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    AICPA

    14 August 2015

    Amendment to Statement on Auditing Standards No. 122 Section 700, Forming an opinion and reporting on financial statements
    Auditors of entities whose audits are within the jurisdiction of the PCAOB are required to be registered with, and subject to inspection by, the PCAOB. In these situations, the AICPA Code of Professional Conduct requires members to conduct the audit of the financial statements in accordance with the standards of the PCAOB and does not also require an audit to be conducted in accordance with GAAS. Other situations exist in which an entity whose audits are not within the jurisdiction of the PCAOB desires to obtain an audit conducted under PCAOB auditing standards. In these situations, the AICPA Code of Professional Conduct requires members to also conduct the audit in accordance with GAAS, which results in the audit being conducted in accordance with multiple auditing standards. The financial statements and the auditor’s report may, in some circumstances, be filed with the SEC. This proposed amendment provides requirements and guidance for reporting on an audit conducted in accordance with both GAAS and the standards of the PCAOB. Comments are due by 30 September 2015.

    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.

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    CAQ

    18 August 2015

    CAQ Profession in Focus, Episode 5
    In this edition of "Profession in Focus," Stephen R. Howe, Jr., Americas Managing Partner and Managing Partner of the U.S. Firm at EY, shares reflections on auditing, governance, and diversity, including how striving for diversity benefits his firm.

    18 June 2015

    Highlights - CAQ SEC Regulations Committee - 18 June 2015
    At this meeting, the SEC staff discussed its views on, among other things, its views on the remediation of delinquent filings, the date for assessing whether an acquiree is a foreign business and pro forma disclosures related to significant acquisitions of oil and gas businesses. In addition, the SEC staff said that registrants should not analogize to the guidance for treating a spin-off of a subsidiary as a change in reporting entity (SAB Topic 5.Z.7) in situations that are not covered by the SAB (e.g., presentation of carve-out financial statements).

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    EITF

    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.

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    FASB

    31 August 2015

    Revenue from contracts with customers: Principal versus agent considerations
    This FASB proposal is intended to clarify the implementation guidance on principal versus agent considerations contained in the new revenue recognition standard. Comment are due by 15 October 2015.

    26 August 2015

    26 August 2015 FASB meeting
    The Board discussed matters relating to the planned new measurement chapter of FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting, specifically discussing what might be included in the initial carrying amount of an asset, a liability, or an equity instrument. The Board also discussed disclosures related to unrecognized tax benefits.

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    GASB

    26 August 2015

    The GASB Report - May through August 2015
    The May through August 2015 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    13 August 2015

    GASB Outlook - August 2015
    August 2015 electronic newsletter discussing key GASB projects and activities.

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    PCAOB

    19 August 2015

    PCAOB enters into cooperative agreement with Greek audit regulator
    The PCAOB announced that it has entered into a cooperative arrangement with the Hellenic Accounting and Auditing Standards Oversight Board (HAASOB) relating to the oversight of audit firms subject to the regulatory jurisdictions of both regulators. The agreement takes effect immediately.

    18 August 2015

    PCAOB annual report on inspections of broker and dealer auditors continues to show high levels of independence findings and audit deficiencies
    The PCAOB issued an annual report on its interim inspection program for auditors of brokers and dealers registered with the SEC that identified high levels of independence findings and audit deficiencies, similar to reported findings and deficiencies in previous years. For inspections conducted in 2014, PCAOB staff identified independence findings in 26 of the 106 audits selected for inspection, primarily related to assisting with the preparation of financial statements.

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    SEC

    25 August 2015

    SEC staff updates guidance on remediation of delinquent filings
    The SEC staff in the Division of Corporation Finance updated its Financial Reporting Manual (FRM) to say that it will not object if a delinquent registrant files a comprehensive annual report on Form 10-K that includes the material information that would have otherwise been required in each delinquent filing (annual and quarterly reports). Sections of the FRM have been updated as of 25 August 2015.

    10 August 2015

    Comment Letter - Investment company reporting modernization
    In our comment letter, we supported the Commission’s efforts to improve the transparency and comparability of investment company financial statements for their intended users. However, we have concerns about whether some of the proposed amendments to Regulation S-X, such as those related to disclosures of illiquid securities, the tax basis of derivatives, the notional amounts and value for options and futures contracts, and securities lending activities, would enhance consistency and transparency of financial reporting and whether they achieve the objectives of the Commission’s focus on disclosure effectiveness.

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