We start this month’s letter with a warning. Constantly seeking out new frontiers ‘is not easy’. That’s according to our lead interview this month. Shahid Qureshi FCCA, who is standing down as ACCA Canada’s chair, has clocked up three decades as a business leader across multiple sectors, and while he may look comfortable with change, it requires adaptability. Read why he believes the only constant is change.
Talking of challenges, reporting Scope 3 emissions could prove a headache for any company that stores large amounts of data or is a big consumer of generative artificial intelligence. Creating AI models, generating answers and building the data centres all consume copious amounts of electricity, much of which ultimately comes from fossil fuels. That means more of these companies will end up reporting a surge in emissions. Ironically enough, the answer could lie in the increasing use of AI to reduce carbon footprints. Discover how this could work.
However, the advance of sustainability reporting could be an opportunity for auditors to expand their skillset. The EU is the first significant jurisdiction to adopt mandatory and audited sustainability reporting, with 10,000 larger companies reporting next year on 2024 accounts under the EU corporate sustainability reporting directive. Find out how auditors could benefit.
Many observers believe changing corporate tax rates will affect when businesses declare their income. Now we have the proof. An academic study has shown how companies shift their income intertemporally to take advantage of reduced tax rates. Read all about it.
Finally, we hear how colleagues whose behaviour is toxic in the workplace should not be ignored, tempting as it may be. Difficult people can cost businesses money – eroding profit margins, undermining competitive edge and affecting staffing. But there are a number of steps you can take as a business leader to prevent this happening. Learn what those steps are.
