Dear IECnet Members,
in this Newsletter November 2023 you'll find the following topics:
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Forum of Firms: Annual Meeting
The last Forum of Firm (FoF) meeting held in London on 31 October 2023 focused on sustainability related financial information disclosure and on sustainability assurance.
IFRS for sustainability
On June 2023, the International Sustainability Standards Board (ISSB) of IFRS Foundation issued the IFRS 1 and IFRS2:
For more information please check https://www.ifrs.org/
Exposure Draft 5000 “International Standard on Sustainability Assurance”
International Auditing and Assurance Standards Board (IAASB) of IFAC disclosed on August 2023 the Exposure Drafts and Consultation Papers related to “Proposed International Standard on Sustainability Assurance 5000”. Comments collect is still open till 1 December 2023.
The IAASB’s aim was to develop an overarching standard to provide an appropriate global baseline for high-quality sustainability assurance engagements that can be applied for:
- sustainability topics and reporting mechanisms
- suitable criteria (framework neutral)
- intended users
- Limited and reasonable assurance engagements; and
- assurance practitioners (profession agnostic).
In Europe, Corporate Sustainability Reporting Directive (CSRD) has been adopted and is already transposed in 5 countries and isunder transposition process in 10 other countries. According to European Accounting Association (EAA), European Commission decided to adopt a limited assurance standard on CSRD by year 2026 and reasonable assurance standard by year 2028.
This is being a major change in the audit profession for the next years, IECnet members are warmly invited to check the standard project and provide their comments on the following link:
Proposed International Standard on Sustainability Assurance 5000, General Requirements for Sustainability Assurance Engagements webpage (ISSA 5000)
For more information please check:
Wassim Turki, IECnet Chairman of the Committee on Auditing
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Tax.Team online meeting: Transfer Price, Part II
As announced at the AGM in London, the IECnet Tax.Team is delighted to present the follow up session to the transfer-pricing workshop we had at the past meeting:
Transfer Price: Is the internal transaction price okay? Part II: Case Studies and Discussion, presented by Hiroko Sakashita (Sakashita International Tax Accountant Co., Japan).
This online Zoom Meeting will be presented in two identical sessions to offer members from different time-zones the possibility to join. You will find the links to register below.
Also, as the session is intended to discuss the attached cases interactively, we kindly ask you to have a look at the slides. You will find Hiroko’s presentation for review and also the discussion topics Case 1 and Case 2 on pages 17-24. It would be great to learn about your approach and opinion to the case.
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Tokio |
Vienna/Paris |
Phoenix |
Mexico |
| 05/12/2023 |
9 am |
1 am |
5 pm |
6 pm |
| 06/12/2023 |
6 pm |
10 am |
2 am |
3 am |
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Our collaboration with IBLC (International business law consortium) has been productive over the past years, involving attendance at each other's meetings and local connections. A recently composed "Joint Committee" of both organizations discussed expanding our collaboration beyond attendance to include active participation in each other's events. We identified tax, asset-tracing, and money laundering as common areas of interest.
To facilitate this collaboration, we've established a joint WhatsApp group. The purpose of this group is to brainstorm ideas for a joint panel at upcoming meetings, such as the IBLC event in Jersey (11-14 April 2024) and the IECnet EMEA in Lyon (30 May-1 June 2024). If you're interested in joining this WhatsApp group, please contact Katharina Rottenbacher.
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We are pleased to announce the dates for 2024.
- APAC: Shanghai, 16-18 May 2024
- EMEA: Lyon/France, 30 May-1 June 2024
- AMER: Atlanta/USA, 11-13 July 2024 (Location/Date preliminary)
- TEAM (Staff Seminar): Copenhagen/Denmark, 12-14 September 2024
- AGM: Mauritius 9-13 October 2024
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Many thanks to all IECnet members who sent us their turnover for 2022/23. We are working on collecting this data to continue to participate in the IAB (International Accounting Bulletin) ranking. We will find out in spring 2024 which place IECnet occupies in the rankings.
The invoices for the IECnet membership fees will be sent out in the next few days. Your prompt payment would be much appreciated!
In addition, the Audit Questionnaire has now been sent to the firms that offer audits. Please send it back to us by 15 December 2023.
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Daniel Ziska: member of the Board at ASEFiD
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In November 2023, Daniel Ziska was elected to the ASEFiD Board.
The Swiss Association of Certified Tax Experts (ASEFiD) is a professional organization with headquarter in Bern, founded in 1985. The association has around 700 members.
One of the ASEFiD's main areas of activity is the defense and promotion of its members' professional and political interests.
Congratulations, Daniel!
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Pallav Acharya awarded
Pallav Acharya (REDW) received an award from the Indian minister of commerce and industry, Piyush Goyal in San Francisco, California.
The award was given in appreciation of Pallav's efforts to promote accounting profession in the US and assist in establishing ICAI chapters in various US states. The Minister, himself a fellow Chartered Accountant, complimented Pallav for his contributions to further the ICAI presence in the United States and uphold the high professional standards.
Congratulations, Pallav!
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In November, IECnet Chairman Vincent Domon and Treasurer Miloud Stoti visited honorary member Oboud Abubakr Baeshen and his team in Saudi Arabia.
The visit provided an opportunity for discussions on professional practices and collaboration within our network, fostering the creation of stronger bonds. Additionally, they not only met with the team but also engaged with clients, further enhancing the depth of their interactions and the overall impact of the visit.
Thanks to the whole team at Oboud Abubakr Baeshen and Company - Chartered Accountants and Auditors for their hospitality!
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