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Step 2 – Risk Assessment: The Radar of the Organization

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Executive Summary: Step 2 – COSO Risk Assessment If the control environment is the soil in which governance takes root, risk assessment is the radar that continuously scans the horizon. It gives direction and foresight, telling organizations not only what lies ahead but also which storms may approach, which opportunities might appear as new markets, … Read more

Step 4 – Information & Communication: The Nervous System of COSO

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Step 4 – COSO Information and Communication If risk assessment is the radar and control activities are the brakes and steering wheel, information and communication are the nervous system of the organization. They transmit signals, coordinate action, and ensure the entire body responds coherently to challenges. Without reliable nerves, even the strongest muscles and sharpest … Read more

Step 1 – Establishing a Robust Internal Control Framework (The Control Environment)

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Executive summary – Step 1 COSO Control Environment Topics hide Executive summary – Step 1 COSO Control Environment Key Elements of the Control Environment 1. Integrity and Ethical Values 2. Board of Directors and Audit Committee Oversight 3. Organizational Structure and Accountability 4. Commitment to Competence 5. Human Resource Policies and Enforcement Why the Control … Read more

COSO Internal Control Framework: Lessons from Global Corporate Failures

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COSO Internal Control Framework is globally recognized as the leading standard for designing, implementing, and evaluating internal control systems. Since its initial release in 1992, and especially after its 2013 revision, the framework has provided boards, executives, and auditors with a consistent structure to assess and strengthen governance, risk management, and compliance. The framework identifies … Read more

Management-defined performance measures under IFRS 18: Narrating your best Performance with Transparency

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Topics hide What Are Management-Defined Performance Measures (MPMs)? Why This Matters IFRS 18 Requirements for MPMs Example The Governance Dimension What is public communications outside the financial statements? Challenges and Opportunities Ahead Final Reflection: From Storytelling to Accountability Sources Management-Defined Performance Measures Management-Defined Performance Measures Management-Defined Performance Measures Management-Defined Performance Measures Management-Defined Performance Measures Management-Defined … Read more

Business travel

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Use back button from the brower Business travel: Transportation of employees for business-related activities. Related Articles: Category 4 Upstream Transportation and Distribution – The best calculation guidance Category 6 Business Travel – The best calculation guidance Category 7 Employee Commuting – The best calculation guidance Category 9 Downstream Transportation and Distribution – The best read

Equity share

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Use back button from the brower Equity share: The equity share reflects economic interest, which is the extent of rights a company has to the risks and rewards flowing from an operation. Typically, the share of economic risks and rewards in an operation is aligned with the company’s percentage ownership of that operation, and equity … Read more

Complete IFRS Consolidation Lecture: IFRS 3 | IFRS 10 | Examples

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This is a complete almost 80-minute IFRS consolidation lecture that puts you on the solid starting point:   The content of this lecture (with links to text versions) Introduction to group accounts / consolidation IFRS 3 Business Combinations – summary of rules IFRS 10 Consolidated Financial Statements – summary of rules Example: Basic consolidation step … Read more