16 May 2016
The AICPA Professional Ethics Executive Committee (PEEC) is exposing for comment an independence interpretation that provides guidance to members on the provision of hosting services to clients. The PEEC believes hosting services involve situations where a client engages a member to have custody or control of data or records that the client uses to conduct its operations. As it is management’s responsibility to have custody and control over its assets, the PEEC believes providing hosting services creates threats to independence that are not at an acceptable level and cannot be reduced to an acceptable level by the application of safeguards; therefore, impairing independence. Comments are due by 18 July 2016.
8 December 2015
Compilation of prospective financial information, compilation of pro forma financial information, and Omnibus statement on standards for accounting and review services - 2016
The proposed SSARS Compilation of Prospective Financial Information provides the requirements and guidance with respect to compilations of prospective financial information. Requirements and guidance with respect to examinations and engagements to apply agreed-upon procedures to prospective financial information are retained in the clarified attestation standards. Those clarified standards have been finalized by the Auditing Standards Board and are expected to be issued in late December of 2015 or early January 2016. The proposed SSARS Compilation of Pro Forma Financial Information represents the clarity redraft of AR section 120, Compilation of Pro Forma Financial Information. The proposed SSARS Omnibus - 2016 represents revisions to AR-C sections 60, General Principles for Engagements Performed in Accordance With Statements on Standards for Accounting and Review Services; 70, Preparation of Financial Statements; 80, Compilation Engagements; and 90, Review of Financial Statements. Comments are due by 6 May 2016.
28 June 2016
CAQ tool helps audit committees examine use of non-GAAP measures
The CAQ released a new tool to help audit committees continue to assess management's presentation, outside the audited financial statements, of performance metrics that do not conform to Generally Accepted Accounting Principles (GAAP). The publication can assist in the determination of whether non-GAAP indicators provide investors with meaningful financial information.
21 March 2016
Highlights - CAQ SEC Regulations Committee - 21 March 2016
At this meeting, the SEC staff discussed, among other things, transition questions related to new leasing standard, FAST Act filing accommodations, conflict minerals, gave a FRM update and discussed non-GAAP financial measures.
14 June 2016
EITF Update - June 2016
The EITF reached a final consensus on classification of certain cash receipts and cash payments. The EITF also reached a consensus-for-exposure on employee benefit plan master trust reporting.
3 March 2016
EITF Update - March 2016
The EITF reached a consensus-for-exposure on restricted cash (previously included in EITF Issue No. 15-F, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments).
30 June 2016
Comment letter - FASB proposal on goodwill impairment
In our comment letter, we supported the FASB’s objective of simplifying the accounting for goodwill impairment and said we believe the proposed amendments would reduce the complexity of applying the goodwill impairment assessment. However, we recommended that the Board consider certain changes in the proposal. We also said that we believe the Board should continue to simplify the subsequent accounting for goodwill in the next phase of its project and that any future amendments should be practical in nature.
29 June 2016
Comment Letter - FASB proposal on technical corrections and improvements
In our comment letter on the Proposed Accounting Standards Update, Technical Corrections and Improvements, we agree that for the most part, the proposed changes would clarify the Accounting Standards Codification, correct unintended application of guidance or make minor improvements to the Codification that would not be expected to have a significant effect on current accounting practice or create a significant administrative cost for most entities. However, we express concerns about certain of the proposed amendments
31 May 2016
GASB Outlook - May 2016
May 2016 electronic newsletter discussing key GASB projects and activities.
29 March 2016
GASB issues enhanced guidance on irrevocable split-interest agreements
The GASB issued recognition and measurement guidance for governments that benefit from irrevocable split-interest agreements.
28 June 2016
PCAOB Issues staff guidance for firms filing the new Form AP, Disclosing engagement partner names and other firms participating in public company audits
The PCAOB issued staff guidance, a sample Form AP, Form AP instructions and technical filing guidance to help audit firms implement the new rules on audit transparency that require them to name the engagement partner and include information about other accounting firms that participated in the audit in a new Form AP.
11 May 2016
The auditor's report on an audit of financial statements when the auditor expresses an unqualified opinion
The PCAOB issued a revised proposal that would require auditors to include significantly more information in the auditor’s report. Auditors would be required to discuss critical audit matters (CAMs), which would be defined as items communicated to or required to be communicated to the audit committee that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved especially challenging, subjective or complex auditor judgment. The revised proposal would also require disclosure of auditor tenure, among other things. The communication of CAMs would not be required for audits of brokers and dealers reporting under the Securities Exchange Act of 1934 Rule 17a-5, investment companies other than business development companies and employee benefit plans. Comments are due by 15 August 2016.
28 June 2016
Speech by SEC Chief of Staff Andrew Donohue at the InvestoRegulation Conference in London
SEC Chief of Staff Andrew Donohue gave the keynote address at the InvestoRegulation Conference in London entitled, "The SEC at home and abroad."
27 June 2016
Amendments to smaller reporting company definition
The SEC proposed a rule that would allow more companies to qualify as smaller reporting companies (SRCs) if they have public float of less than $250 million (up from $75 million) or revenue of less than $100 million in the previous year (up from $50 million) if they have no public float. The SEC said the proposed rule would promote capital formation by allowing more companies to make scaled disclosures. The proposal would not increase the $75 million public float threshold in the definition of an accelerated filer, meaning that companies could qualify as SRCs under the proposed rule but still be subject to the reporting deadlines for accelerated filers, as well as auditor attestation to ICFR under Section 404(b) Sarbanes-Oxley Act. Comments are due 60 days after publication in the Federal Register.