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.
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 March 2015
Intersecting roles: Fostering effective working relationships among external audit, internal audit, and the audit committee
Stronger communications and cooperation among three key players in the financial statement auditing process could help avoid potential tensions and pay big dividends in improved risk management. This report highlights examples of such strong communications and cooperation from organizations across the country, with a focus on building a clearer understanding of what external auditors require to be able to use the work of internal audit, and when it is not appropriate to use that work. The report is based on a series of three roundtable discussions in the Fall of 2014, sponsored by the CAQ and The Institute of Internal Auditors' Audit Executive Center, which drew representatives from each stakeholder group.
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.
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.
5 March 2015
Issue 15-A: Application of the normal purchases and normal sales scope exception to certain electricity contracts within nodal energy markets
This issue discusses whether certain contracts for the physical delivery of electricity on a forward basis within a nodal energy market should meet the physical delivery criterion of the normal purchases and normal sales (NPNS) scope exception to derivative accounting in Topic 815, Derivatives and Hedging.
23 April 2015
Derivatives and hedging: Application of the normal purchases and normal sales scope exception to certain electricity contracts within nodal energy markets
The FASB issued this exposure draft based on decisions reached by the Emerging Issues Task Force. This proposal would specify that entities are not precluded from applying the normal purchases and normal sales exception to derivative accounting to certain forward contracts for the delivery of electricity in nodal energy markets, where one of the parties incurs transmission charges or credits based on the spot prices at the locations between which the electricity is transmitted. Comments are due by 18 May 2015.
23 April 2015
Plan accounting: Defined benefit pension plans (Topic 960), Defined contribution pension plans (Topic 962) and Health and welfare benefit plans (Topic 965)
The FASB issued this exposure draft based on decisions reached by the Emerging Issues Task Force. This proposal would simplify presentation and disclosure for employee benefit plans by, among other things, eliminating requirements that they measure the fair value of fully benefit-responsive investment contracts and provide the related fair value disclosures. Comments are due by 18 May 2015.
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.
16 April 2015
PCAOB enters into cooperative agreement with Hungarian audit regulator
The PCAOB announced that it has entered into a cooperative arrangement with the Auditors' Public Oversight Authority of the Ministry for the National Economy of Hungary (APOA) for the oversight of audit firms subject to the regulatory jurisdictions of both regulators. The agreement takes effect immediately.
1 April 2015
PCAOB announces 2015 forums for auditors of broker-dealers
The PCAOB announced the dates for four 2015 Forums for Auditors of Broker-Dealers. The forums are designed to share important information about Board activities with PCAOB-registered public accounting firms that audit smaller broker-dealers that are registered with the SEC. The 2015 schedule includes four forums: (1) Chicago, Ill., 3 June, (2) Jersey City, NJ, 24 September 24, (3) West Palm Beach, Fla., 28 October, and (4) Las Vegas, Nev., 1 December.
2 April 2015
SEC in Focus - April 2015
Our SEC in Focus provides an update on activities and events relating to SEC matters that occurred during the first quarter of 2015.
25 March 2015
SEC adopts rules to facilitate smaller companies’ access to capital
The SEC adopted final rules to facilitate smaller companies’ access to capital. The new rules provide investors with more investment choices. The new rules update and expand Regulation A. The rules are mandated by Title IV of the Jumpstart Our Business Startups Act. The updated exemption will enable smaller companies to offer and sell up to $50 million of securities in a 12-month period, subject to eligibility, disclosure and reporting requirements.