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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

26 January 2015

Center for Audit Quality - 2014 Year in Review
The Year in Review covers the CAQ’s key activities and accomplishments in support of public company audit quality. Among other topics, the report highlights the CAQ's work of engaging with policymakers, its release of member alerts and new guides to help public company auditors, its collaboration to produce information and tools aimed at improving the operation of the financial reporting supply chain, and its new research, including a comprehensive report on financial restatements, and helped to foster new academic studies on a range of topics related to audit quality.

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.

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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

4 March 2015

4 March 2015 FASB meeting
The Board tentatively decided to eliminate or modify certain existing fair value measurement disclosures after assessing them based on the concepts and decision questions in its proposed Conceptual Framework chapter on the notes to the financial statements. The Board also discussed its project on Financial statements of not-for-profit entities.

2 March 2015

Taxonomy implementation guide, Repurchase-to-maturity transactions and repurchase financings
The FASB issued a proposed Taxonomy Implementation Guide, Repurchase-to-Maturity Transactions and Repurchase Financings. The proposed guide provides examples to help users of the Taxonomy understand how the modeling for disclosures of repurchase-to-maturity transactions and repurchase financings is structured within the Taxonomy. Comments are due 1 May 2015.

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GASB

23 February 2015

GASB Outlook - February 2015
February 2015 electronic newsletter discussing key GASB projects and activities.

11 November 2014

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

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PCAOB

28 January 2015

PCAOB reports deficiencies in broker-dealer audits under PCAOB standards
In a brief summary inspection report covering five broker-dealer audit and attestation engagements conducted by five auditors in 2014, the PCAOB described deficiencies, relative to the new requirements, observed in the five audits and four of the five related attestation engagements. The PCAOB published the findings to remind auditors of the important changes to the requirements, particularly given the large number of auditors who will be applying the new requirements for the first time in engagements for broker-dealer clients with fiscal years that ended on 31 December 31 2014.

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.

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SEC

9 February 2015

Disclosure of hedging by employees, officers and directors
The SEC issued proposed rules that would enhance corporate disclosure of company hedging policies for directors and employees, as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposal would require disclosure about whether directors, officers and other employees are permitted to hedge or offset any decrease in the market value of equity securities granted by the company as compensation or held, directly or indirectly, by employees or directors.

3 February 2015

SEC alerts investors, industry on cybersecurity
The SEC released publications that address cybersecurity at brokerage and advisory firms and provide suggestions to investors on ways to protect their online investment accounts. One publication, a Risk Alert from the SEC’s Office of Compliance Inspections and Examinations (OCIE), contains observations based on examinations of more than 100 broker-dealers and investment advisers. The second publication, an Investor Bulletin issued by the SEC’s Office of Investor Education and Advocacy (OIEA), provides core tips to help investors safeguard their online investment accounts.

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