Oct 14, 2022 | International
List of environmental impact assessments in third quarter of 2022 released
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The Environmental Protection Department today (October 14) released a list of completed and newly commenced statutory environmental impact assessments (EIAs) and non-statutory environmental studies for major development projects between July 1 and September 30, 2022.
Updated information related to the Environmental Impact Assessment Ordinance is available on its website at www.epd.gov.hk/eia.
Completed statutory EIAs and non-statutory environmental studies for projects in the third quarter of 2022 include:
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A. Statutory EIAs:
1. Tung Chung Line Extension
(MTR Corporation Limited)
2. Yuen Long South Effluent Polishing Plant
(Drainage Services Department)
3. Tuen Mun South Extension
(MTR Corporation Limited)
4. Drainage Improvement Works in Ta Kwu Ling
(Drainage Services Department)
5. Cycle Track between Tsuen Wan and Tuen Mun (Tuen Mun to So Kwun Wat)
(Civil Engineering and Development Department)
B. Non-statutory environmental studies for projects:
Nil
Newly commenced statutory EIAs and non-statutory environmental studies for projects include:
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A. Statutory EIAs:
1. Widening of Yuen Long Highway (Section between Lam Tei Quarry and Tong Yan San Tsuen Interchange) (EIA Study Brief no. ESB-356/2022)
(Highways Department)
2. Expansion of Aberdeen Typhoon Shelter (EIA Study Brief no. ESB-357/2022)
(Civil Engineering and Development Department)
B. Non-statutory environmental studies for projects:
Nil
Sep 29, 2021 | Business
In accordance with Rule 6 of National Financial Reporting Authority Rules, 2018, the Institute of Chartered Accountants of India (ICAI) has submitted to National Financial Reporting Authority (NFRA) an Approach Paper for revision of existing Accounting Standards of Companies that are not required to follow Indian Accounting Standards (Ind ASs). Alongwith the Approach Paper, the proposed texts of 18 revised Accounting Standards (ASs) out of a total of 32 revised ASs expected to be prescribed upon completion of this AS revision project was submitted by ICAI.
NFRA notes that most of the companies to which these proposed revised ASs will apply are Private Limited Companies. Many of the companies are of very small net worth or turnover or indebtedness or a combination of these. They would be mostly owned by small families, sometimes along with a small circle of friends and relatives. Therefore, public interest in the General Purpose Financial Statements (GPFSs) of these Companies would most likely be minimal. There are a number of Revised ASs which are very large and complex and may not be relevant and useful to the limited users of GPFSs of these Companies. The expected standard audit cost to perform reasonably good quality audit, performed in compliance with the letter and spirit of the Standards on Auditing (SAs) is significantly more than the presently reported audit fee ranges i.e., a very large percentage of AS Companies have reported Payment to Auditors of less than ₹ 25 thousand.
Based on the findings above, and persuaded by the limited extent of public interest in the GPFSs of AS Companies, and the need for enabling a regulatory environment conducive for their economic growth, NFRA has recommended to the ICAI that a Regulatory Impact Assessment be conducted of this revision proposal, duly including all the standard features of such a process, and, in particular, to take action as follows:
- The Approach Paper should be developed in a transparent manner after extensive nation-wide consultation with the primary stakeholders i.e., the Preparers – MSMCs (Micro, Small and Medium-size Companies) and Auditors – MSMPs (Micro, Small and Medium-size Practitioners). ICAI is requested to send NFRA the analysis of the public comments on the Approach Paper if the ICAI had performed any such public consultation in the past.
- Comprehensive study and research should be undertaken on the costs to the Preparers of compliance with these Revised ASs and their technical resource capacity, which should be evaluated against the likely benefits to all the stakeholders of AS Companies.
- ICAI should reconsider the Structure, Form and Contents of Revised ASs for AS Companies and align the same to the nature, size and complexity of the ASs, to their commercial needs, business size, capacity to comply with the prescribed standards, and relevance to their primary users.
ICAI’s Approach Paper and NFRA’s response to the ICAI Approach Paper have been posted on NFRA’s website at:
https://nfra.gov.in/sites/default/files/Letter%20to%20Secretary%20ICAI%20reg%20Recommendations%20of%20ICAI.pdf
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Sep 5, 2021 | International
Toronto, Ontario – Department of Justice Canada
Access to justice is a fundamental Canadian value and an integral part of a fair and just society. The Government of Canada is committed to providing fair and equal access to justice for Black and racialized Canadians while addressing systemic racism and discrimination in all its forms and in all phases of the criminal justice system.
Today, the Honourable David Lametti, Minister of Justice and Attorney General of Canada, announced the Government of Canada’s investment of $6.64 million over five years beginning April 1, 2021, followed by $1.6 million annually on an ongoing basis for the implementation of Impact of Race and Culture Assessments (IRCAs) across Canada.
IRCAs are pre-sentencing reports that help sentencing judges to better understand the effect of poverty, marginalization, racism, and social exclusion on the offender and their life experience. IRCAs explain how the offender’s lived experiences of racism and discrimination inform the circumstances of the offender, the offence committed, and the offender’s experience with the justice system.
The funding will help support:
the development of a training curriculum for IRCA writers;
education of criminal defence lawyers, crown prosecutors and judges on IRCAs; and
drafting of IRCA reports for eligible racialized accused Canadians.
Funding is being provided to specialized organizations for IRCA assessor training and mentorship, and for awareness programs and continuing professional development for lawyers, judges and other justice system actors.
Additionally, funding will be available to all provincial and territorial legal aid programs in all jurisdictions for the preparation of IRCAs, with the goal of making this important tool a part of the criminal justice system across the country.
Sep 4, 2021 | Business
On the 27th of August 2021, 24 impact-oriented, women-led startups pitched online to the Indonesia Women Empowerment Fund (IWEF) and other impact investors and ecosystem partners in Indonesia and abroad as part of “SheDisrupts Indonesia 2021” program.
“As an impact fund, IWEF invests in women-led startups that through disruptive tech solutions are improving livelihoods for women across Indonesia. SheDisrupts supports this goal and is showcasing some of the leading and emerging women entrepreneurs and their teams, who are breaking down barriers and driving change in Indonesia,” said the joint managers of IWEF, Stella Tambunan – CEO of YCAB Ventures, and Tom Schmittzehe – Managing Partner of Moonshot Ventures.
The program was initiated by IWEF and Creatella Impact, in partnership with Investing in Women, UNDP, UN Women and Citibank, to empower Indonesian women entrepreneurs to build and scale innovative and tech-driven business solutions to complex social and environmental issues in Indonesia.
“Creatella impact identifies promising social enterprises, and provides a range of services to strengthen their business model and presence, and increase chances of access to funding. We do this by applying the world best practices, but also, continuously learning together in this dynamically shifting industry,” said Nozomi Witherspoon, the Board Director and Treasurer of Creatella Impact.
The venture competition was launched in June 2021. From all the applications, 50 startups were selected for a round of 1:1 mentorship with 57 experienced impact investors, entrepreneurs and advisors from around the world.
“We are pleased to note this robust public private partnership between IWEF, Creatella Impact, UNDP, UN Women, DFAT and Citi in organizing SheDisrupts Indonesia with a holistic approach in empowering women founders to run profitable businesses while making measurable, long term positive social and environmental impact in Indonesia. We believe this is in line with our current development priorities,” said Lenny N. Rosalin, SE, M.Sc, M.Fin, Deputy of Gender Equality, Ministry of Women’s Empowerment and Child Protection, Republic of Indonesia.
“She Disrupts Indonesia aligns with Australia’s vision and efforts towards inclusive and equitable economies by enhancing the capability of women-owned and women-led businesses to grow and create a greater positive social and environmental impact,” said Mr. Alex Street, Political Economy and Investment Counsellor, Australian Embassy Jakarta.
24 promising startups were selected from this shortlisted pool of 50, and were invited to join the 2-week pre-acceleration.
“I would like to extend my deepest congratulations for all 24 ventures present today. I hope that this initiative serves as a platform to inspire and encourage you all to share innovative ideas and help work through these difficult times. It has been extraordinary to see the exceptional support delivered especially given that we are now in the decade of action as we work towards the SDGs,” said Sophie Kemkhadze, Deputy Resident Representative for UNDP Indonesia.
The curriculum of the pre-acceleration included lectures, workshops, group work and 1-on-1 mentoring on business, technology and impact-related topics, with a strong focus on gender issues and women empowerment.
“We are proud to be part of the mentoring team for the founders, to witness that these talented and mission-driven women founders are not only more conversant on gender equality but also empowered to bring changes to the industry, creating an impact on women’s empowerment. We hope that more acceleration programs in Indonesia will adopt a similar gender-responsive approach to fully unlock women’s potential in the tech and digital economy sectors,” said Jamshed Kazi, UN Women Indonesia’s Representative and Liaison to ASEAN.
The 2-week pre-acceleration program concluded on Friday, the 27th August with a public virtual demo day, which was attended by 150 investors, mentors, and partners.
“As a Bank, we are driven by Diversity & Inclusion goals, and we believe that it is important to incorporate and measure gender diversity targets. Furthermore, we are seeing that finance communities are eager to support these initiatives, and we are already seeing the most ambitious companies linking their financing directly to gender and diversity-related metrics. These efforts should be further replicated in other sectors, not to mention in the startups world,” said Batara Sianturi, CEO of Citi Indonesia.
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