Stuart is an FCA-qualified chartered accountant with more than 10 years of practical accounting and audit experience.
He leads the technical developments for Duncan & Toplis. This covers audit, financial reporting and maintaining quality of work.
He has recently been appointed to Duncan & Toplis’ operations board and become a member of the ICAEW’s influential Ethics Advisory Committee. Stuart also sits on the Kreston Global ESG Committee.
International Sustainability Standards Board issues first reporting standards
June 28, 2023
On 26 June 2023, The International Sustainability Standards Board (ISSB) issued its first two reporting standards, IFRS S1 and IFRS S2.
The need for global consistency: ISSB’s first reporting standards
The issuing of these inaugural standards signifies the “ushering in a new era of sustainability-related disclosures in capital markets worldwide”.
One of the most significant limiting factors to the effectiveness of climate reporting has been the number of different bases on which entities report on. There has been a desperate need for global consistency. It is hoped that the release of these standards will be a turning point for the disclosure of climate-related risks and opportunities specific to individual entities.
These first two standards build on the ISSB’s objectives to;
Develop standards for a global baseline of sustainability disclosures meeting the information needs of global investors.
Enable companies to provide comprehensive, decision-useful sustainability information to global capital markets.
Deliver a common language of sustainability disclosures, with the flexibility for regional ‘building blocks’ to be added by regulators when necessary to meet local and multi-stakeholder information needs.
IFRS S1: General requirements for disclosure of sustainability-related financial information
S1 covers the general requirements for disclosure of sustainability-related financial information.
S1 sets the scene for the specific requirements of S2 and for future sustainability standards covering areas other than climate.
S1 adopts the structure of the Task Force on Climate-Related Financial Disclosures (TCFD). S1 also refers to other standards and frameworks in the absence of a specific ISSB standard.
The standard’s main objective is to “require an entity to disclose information about its sustainability-related risks and opportunities that is useful to users of general-purpose financial reports in making decisions relating to providing resources to the entity.”
There is a requirement that an entity discloses information about all such risks and opportunities that could reasonably be expected to affect the entity’s prospects.
S1 prescribes how an entity prepares and reports such disclosures, setting out general requirements for the content and presentation of those disclosures so that the information is useful to the users of that information.
In particular, the standard requires that an entity provides disclosures about:
the governance processes, controls and procedures the entity uses to monitor, manage and oversee sustainability-related risks and opportunities;
the entity’s strategy for managing sustainability-related risks and opportunities;
the processes the entity uses to identify, assess, prioritise and monitor sustainability-related risks and opportunities; and
the entity’s performance in relation to sustainability-related risks and opportunities, including progress towards any targets the entity has set or is required to meet by law or regulation.
IFRS S2: Climate-related disclosures to drive sustainable decision-making
S2 covers the specific requirements of climate-related disclosures.
The main objective of the standard is to “require an entity to disclose information about its climate-related risks and opportunities that is useful to users of general-purpose financial reports in making decisions relating to providing resources to the entity.”
S2 also incorporates the TCFD recommendations and guidance and includes a requirement to provide industry-specific disclosures. Industry-specific metrics are included as illustrative guidance, taken from SASB standards.
S2 specifically applies to:
climate-related risks to which the entity is exposed, which are:
climate-related physical risks; and
climate-related transition risks; and
climate-related opportunities available to the entity.
In particular, the standard requires that an entity provides disclosures about:
the governance processes, controls and procedures the entity uses to monitor, manage and oversee climate-related risks and opportunities;
the entity’s strategy for managing climate-related risks and opportunities;
the processes the entity uses to identify, assess, prioritise and monitor climate-related risks and opportunities, including whether and how those processes are integrated into and inform the entity’s overall risk management process; and
the entity’s performance in relation to its climate-related risks and opportunities, including progress towards any climate-related targets it has set, and any targets it is required to meet by law or regulation.
Effective date and adoption: Understanding the timeline for implementing ISSB Standards
Both standards are effective for periods beginning on or after 1 January 2024, early adoption is permitted as long as both standards are applied.
Voluntary adoption and potential assurance requirements for entities
Adoption of the standards is voluntary. However, local jurisdictions may make their adoption mandatory for certain classes of entities.
At this stage there are no specific assurance requirements in place. However, analysis provided by IFAC would indicate that of the entities reviewed that did report some ESG information, over 50% have obtained some level of assurance on that information between 2019 – 2021.
Assurance has been gained from the entity’s auditor (who provides the majority) and other service providers.
Although there are no specific international ESG assurance standards currently set, the majority of assurance work was performed under ISAE 3000 (revised). The vast majority of reviews obtained limited assurance with c10% obtaining reasonable assurance.
Future plans: ISSB’s global promotion and consultation on additional reporting elements
The ISSB will be promoting the standards worldwide, working with local jurisdictions and focusing on the standard’s connectivity with financial statements. There is also currently a public consultation on four projects to further understand the standard-setting priorities covering ecosystems, human capital, human rights and integration in reporting. Further standards covering other elements of ESG are likely to follow.
European Sustainability Reporting Standards (ESRS) and Corporate Sustainability Reporting Directive (CSRD): Aligning with ISSB efforts
In addition to the ISSB standards, EFRAG has been developing the European Sustainability Reporting Standards (ESRS – 12).
These standards have a mandatory implementation for applicable entities with a progressive phase-in period over several years, with early adoption being encouraged.
The standards have a comprehensive coverage of ESG matters, not just focusing on climate to start with.
The standards have the concept of double materiality and the ESG reports must be made in the management report, at the same time as the financial statements.
The standards also have a mandatory assurance element, starting as limited but moving to reasonable over time.
EFRAG is working with the ISSB to promote interoperability.
The European standards certainly seem to have built on the international ones so far, and are mandatory with a mandatory assurance element.
Conclusion
The introduction of the two SS standards is a pivotal moment in the reporting of ESG matters.
They provide a basis for international comparability and help bring ESG matters to the forefront of investors’ decision-making.
More will follow but this is a vital moment in the battle towards net zero. Read more about global ESG developments on our sustainability hub.
News
Kreston BSG Mexico hosts AI webinar
June 14, 2023
Kreston BSG, which has 10 offices across Mexico, recently held an event to raise the profile of the work accountants do in Mexico and the development of new technology to support businesses to grow and thrive. This event was held to mark Accountants Day in Mexico.
Sharing the scope of Kreston BSG
Kreston BSG created an infographic to share the details of the size and capacity of this ambitious firm, with 228 accountants across 10 offices, including Mexico City, Cabo San Lucas and the largest office, which is in Puebla. They recorded eight different services, including tax, audit and transfer pricing. You can read the full document with Kreston BSG capacity facts and figures here, in both English and Spanish.
Answering top questions about accountancy in Mexico
Kreston BSG shared tips and answered pressing questions for businesses looking to do business in Mexico successfully. They also shared a day in the life videos, to give an inside view on what it is like supporting clients as an accountant in Mexico.
The future of doing business in Mexico
The team also held a webinar with accountants from across all the offices of Kreston BSG to discuss the future of AI in Mexico, evaluating how the team visualise accounting in the future with the rise of artificial intelligence Watch the video here in Spanish.
Get in touch
If you would like to learn more about Kreston BSG, please get in touch.
Javier is an audit manager at Kreston FLS in Mexico City. He graduated from Universidad Iberoamericana and holds a Master’s degree in Business Administration from Shanghai and has studied at Loyola University in Chicago. He has experience in auditing and consulting, both in Mexico and the United States, where he worked for over six years.
AI in Mexico: The impact of AI on business operations and services
June 13, 2023
The use of AI in Mexico is experiencing rapid growth in adoption, which has been further accelerated by the COVID-19 pandemic. Among these technologies, Artificial Intelligence (AI) has emerged as a disruptive force, transforming the way businesses operate and deliver services. Read the full article written by Kreston FLS audit expert, Javier García Sabaté Payró, and featured in Veritas here (Spanish) or the summary below.
Opportunities for entrepreneurs and advisors
According to a study conducted by IBM, the current adoption of AI in Mexican companies stands at 35%, with an additional 44% already incorporating AI into their existing applications and processes. This indicates a growing recognition of the potential benefits that AI can bring to entrepreneurs and business advisors. By embracing AI, businesses can take advantage of an already thriving industry to save costs on the bottom line. Examples below;
The Mexican Society of Artificial Intelligence projects that the AI market in Mexico will reach 1.2 billion pesos by 2025, indicating substantial growth and opportunities in the AI sector.
Mexico boasts a thriving startup ecosystem, with more than 5,000 startups operating across various industries such as Fin-tech, Health-tech, and Ed-tech. This dynamic landscape showcases the country’s entrepreneurial spirit and diverse range of innovative ventures.
Mexico City serves as the primary technological hub in the country, housing over 900 new companies and a burgeoning number of technology firms. Additionally, notable technology hubs like Guadalajara, Monterrey, and Tijuana contribute to Mexico’s growing reputation as a hub for technological advancements.
AI Applications for Business Advisors and Entrepreneurs
AI offers a wide range of valuable applications, one such application is data analysis. With AI, large volumes of financial, accounting, and contractual data can be analysed within seconds. This enables the identification of patterns and trends that would be difficult to detect manually, leading to more informed decision-making and targeted recommendations for clients. Here is a brief summary of just some of the areas AI could support businesses in Mexico;
– Process Automation:
The most basic function of AI facilitates the automation of manual and repetitive tasks such as data entry and account reconciliation. This not only saves valuable time and minimises errors but also allows accountants, advisors, and entrepreneurs to redirect their focus towards strategic and high-value tasks specific to each business. By automating mundane processes, AI streamlines operations, enhances efficiency, and maximises productivity.
– Streamlining data analysis
By leveraging AI, large volumes of data, including financial, accounting, and contractual information, can be analysed within seconds. This capability enables the identification of intricate patterns and trends that would be arduous to detect manually, potentially taking years to analyse. The ability to swiftly analyse data empowers businesses to make more informed choices and provide precise, targeted decisions, based on real-time data.
– Risk analysis and management
With advanced algorithms, AI can identify potential risks and evaluate their likelihood of occurrence. Moreover, by analysing vast amounts of data from diverse sources such as financial reports, market trends, legal references, and customer behaviour, analysts and entrepreneurs can concentrate their efforts on specific areas of interest. This focused approach enhances risk management practices, allowing for a comprehensive understanding of possible risks and paving the way for better outcomes.
Through AI-driven data analysis, process automation, risk analysis, electronic invoice analysis, and identification of risks, businesses can harness the transformative power of AI. By embracing these applications, organisations gain valuable insights, optimise operations, and make informed decisions that drive success in an increasingly data-driven and competitive business landscape.
– Enhancing compliance and efficiency
AI is proving to be a valuable tool for compliance and efficiency in Mexico. For instance, AI-powered tools that facilitate the download and analysis of electronic invoices have revolutionised the process. These tools can swiftly analyse complete years’ worth of invoice information within minutes. This capability assists advisors and entrepreneurs in accurately responding to authorities’ requirements, avoiding the need for deadline extensions and mitigating potential costs for both companies and authorities.
The Future of AI in Mexico: Job opportunities and technological hubs
The future of AI in Mexico looks promising, with a wealth of job opportunities emerging in the fields of data science, machine learning, and software development. According to the World Economic Forum, AI is expected to generate 900,000 new jobs in Mexico by 2025. Technological hubs such as Mexico City, Guadalajara, Monterrey, and Tijuana are witnessing a surge in startups and technology firms, further propelling the AI revolution in the country.
Embracing AI for future success
In conclusion, AI is revolutionising business operations and services in Mexico. Entrepreneurs and business advisors have a unique opportunity to leverage AI’s capabilities to streamline processes, make more informed decisions, and drive growth. By embracing AI early on, businesses in Mexico can gain a significant competitive advantage and pave the way for future success. With the rapid advancement of AI, it is crucial for authorities, entrepreneurs, and business advisors in Mexico to stay informed and delve deeper into this transformative technology. By doing so, they can position themselves at the forefront of the AI revolution and seize the numerous opportunities it presents for business growth and innovation in Mexico.
If you want to discuss using AI to improve business processes for your business in Mexico, please get in touch.
Av. Juan Tanca Marengo y Rodrigo Chávez, Edificio Empresarial Colón No 5, Oficina 8-11
May 15, 2023
News
Laurent Le Pajolec
Member of Board EXCO A2A Polska, Kreston Global ESG Committee member
General Manager and shareholder of consulting companies with a Marketing/ business development and a Financial background with direct experience with several sectors (Real estate, Transport, Fintech, Legaltech, M&A, Import- Export, HR, Restructuring). Exco Polska Board Member.
Christina Tsiarta
Advisory services on sustainability, ESG & climate change
Christina is an experienced consultant specialising in ESG, sustainability, and climate change. She has over 13 years of expertise and has worked with various organizations, including local municipalities, national government agencies, the Directorates-General of the European Commission, and the private sector across different industries.
Call for systemic change in DEI through TCA
May 9, 2023
Our experts and ESG Committee members Laurent Le Pajolec and Christina Tsiarta recently collaborated on an article where they shared insights on why a firm should engage in Trade Cooperation Agreement (TCA) and why existing accounting methodologies are no longer sufficient for modern-day businesses.
Progress in DEI stalls globally
The Netherlands has overtaken Canada to become home to the world’s most diverse, equitable, and inclusive workplaces, as per Kantar’s Inclusion Index 2022. The index measures progress in developing inclusive and diverse workplaces globally, with personal services, non-profit, and professional services being voted as the most inclusive industries, while the entertainment industry remains among the least inclusive. Despite a growing appetite for systemic change in diversity, equity, and inclusion, progress in developing diverse and inclusive workplaces has stalled globally, with countries such as Canada, the USA, and Italy seeing a significant drop in their scores. Failure to take meaningful action impacts recruitment and retention, with one in four employees likely to leave their organisation due to a lack of inclusion.
Inclusion progress
The research indicates that although DEI has become more prominent in businesses’ agendas, there has been a lack of progress. The global score for the index remains at 55, the same as in 2020. In contrast, eight out of twelve markets surveyed have experienced a decline in their Inclusion Index score from 2019 to 2022. However, Mexico and Australia have made significant strides in DEI progress, with 15% and 7% increases in the last three years.
Industries are making varied progress in their efforts towards inclusion. Personal services (such as beauty salons), professional services (like legal and accounting firms), and non-profit organizations are leading the way. Financial services, ranking in the middle, and IT and marketing companies, in the lower half of the ranking, are taking steps to improve inclusion. However, industries like fashion, hospitality, security, entertainment, media, sports, publishing, and agriculture, ranked at the bottom, still have a lot of work to do to improve their inclusivity.
Read more from Laurent Le Pajolec and Christina Tsiarta here.
Global vacancies
Carretera Transp. Km. 4.3, Int. Plaza Providencia II, Local 101, Col. El Tezal
April 19, 2023
Global vacancies
Centro Colón Building, P.º Colón 38, Avenida 0, Mántica
Global vacancies
Via Rapida Poniente #15035, Int. L-29, Coloina Rio Tijuana 3ra. Etapa
April 18, 2023
Global vacancies
Calle Iguala 7, Colonia Roma Sur, Cuauhtémoc
News
Karla Pastor
Head of Sustainability at Kreston FLS
Karla Pastor is a seasoned financial operation professional with a wealth of experience managing head office operations. She is responsible for ensuring the smooth and efficient execution of all-around financial operations, managing the network’s CRM system, and overseeing HR and IT functions. Karla directly supports the Executive Director, coordinating members’ meetings and annual event logistics worldwide. Karla is also the Head of Sustainability at member firm Kreston FLS, showcasing her commitment to promoting sustainable business practices.
ESG Reporting in Latin America
April 12, 2023
Today, each country in Latin America has a wide variation in the implementation of practices that have a positive impact on environmental, social, and corporate governance (ESG) issues. Although there is a social demand for these issues and several companies have voluntarily adopted ESG practices, there is currently no standardized or dominant framework in Latin America to accelerate their adoption. Here we have given a synopsis of ESG regulation in the largest economies in Latin America with the intention of providing a context for the region.
ESG interest in Latin America is growing
In Latin America, a path is opening up that has been adopting different forms or measures to make visible the efforts, or lack them, of companies and governments to make progress on ESG issues. As a result, ESG reporting is at a very early stage in Latin America. However, in recent years, there has been growing interest in the implementation of ESG as a guiding tool on social and environmental issues.
According to the International Bar Association Latin American Regional Forum[1], by 2022, most ESG-related practices are in the environmental, compliance, banking and corporate areas. About 80% of the firms that have incorporated ESG in internal practices. The most popular is around recycling followed by community activities and programs to avoid discrimination. Only 3 countries have reported that they are developing an ESG taxonomy. Unfortunately, this results in a problem of greenwashing[2], the main obstacle to implementation.
UN commitments
One of the frameworks that can best address social and environmental aspects are the UN Sustainable Development Goals (SDGs) and according to the UN, all countries in Latin America and the Caribbean are committed to the SDGs, however, of these, only 19 countries[3] are required to report their actions and results. It should be noted that some countries may have different levels of commitment to progress on the SDGs. In Latin America, most of the firms that adopt some ESG commitment relate it to these goals.
The following table shows examples of ESG and climate change regulations to provide a context for the variation in regulations.
Country
ESG Related Regulations
Description
Climate Change Related Regulations
Argentina
N/A
There is currently no specific national regulation for ESG reporting by companies. However, some companies in Argentina are voluntarily adopting mainly environmental practices.[4]
Renewable Energy and Energy Efficiency Law (Law 27.191)[5]
BC Resolution No. 139/2021 and BC Instruction Standard No. 153/2021
In September 2021, a package of solutions and requirements on ESG disclosure was launched. There are other financial instrument regulations such as the criteria for granting rural loans.
National Policy on Climate Change (PNMC)
Chile
Ministry of Finance launched a Taxonomy to promote green investments[7]
Taxonomy is presented as a tool to define a common language between what is understood as environmentally sustainable. In addition, ISO 26000 is voluntary, but has been implemented by 50% of the multinationals. It consists of providing companies with guidelines and orientation for adopting socially responsible behavior with their environment, considering the social and environmental impacts they may produce.[8]
Law on General Bases of the Environment (Law 19300)[9]
Colombia
Green Taxonomy and External Circulars 008 and 020 adopted by SFC in 2022
Promotes and facilitates the channeling of resources towards sustainable investments and defines the primary guidelines for the development of green finance. instructions on the content of the prospectus for environmental, social, and/or industry and knowledge economy bonds.[10] Companies have also adopted standards such as ISO26,000 on a voluntary basis.[11]
There is significant weight in laws on environmental protection issues. Law 1931 of 2018[12]
Mexico
Sustainable Finance Committee. such as: 1) Sustainable Taxonomy (Ministry of Finance and Public Credit); 2) Leveraging Capital Mobilization Opportunities (Comisión Nacional del Sistema de Ahorro para el Retiro or Consar and Banxico); 3) ESG Risk Measurement (Banxico), and 4) Disclosure of Information and Adoption of ESG Standards (CNBV; Comisión Nacional Bancaria y de Valores).
CNBV (regulator of banking and public companies) will present aggregated results of these diagnostics and will conduct a pilot application of the taxonomy with the participation of voluntary financial institutions, with three main objectives: climate change, financial inclusion and gender inclusion.[13]
Compendium of 13 laws and regulations derived from the different standards (NOM, NMX) applicable to each environmental area; water, soil, air, rural development, waste, among others.[14]
Peru
N/A
There is currently no specific regulation for CSR reporting by companies. However, some companies in Peru are voluntarily adopting sustainability reporting practices.
The purpose of the Framework Law on Climate Change is to establish the principles to reduce the country’s vulnerability to climate change, take advantage of the opportunities of low-carbon growth and comply with the international commitments assumed by the State.[15]
Note: It is important to note that this table is not exhaustive and that the situation in each country may be subject to changes and updates.
In conclusion, although there are governance bodies in some countries working with ESG and green taxonomies, and while there is still no mandatory ESG reporting, all countries have climate change regulations. There is progress, but there is no regulation on reporting.
To speak to an expert about your ESG reporting obligations in Latin America, please contact us.
Versión en Español
Hoy en día, cada país de América Latina tiene mucha variación en los niveles de implementación de prácticas que tengan un impacto positivo en temas ambientales, sociales y de gobierno corporativo o ESG (por sus siglas en inglés). A pesar de que existen una demanda social en estos temas y varias empresas han adoptado prácticas voluntarias de ESG, actualmente no existe un marco estandarizado o dominante en América Latina para acelerar su adopción. Éste articulo consta de una síntesis acerca de las regulaciones en ESG en los países de mayor economía en América Latina con la intención de dar un contexto de la región.
Los reportes de ESG en América Latina
En América Latina está abriendo un camino que ha ido adoptando diferentes formas o medidas para hacer visible los esfuerzos, o falta de ellos, de las empresas y de los gobiernos para avanzar en temas de ESG. Como consecuencia, los reportes de ESG se encuentran en una etapa muy temprana en América Latina. Sin embargo, en los últimos años, se ha despertado un creciente interés en la implementación de ESG como instrumento de guía en temas sociales y medioambientales.
De acuerdo con International Bar Association Latin American Regional Forum[16], en 2022, la mayor parte de las prácticas relacionadas con ESG son en la parte medioambiental, compliance, bancaria y corporativa. Cerca del 80% de las firmas que han incorporado ESG es en el manejo de sus propias actividades. La más popular tiene que ver con reciclaje seguido de actividades comunitarias y programas para evitar la discriminación. Únicamente 3 países han reportado que están desarrollando una taxonomía en ESG. Lamentablemente esto da como resultado un problema de “greenwashing[17]” dando como resultado el principal obstáculo en su implementación.
Compromisos conla ONU
Uno de los marcos que mejor pueden abordan aspectos de sociales y medioambientales son los Objetivos de Desarrollo Sostenible (ODS) de la ONU y de acuerdo con ella, todos los países de América Latina y el Caribe están comprometidos con los ODS, sin embargo, de éstos, únicamente 19 países[18]tienen obligación de reportar sus acciones y resultados. Cabe destacar que algunos países pueden tener diferentes niveles de compromiso en cuanto al progreso de los OSD. En América Latina, gran parte de las firmas que adoptan algún compromiso de ESG lo relaciona con estos objetivos.
En la siguiente tabla se pueden observar el ejemplo de regulaciones referentes a las ESG y cambio climático para dar un contexto de la variación en regulaciones.
País
Regulaciones relacionadas ESG
Descripción
Regulaciones relacionadas con el cambio climático
Argentina
N/A
Actualmente no existe una regulación nacional específica para la presentación de informes de ESG por parte de las empresas. Sin embargo, algunas compañías en Argentina están adoptando voluntariamente prácticas principalmente medioambientales.[19]
Ley de Energías Renovables y Eficiencia Energética (Ley 27.191)[20]
Resolución BC No. 139/2021 y Norma Instrucción BC No. 153/2021
En septiembre 2021se lanzó un paquete de soluciones y requerimientos en declaración en ESG. Existen otras regulaciones de instrumento financieros como el criterio para otorgar créditos rurales.
Política Nacional sobre Cambio Climático (PNMC)
Chile
Ministerio de Hacienda lanzó la Taxonomía para fomentar inversiones verdes[22]
Taxonomía se presenta como una herramienta para definir un idioma común entre lo que se entiende por medioambientalmente sostenible. Adicionalmente, ISO 26000 Es voluntaria, pero ha sido implementada por el 50% de las multinacionales. Consiste en brindar a las empresas directrices y orientación para adoptar un comportamiento socialmente responsable con su entorno, considerando los impactos sociales y medioambientales que puedan producir.[23]
Ley sobre Bases Generales del Medio Ambiente (Ley 19300)[24]
Colombia
Taxonomía Verde y circulares externas 008 y 020 adoptada por la SFC en 2022
Promueve y facilita la canalización de recursos hacia inversiones sostenibles y define los lineamientos primarios para el desarrollo de las finanzas verdes. instrucciones sobre el contenido del prospecto de bonos ambientales, sociales, y/o de economía de la industria y del conocimiento.[25] Las empresas también han adoptado normas como ISO26.000 voluntariamente.[26]
Hay un peso significativo en leyes en temas de protección ambiental. Ley 1931 de 2018[27]
México
Comité de Finanzas Sostenibles. como: 1) Taxonomía Sostenible (Secretaría de Hacienda y Crédito Público); 2) Aprovechamiento de Oportunidades de Movilización de Capital (Comisión Nacional del Sistema de Ahorro para el Retiro o Consar y Banxico); 3) Medición de Riesgos ESG (Banxico), y 4) Divulgación de Información y Adopción de Estándares ESG (CNBV; Comisión Nacional Bancaria y de Valores).
CNBV (órgano regulador de banca y empresas públicas) presentará resultados agregados de esos diagnósticos y llevará a cabo una aplicación piloto de la taxonomía con la participación de instituciones financieras voluntarias, con tres objetivos principales: cambio climático, inclusión financiera e inclusión de género.[28]
Compendio de 13 leyes y reglamentos que se derivan en las diferentes normas (NOM, NMX) aplicables a cada rubro ambiental; agua, suelo, aire, desarrollo rural, residuos, entre otros.[29]
Perú
N/A
Actualmente no existe una regulación específica para la presentación de informes de OSD por parte de las empresas. Sin embargo, algunas empresas en Perú están adoptando voluntariamente prácticas de informes de sustentabilidad.
Ley Marco sobre Cambio Climático tiene por objeto establecer los principios a fin de reducir la vulnerabilidad del país al cambio climático, aprovechar las oportunidades del crecimiento bajo en carbono y cumplir con los compromisos internacionales asumidos por el Estado.[30]
Nota: Es importante tener en cuenta que esta tabla no es exhaustiva y que la situación en cada país puede estar sujeta a cambios y actualizaciones.
En conclusión, a pesar de que existen órganos de gobierno en algunos países trabajando con ESG y taxonomías verdes, aún no hay ninguna obligatoriedad en temas de ESG, pero todos los países tienen regulaciones de cambio climático. Hay un avance, pero no hay regulación en el reporteo.
Para hablar con un experto sobre sus obligaciones de presentación de informes ESG en América Latina, póngase en contacto con nosotros.
[17] Es el acto de confundir a los consumidores en relación con las prácticas medioambientales de una compañía o los beneficios que aporta para el medio ambiente un producto o servicio.
[18] Argentina, Bolivia, Brasil, Chile, Colombia, Costa Rica, Cuba, Ecuador, El Salvador, Guatemala, Honduras, México, Nicaragua, Panamá, Paraguay, Perú, República Dominicana, Uruguay, Venezuela
Kreston Global retains 13th position in global rankings
March 23, 2023
Kreston Global has maintained its 13th position in the International Accounting Bulletin world survey. Kreston Global continues to enjoy steady growth, with a 4% turnover increase in 2022.
The network has attracted a record number of new firms in recent years and US firm CBIZ MHM has contributed significantly to the growth with key strategic acquisitions, including New York–based Marks Paneth, helping to propel CBIZ MHM from 13th to 8th position in North America regional rankings.
Liza Robbins, Kreston Global Chief Executive commented,
“We are delighted to have retained our global position, although our focus continues to be on delivering real benefits to firms to help them grow and thrive, and less about global rankings.
The fast pace of development of Kreston Global led to a new strategic plan being unveiled in 2021, which embraces the network’s wider purpose-led approach. The new firms that have joined us over the last 12 months have only enhanced the strong ties that connect our firms to each other.
2023 looks set to be another strong year of member growth, with excellent firms interested in joining the network.”
If you are an ambitious, internationally-focused firm that is interested in joining Kreston Global as a member, you can fill out a form to apply to start your application.
News
Kreston ATC Chile joins the network
March 10, 2023
Kreston ATC Chile is the latest firm to become part of Kreston Global.
The firm provides services to local and international companies across Chile and overseas, ranging from external and internal audits, taxes, risk advisory, forensics, payroll and bookkeeping. Headquartered in the capital, Santiago, the firm is led by experienced partners with backgrounds in EY and RSM, used to reporting to offices in North America, Europe and Asia.
Pictured from left to right are Ricardo Gameroff, Partner-Advisory Leader and International Liaison, Hans Caro, managing partner, and Eduardo Medina, audit lead partner.
Hans Caro Larsen, Managing Partner, commented, “We are very excited to join Kreston and are committed to contributing to the global organisation with our knowledge and experience. We already have one of our partners involved in the network’s Global Audit Group as well as serving as a member of the Global Quality Group and look forward to extensive international collaboration”
To learn more about doing business in Chile, click here.
News
Head of Anti-Money Laundering announced at Kreston FLS Mexico
March 8, 2023
A new Head of Anti-Money Laundering has been announced by Kreston FLS in Mexico. CPA Joaquín Muñoz de Cote Navarro joins as Head of Anti Money Laundering to lead the Money Laundering Prevention and Compliance area.
His career includes 39 years of professional experience, of which 26 years have been in charge of management positions in the banking sector, developing Control, Audit, Compliance and AML/KYC functions. Development of strategy implementation skills in complex PLD projects based on global standards of Financial Institutions of international scope. Analytical and communication skills to identify problems and implement solutions with the necessary clarity for effective execution.
Professional experience in the Financial Sector
• Scotiabank Inverlat: o Corporate Director of Money Laundering Prevention Control (2019-2022). • Banco Nacional de Mexico- Citibanamex: o Director of Compliance and Money Laundering Prevention Commercial Banking (2003 to 2018). o Director of Credit Audit (1996 to 2003)
Professional experience in the Non-Financial Sector:
• Alcatel Indetel Telecommunications: • Teléfonos de México SA de CV. • KPMG Consultants
Kreston FLS comments
Enrique Pastor Socio Director en Kreston FLS Mexico City commented, “We are delighted to have invited Joaquin to be part of this project, and we are sure that soon the service at the firm will be a benchmark for the Mexican market and foreign investments that have to comply with these provisions.”
With this important incorporation, Kreston FLS (México) will be in a competitive position to attend international businesses in which compliance with these matters is a field of speciality and mandatory.
Contact CPA Joaquín Muñoz by clicking here, or calling on +52 5559857558 C. +52 5554069516
News
Jelle R. Bakker
Partner International Tax at Bentacera, Kreston Global
Kreston tax expert and regional tax director in the Kreston Global Tax Group, Jelle Bakker has accomplished many contributions in the area of international taxation over the past 35 years, including 10 years as Senior Tax Counsel with Global Network Bank.
France and Colombia: new DTA signed
February 22, 2023
The double tax agreement, DTA , which France and Colombia signed came into force on January 1, 2023. When in force the DTA will include a 5% tax withholding rate for payments of dividends when the recipient holds at least 20% of the paying company, otherwise the rate will be 15%. The tax withholding rates for payment of interest will be 0%/10%. In the case of royalties, the withholding rate will be 10%.
To talk to one of our experts about this DTA in Colombia or France, please get in touch.
News
Kreston Global starts 2023 by adding eight new firms across four continents
January 23, 2023
LONDON – Kreston Global has begun 2023 by welcoming eight new member firms on four continents: India, Uganda, Lebanon, Japan, Croatia, Bangladesh, Chile and Taiwan.
Top New, based in Taiwan – returning to the Network
Kreston Croatia was founded by Managing Partner Ivan Pečur who has worked in a number of international accountancy organisations over the last 16 years as an audit partner. He is joined by two other partners.
Bhatia & Bhatia was founded in 1981 and provides audit, tax and accounting services to a range of domestic and international clients. It works closely with a broad base of affiliated chartered accountant firms across all major cities in India.
Kreston HM was founded by Managing Partner Hitesh Mehta in 2005. It provides audit, accounting services and tax advisory to international and local clients from its offices in Kampala and Jinja. It has three partners and 45 staff.
Accurate Accounting & Audit was founded in 2021 and is led by four certified auditors. It has over 20 staff based in its central Beirut offices, providing services to corporate and private clients across the construction and building supplies, professional partnerships, hospitality, retail and sports sectors.
Maria Howlader and Co is based in Dhaka, Bangladesh and comprises 34 employees and offers audit, accounting and tax services to international businesses and foreign subsidiaries based in Bangladesh and overseas.
Kreston ATC Chile is a newly established firm in Chile, based in Santiago. The firm has 24 staff and five partners, and is led by Managing Partner Hans Caro. The firm is made up of previous Kreston partners including Ricardo Gameroff who is already involved with the Kreston network through the Global Audit and Quality
Groups. The firm has a number of international clients and specializes in external and internal audits, taxes, risk advisory, forensics, payroll and bookkeeping.
Top New & Co is based in Taipei, Taiwan and is returning to the Kreston network after a few months away. Run by Yashu Hung, who is the lead audit partner, together with two other audit partners and a staff of 20, they offer audit and accounting services to a range of privately owned and not-for-profit organisations.
2022 saw Kreston Global holding its hugely successful network-wide conference in Madrid, the first in-person conference the network has held since the pandemic began. 2022 also saw the launch of its first Environmental, Social and Governance Advisory Committee, launch of new international steering groups for Internal Audit, Transfer Pricing and Life Sciences, and lastly a flagship thought leadership report, ‘The Interpreneur Mindset’.
Liza Robbins, Chief Executive of Kreston Global, said:
“It is with great pleasure that I welcome our latest joiners to the Kreston Global network. To have eight firms join in a short period is a major achievement, but to have eight firms of this calibre join is a significant testament to our depth and breadth.
“In recent years we have spent a great deal of time evaluating and fine-tuning our strategy. We have listened closely to our members, working with them on a range of areas and launching a number of exciting new initiatives. I am excited to move into 2023 with both our existing and new colleagues as we continue to develop our proposition to the entrepreneurial business community.”
Get in touch to talk about how Kreston Global firms can help your expanding business in these eight countries.
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El Director #6000, Floor 2, Office 205, Las Condes
Av. Amazonas 31-23 y Azuay, Edificio Copladi, Tercer Piso
April 5, 2022
News
Kreston Global network welcomes Honduras member firm
March 15, 2022
LONDON – Kreston Global welcomes Alfaro y Asociados, based in Honduras, to its global network.
Alfaro y Asociados is one of the leading accountancy firms in Honduras. It specialises in providing audit and accountancy, corporate finance and tax services to domestic and international businesses in the country. Founded in 1995 by current managing partner Juan Angel Alfaro, it consists of three partners in total and 20 other fee-earners.
Alfaro y Asociados advises clients in a broad range of sectors including agriculture, banking, construction, retail, real estate, finance, tourism, hospitality, healthcare and manufacturing. It is authorised by the Honduras National Banking and Insurance Commission.
Alfaro y Asociados is the fifth firm to join the Kreston Global network in recent months, following the arrivals of member firms in Kuwait, Bahrain, Germany and the Bahamas. Like many of the other new firms recently joining, the firm has decided to rebrand to become Kreston Honduras to align itself to their new international brand and network.
2021 saw the Kreston Global network celebrating its 50th anniversary as well as undergoing its own rebrand.
Juan Angel Alfaro, Managing Partner at Alfaro y Asociados, said:
“Kreston Global is a major player in the international accountancy space and we have been consistently impressed by their dynamic and collaborative ethos. My colleagues and I are excited to be partnering with the Kreston Global community, both to further the ambitions of our domestic clients looking to overseas markets, and to support international businesses doing business in Honduras.”
Liza Robbins, Chief Executive of Kreston Global, said:
“Honduras is a growing international business centre and Alfaro y Asociados are one of the most established firms in the country. Their rigorous expertise and their knowledge of the Honduras business landscape has already proved invaluable to their clients over the decades. We will be working together to bring that experience to Kreston Global clients all over the world.”
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