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AICPA

22 January 2015

Comment Letter - AICPA’s proposed statement on standards for attestation agreements
In our comment letter on the Proposed Statement on Standards for Attestation Engagements, Reporting on an Examination of Controls at a Service Organization Relevant to User Entities’ Internal Control Over Financial Reporting: Clarification and Recodification, we supported clarifying the standards in accordance with the clarity drafting conventions used in the proposed general attestation standard.

10 December 2014

Comment letter - AICPA's Proposed Statement on Auditing Standard, An Audit of Internal Control Over Financial Reporting That Is Integrated With An Audit of Financial Statements
In our comment letter, we agree with the Auditing Standards Board’s proposal to move the content of AT section 501, An Examination of an Entity’s Internal Control Over Financial Reporting That Is Integrated With An Audit Of Its Financial Statements, from the attestation standards into generally accepted auditing standards. Further, we support the development of an attestation standard to address examinations of internal control that aren’t integrated with audits of financial statements.

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CAQ

2 December 2014

CAQ Alert 2014-12, CAQ, Audit Analytics release findings from New Audit Committee Transparency Barometer
The CAQ released findings from the new Audit Committee Transparency Barometer. Working together with Audit Analytics, an independent research provider, the CAQ has undertaken an extensive analysis of 2014 audit committee disclosures in proxy statements, applying a “barometer” for the first time to measure the robustness of these disclosures among 1,500 Standard & Poor’s (S&P) composite companies.

19 November 2014

CAQ Alert 2014-11, SEC/PCAOB independence rules for non-issuer audit and attestation engagements
This alert, issued jointly by the CAQ and the AICPA, is intended to provide audit firms with an overview of the independence rules of the SEC and PCAOB applicable with respect to financial statement audit and attestation engagements undertaken for non-issuer broker-dealers that are registered with the SEC as a broker or dealer; and where the engagement(s) is subject to the requirements of SEC Rule 206(4)-2 , SEC-registered and state-registered investment advisers, related party custodians, or private funds.

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EITF

18 November 2014

September 2014 EITF meeting minutes
At this meeting, the EITF reached final consensuses on: pushdown accounting and determining whether the host contract in a hybrid financial instrument issued in the form of a share is more akin to debt or to equity. The EITF also reached consensuses-for-exposure on: effects on historical earnings per unit of master limited partnership dropdown transactions and fair value hierarchy levels for certain investments measured at net asset value.

19 September 2014

EITF Update - September 2014
The EITF reached final consensuses on pushdown accounting and determining whether the host contract in a hybrid financial instrument issued in the form of a share is more akin to debt or to equity. The EITF also reached consensuses-for-exposure on effects on historical earnings per unit of master limited partnership dropdown transactions and fair value hierarchy levels for certain investments measured at net asset value.

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FASB

22 January 2015

FASB and PCC to host private company town hall
The FASB and the PCC will host their fourth Private Company Town Hall Meeting on 28 April 2015, at Southern Methodist University in Dallas, Texas. The town hall meetings are intended to provide private company stakeholders across a wide variety of industries the opportunity to discuss private company accounting issues and share input on current and future agenda topics of both the FASB and the PCC.

22 January 2015

Income taxes: (I) Intra-entity asset transfers and (II) Balance sheet classification of deferred taxes
The FASB issued two proposals today to simplify income tax accounting. One would eliminate the exception related to recording the tax effects of intercompany transactions (i.e., deferral) and instead require companies to recognize the tax effects when the intercompany transactions occur. The other would require all deferred tax assets and liabilities to be classified as noncurrent on the balance sheet. Comments on both proposals are due by 29 May 2015.

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GASB

11 November 2014

GASB Outlook - November 2014
November 2014 electronic newsletter discussing key GASB projects and activities.

11 November 2014

Preliminary Views: Financial reporting for fiduciary responsibilities
The Preliminary Views presents the Board’s current thinking on fundamental issues associated with the reporting of activities in which a government has a fiduciary responsibility. In this context, fiduciary responsibility generally relates to a government controlling assets belonging to others in a trustee or custodial capacity. Comments are due by 6 March 2015.

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PCAOB

31 December 2014

PCAOB updated 2015 standard-setting agenda
The PCAOB posted an updated Standard-Setting Agenda that outlines milestones on various standard-setting projects.

16 December 2014

PCAOB announces new webinar outreach initiative
The PCAOB announced a new webinar initiative to reach out to stakeholders on important time sensitive issues and to make it more efficient and cost-effective for auditors, investors, audit committee members, and others to receive PCAOB updates.

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SEC

13 January 2015

SEC announces 2015 examination priorities
The SEC announced its Office of Compliance Inspections and Examinations’ priorities for 2015 which focus on three areas: protecting retail investors, especially those saving for or in retirement; assessing market-wide risks; and using data analytics to identify signs of potential illegal activity.

8 January 2015

SEC in Focus - January 2015
Our SEC in Focus provides an update on activities and events relating to SEC matters that occurred during the fourth quarter of 2014.

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