15 June 2015
Trust services principles and criteria for security, availability, processing integrity, confidentiality, and privacy
The Assurance Services Executive Committee (ASEC) of the AICPA is revising the trust services principles and criteria to clarify, eliminate redundancy in, and update the criteria to reflect the changing technology and business environment. The criteria related to the security, availability, processing integrity, and confidentiality principles were revised in 2014 and are contained in paragraph .15 of TSP section 100. ASEC is seeking comments specifically on changes resulting from the restructuring of the trust services privacy principle, CC3.1, CC3.3, C1.7 and C1.8. Comments are due 15 August 2015.
16 April 2015
Affiliate proposed revised definition
The AICPA Professional Ethics Division is exposing for comment revisions to the definition of “Affiliate” [AICPA, Professional Standards, ET sec. 0.400.02]. The proposal provides guidance on how to treat multiemployer employee benefit plans under this definition. Comments are due 18 May 2015.
5 June 2015
Deterring financial fraud: What else can be done?
The CAQ will host a webcast on deterring financial fraud on 16 July 2015 from 1 p.m. to 2:30 p.m. Eastern time. Panelists will discuss lessons learned from recent SEC enforcement proceedings and provide concrete, action-oriented steps that governance professionals can take to deter financial fraud. All key financial reporting professionals, audit committee members, financial executives, internal auditors, external auditors and compliance professionals are encouraged to register and attend this webcast. Participants will be eligible to receive 1.5 CPE credits and 1.5 NACD skills-specific credits.
2 June 2015
Audit committee collaboration releases external auditor assessment tool for audit committees worldwide
The Audit Committee Collaboration released the External Auditor Assessment Tool: A Reference for Audit Committees Worldwide, a resource that can be used by audit committees or those charged with governance around the globe. The Tool is designed to assist audit committees in evaluating the external auditor to assess the quality of the audit, or to select or recommend the retention of the audit firm.
19 June 2015
EITF Update - June 2015
The EITF reached final consensuses on the application of the normal purchases and normal sales scope exception to certain electricity contracts within nodal energy markets and employee benefit plan simplifications. The EITF reached consensuses-for-exposure on the effect of derivative contract novations on existing hedge accounting relationships and contingent put and call options in debt instruments. The EITF also discussed but didn’t reach a consensus-for-exposure on the classification of certain cash receipts and cash payments on the statement of cash flows.
20 March 2015
EITF Update - March 2015
The EITF reached final consensuses on effects on historical earnings per unit of master limited partnership dropdown transactions and disclosures for investments in certain entities that calculate net asset value per share (or its equivalent). The EITF also reached consensuses-for-exposure on the application of the normal purchases and normal sales scope exception to certain electricity contracts within nodal energy markets, recognition of breakage for prepaid stored-value cards and employee benefit plan simplifications.
2 July 2015
Comment Letter - FASB proposal on measurement-period simplification
In our comment letter, we supported the proposal to eliminate the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. We said the proposal would reduce costs and complexity while continuing to provide users of the financial statements with high-quality information.
30 June 2015
Comment Letter - FASB proposal to clarify the guidance in the new revenue standard for performance obligations and licenses of IP
In our comment letter, we supported the FASB’s proposal to clarify the guidance in its new revenue standard on identifying performance obligations and accounting for licenses of intellectual property (IP) and provide examples to reduce diversity in practice. Overall, we believe that the proposed clarifications would result in more consistent application and, in many cases, provide a practical approach to applying the standard. We also recommended additional clarifications.
29 June 2015
GASB publishes new standards for reporting health insurance and other retiree benefits
The GASB published two Statements that intend to improve the accounting and financial reporting by state and local governments for postemployment benefits other than pensions (OPEB), primarily retiree health insurance. The GASB also issued a third Statement establishing accounting and financial reporting requirements for pensions and pension plans that were outside the scope of the pension standards the GASB released in 2012.
29 June 2015
GASB simplifies GAAP hierarchy for state and local governments
The GASB issued a final Statement that simplifies the structure of the hierarchy of Generally Accepted Accounting Principle - or "GAAP hierarchy." The GAAP hierarchy identifies the sources of guidance that state and local governments follow when preparing financial statements in conformity with GAAP and lists the order of priority for pronouncements to which a government should look for guidance.
1 July 2015
Concept release on audit quality indicators
The PCAOB issued this concept release to seek public comment on the content and possible uses of a group of potential "audit quality indicators." The indicators are a potential portfolio of quantitative measures that may provide new insights about how to evaluate the quality of audits and how high quality audits are achieved. Taken together with qualitative context, the indicators may inform discussions among those concerned with the financial reporting and auditing process, for example among audit committees and audit firms. Comments are due by 29 September 2015.
30 June 2015
PCAOB updated 2015 standard-setting agenda
The PCAOB posted an updated Standard-Setting Agenda that outlines milestones on various standard-setting projects.
1 July 2015
Listing standards for recovery of erroneously awarded compensation
The SEC is proposing a new rule and rule and form amendments that would direct the national securities exchanges and national securities associations to establish listing standards that would require each issuer to develop and implement a policy providing for the recovery, under certain circumstances, of incentive-based compensation based on financial information required to be reported under the securities laws that is received by current or former executive officers, and require the disclosure of the policy. A listed issuer would be required to file the policy as an exhibit to its annual report.
1 July 2015
Possible revisions to audit committee disclosures
The SEC issued this concept release to seek comments regarding audit committee reporting requirements, with a focus on the audit committee’s reporting of its responsibilities with respect to its oversight of the independent auditor.