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AICPA

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.

10 December 2014

Firm mergers and acquisitions
The proposal provides guidance to members in situations where independence with respect to an attest client may become impaired as a result of a firm merger or acquisition. Comments are due 15 May 2015.

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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

17 December 2014

17 December 2014 FASB meeting
The Board discussed the following topics: employee share-based payment accounting improvements, simplifying the subsequent measurement of inventory, clarifying the definition of a business and disclosures by business entities about government assistance.

16 December 2014

16 December 2014 FASB meeting
The Board discussed how to separate liabilities into categories that will facilitate future discussions of how to determine changes in their carrying amounts. The Board also decided that line items should be the primary focus in developing standards for presentation in financial statements.

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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

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.

8 December 2014

PCAOB announces 15 new and reappointed Standing Advisory Group members
The PCAOB announced 15 new and reappointed members to its Standing Advisory Group, bringing the total membership to 42. These members will serve three-year terms, beginning in January 2015.

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SEC

19 November 2014

SEC announces next meeting of the Advisory Committee on Small and Emerging Companies
The SEC announced that its Advisory Committee on Small and Emerging Companies will hold its next meeting on Wednesday, 17 December beginning at 9:30 a.m. ET. The committee will focus on the interests and priorities of emerging and smaller public companies.

20 October 2014

SEC staff updates Financial Reporting Manual
The SEC staff in the Division of Corporation Finance updated the Financial Reporting Manual (FRM) to clarify its guidance in a number of areas. Sections of the FRM have been updated as of 20 October 20 2014.

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