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    AICPA

    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.

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    CAQ

    27 May 2015

    Center for Audit Quality launches “Profession in Focus” web video series
    The CAQ launched an online video series that aims to highlight critical issues facing the public company auditing profession and the markets. Hosted by CAQ Executive Director Cindy Fornelli, Profession in Focus will feature interviews with an array of thought leaders from the auditing profession, corporate governance world, investor community, the regulatory arena, academia, and other important constituencies with a connection to the financial reporting process.

    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.

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    EITF

    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.

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    FASB

    21 May 2015

    21 May 2015 FASB meeting
    The Board continued its deliberations on clarifying the definition of a business. It also continued redeliberations on insurance - targeted improvements to the accounting for long-duration contracts, specifically discussing the methods for calculating and recording the impact of assumption updates for traditional long-duration and limited-payment contracts.

    21 May 2015

    Business combinations: Simplifying the accounting for measurement-period adjustments
    The Board is issuing this proposal as part of its Simplification Initiative. To simplify the accounting for adjustments made to provisional amounts recognized in a business combination, the proposed amendments would require that the acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amount is determined. The acquirer also would record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. Comments are due by 6 July 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

    7 May 2015

    PCAOB issues Audit Committee Dialogue
    The PCAOB issued a communication to audit committees, Audit Committee Dialogue, the first in a series intended to provide insights from inspections of public company auditors that may be helpful to audit committee members in their oversight of their auditors. The Dialogue highlights key areas of recurring concern in PCAOB inspections of large audit firms as well as certain emerging risks to the audit. The Dialogue also provides targeted questions that committee members may ask their auditors on each topic.

    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.

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    SEC

    20 May 2015

    Amendments to Form ADV and Investment Advisers Act rules
    The SEC is proposing amendments to Form ADV that are designed to provide additional information regarding advisers, including information about their separately managed account business; incorporate a method for private fund adviser entities operating a single advisory business to register using a single Form ADV; and make clarifying, technical and other amendments to certain Form ADV items and instructions. The Commission also is proposing amendments to the Advisers Act books and records rule and technical amendments to several Advisers Act rules to remove transition provisions that are no longer necessary.

    20 May 2015

    Investment company reporting modernization
    The SEC is proposing new rules and forms as well as amendments to its rules and forms to modernize the reporting and disclosure of information by registered investment companies. The Commission is proposing new Form N-PORT, which would require certain registered investment companies to report information about their monthly portfolio holdings to the Commission in a structured data format. In addition, the Commission is proposing amendments to Regulation S-X, which would require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments.

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