by the International Sustainability Standards Board (ISSB) is expected to drive ESG reporting in the future.

[Square Mile Global Consulting @SquareMileGC]

The depreciation charge is a balancing amount arrived at after deducting interest expense from the lease payments.

#accounting #finance #cpa #charteredaccountant

[Square Mile Global Consulting @SquareMileGC]

There is a difference in the pattern of expense recognition by lessees as per IFRS 16 Leases/U.S. GAAP finance lease and U.S. GAAP operating lease.

IFRS 16 Leases has a single right of use model which requires lessees to recognise lease asset and lease liability.

[Square Mile Global Consulting @SquareMileGC]

Instead of depreciation and interest, operating leases requires recognition of a constant lease cost within operating expenses which has an impact on both EBITDA and EBIT.