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The International Accounting Standards Board (IASB) has published planned changes to its standards, helping accountants write financial reports including currencies whose jurisdictions suffer from hyper-inflation. The planned changes to IAS21 on ‘The Effects of Changes in Foreign Exchange Rates’ would help translate financial information from a non-hyperinflationary to a hyperinflationary currency.…

The European Union (EU) has committed itself within a new 2024-9 strategic agenda to securing “a competitive, sustainable and resilient” food and drink sector that delivers “food security”. EU heads of government agreed that food producers’ position within the supply chain would be strengthened.…

Free trade zones (FTZ) have long been identified as having potential vulnerabilities for ML/TF/PF. And while they are not a key priority for FATF as it assesses the criteria for its fifth mutual evaluation round (MER5), given FTZs are still growing in number, international concern about their criminal money risks persists.…

The freezing of Russian assets since the government of President Vladimir Putin invaded Ukraine in February 2022 has prompted western governments to consider seizing that money and property to fund reconstruction of a country ravaged by Moscow’s military aggression. Estimates of the value vary, but there is consensus that the value is at least USD300 billion, with the vast majority being assets from the central bank, the Bank of Russia.…

Vietnam’s clothing and textile industry may benefit from the accession to power of a former security minister, industry experts have told Just Style – although his closeness to Russia has raised concerns about weakening vital western trade links. To Lam was appointed President of Vietnam in April (2024) and general secretary of the ruling communist party earlier this month (August 3), the most powerful job in this south-east Asia sourcing hub.…

Although the low countries boom in the paints and coatings markets of Belgium, the Netherlands and Luxembourg (Benelux) during the Covid-19 pandemic is easing, and the industry has been hit by Russia’s invasion of Ukraine and the cost-of-living crisis, the sector is holding up well.…

Automakers selling battery electric vehicles (BEVs) into the 27-country European Union (EU) market are working hard to fulfill EU regulatory requirements to provide digital battery passports using a unique serial number and QR code from February 2027.  https://www.consilium.europa.eu/en/press/press-releases/2023/07/10/council-adopts-new-regulation-on-batteries-and-waste-batteries/

The law was only adopted in July 2023, creating a compliance challenge for EU market automakers, many of them US-owned, said Beatriz Ildefonso, circularity and materials manager at the European Association of Automotive Suppliers (CLEPA), the suppliers representative body.…

The launch of European Sustainably Reporting Standards (ESRS), guiding mandatory European Union (EU) sustainability reports, coming progressively into mandatory force across the EU from 2025 (1), is pushing EU auditors to expand their skill sets.

They are already having to audit comprehensive EU sustainability reports for major companies, focused on double materiality concerns of a company’s impact on the environment and society as well as its financial exposure to such social and environmental trends.…

Universities and higher education institutions (HEIs) worldwide are being encouraged to focus on achieving global sustainability initiatives with the help of a new United Nations (UN)-sponsored reporting and measurement resource.

On July 15 (2024), UNESCO (the United Nations Educational, Scientific and Cultural Organisation) unveiled its Sustainability Evaluation Tool for Higher Education Institutions (SET4HEI).…