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AICPA

23 June 2014

Comment Letter - AICPA’s proposed statement on standards for attestation engagements
In our comment letter on the Proposed Statement on Standards for Attestation Engagements, Subject-Matter Specific Attestation Standards: Clarification and Recodification, we supported clarifying the standards in accordance with the clarity drafting conventions used in the proposed general attestation standard.

16 June 2014

Breach of an independence interpretation
The AICPA’s Professional Ethics Executive Committee (PEEC) is restructuring the Institute’s ethics standards to improve the AICPA Code of Professional Conduct (Code) so that members and others can apply the rules and reach correct conclusions more easily and intuitively. The PEEC is exposing for comment proposed standards revisions which provide guidance to members in public practice concerning a breach of an independence interpretation. Comments are due 16 September 2014.

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CAQ

19 June 2014

CAQ letter to PCAOB on auditor reporting field-testing findings
In this comment letter to the PCAOB , the CAQ outlined key findings from a collaborative effort by members of the public company auditing profession to field test certain aspects of the Board’s auditor’s reporting model proposal. The CAQ continues to support the PCAOB’s efforts to update the auditor's reporting model and hopes that observations from the profession’s field-testing initiative can provide valuable insights to the PCAOB as it contemplates next steps in this important effort.

29 May 2014

How to improve your whistleblower program and address impediments to reporting
The CAQ will host a webcast on how to improve whistleblower programs on 1 July 2014 from 2 p.m. to 3:30 p.m. Eastern time. Panelists will discuss (1) how organizations have successfully integrated whistleblower hotlines into their corporate cultures, (2) actions companies can take to improve their programs and (3) how to address reluctance by employees to use programs.

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COSO

17 January 2013

Comment letter - COSO’s revised internal control framework and compendium of approaches and examples
We support COSO’s efforts to update its 1992 Internal Control – Integrated Framework to reflect changes in the business and operating environment and believe the Compendium will provide users with helpful guidance. In our comment letter, we expressed our support for COSO’s efforts to update and enhance the framework to enable users to better develop, implement and monitor systems of internal control. We also expressed certain concerns and suggested modifications to the revised framework and compendium, including, among others, enhancing the guidance related to an organization’s assessment of the effectiveness of its internal controls; modifying its definitions of deficiencies and major deficiencies; providing guidance about the precision of management review controls; and providing additional guidance on the application of the Revised Framework to smaller organizations.

18 September 2012

Internal control over external financial reporting and internal control-integrated framework
COSO released for public comment its Exposure Draft on Internal Control over External Financial Reporting. COSO seeks comment on this draft, and on two related documents: (1) the revised Internal Control - Integrated Framework (pdf, 1.7mb) and (2) the proposed Illustrative Tools for Assessing Effectiveness of a System of Internal Control (pdf, 1.1mb) , by November 20.

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EITF

13 June 2014

EITF Update - June 2014
The EITF reached final consensuses on measuring the financial assets and financial liabilities of a consolidated financing entity and reclassification of certain government insured residential mortgage loans upon foreclosure by a creditor. The EITF also discussed but didn’t reach a final conclusion on how to determine whether the host contract in a hybrid financial instrument issued in the form of a share is more akin to debt or to equity.

14 April 2014

March 2014 EITF meeting minutes
The EITF reached a final consensus on accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The EITF reached a consensus-for-exposure on the recognition of new accounting basis (pushdown) in certain circumstances.

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FASB

23 July 2014

23 July 2014 FASB meeting
The Board discussed how the decisions it has reached in the project on financial statements of not-for-profit entities relate to its research project on financial performance reporting. The Board also continued its discussion of presentation alternatives for capital-like transactions and events, including when and how to report expirations of donor-imposed restrictions.

23 July 2014

23 July 2014 FASB/IASB joint videoconference meeting
The FASB and the IASB continued redeliberating the proposals in the May 2013 Exposure Draft, Leases, specifically discussing the following topics: (1) sale and leaseback transactions and (2) lessor disclosure requirements.

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GASB

1 July 2014

The GASB Report - July 2014
The July 2014 newsletter about the work of the Governmental Accounting Standards Board (GASB).

28 May 2014

Accounting and financial reporting for pensions and financial reporting for pension plans that are not administered through trusts that meet specified criteria, and amendments to certain provisions of GASB Statements 67 and 68
This proposal would establish requirements for defined benefit pensions that are not within the scope of Statement No. 68 and for the pension plans that are used to provide those pensions. In addition, it would establish requirements for defined contribution pensions that are not within the scope of Statement 68. It also would amend certain provisions of Statement No. 67 and Statement 68 for pension plans and employers that are within their respective scopes. Comments are due by 29 August 2014.

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PCAOB

18 July 2014

PCAOB enters into cooperative agreement with Denmark audit regulator
The PCAOB announced that it has entered into a cooperative arrangement with the Danish Business Authority (DBA) for the oversight of audit firms subject to the regulatory jurisdictions of both regulators. The agreement takes effect immediately.

30 June 2014

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

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SEC

21 July 2014

Mark J. Flannery named SEC chief economist and director of economic and risk analysis division
The SEC announced it has named Mark J. Flannery as its chief economist and director of its Division of Economic and Risk Analysis (DERA), which provides interdisciplinary analysis to help inform the Commission’s policymaking, rulemaking, enforcement, and examinations. Dr. Flannery, currently a finance professor at the University of Florida’s Warrington School of Business Administration, will begin his new post in September.

3 July 2014

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

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