What's new


    20 April 2017

    Forming an opinion and reporting on financial statements of employee benefit plans subject to ERISA
    The Auditing Standards Board of the AICPA proposed this Statement on Auditing Standards (SAS) for financial statement audits of employee benefit plans that are subject to the Employee Retirement Income Security Act (ERISA) in an effort to improve the quality of these audits and the relevance of the auditor’s report. This proposed SAS includes the form and content of the auditor’s report for an unmodified opinion, a new form of opinion when an ERISA-permitted audit scope limitation exists and reporting requirements on findings from procedures performed on specific plan provisions relating to the financial statements (either included in the auditor’s report on the ERISA plan financial statements or issued as a separate report). This proposed SAS would apply to audits of single employer, multiple employer, and multiemployer plans subject to ERISA. Comments are due by 21 August 2017.

    10 March 2017

    Responding to non-compliance with laws and regulations from the AICPA Professional Ethics Division
    The Professional Ethics Division issued this exposure draft seeking comments on a proposal which provides guidance for members in public practice and in business when they encounter actual or suspected act of non-compliance with laws or regulations (NOCLAR) at a client or within the employing organization. Comments are due by 12 May 2017.



    24 May 2017

    The CPA's role in addressing cybersecurity risk
    A new white paper from the CAQ outlines how the auditing profession can help companies and the capital markets address the growing challenges of cybersecurity. The paper highlights the strengths of audit firms - including core CPA values of independence, objectivity and skepticism; experience in providing independent evaluations; and multidisciplinary expertise - that audit firms can bring to bear for the benefit of senior management, boards of directors, and other key capital markets stakeholders.

    16 March 2017

    Addressing challenges for highly subjective and complex accounting areas
    Improved accounting policies and internal controls are key for stemming fraud and reducing the number of financial restatements, according to a new report from the Anti-Fraud Collaboration. The report compiles leading-practice recommendations from dozens of company executives, corporate directors, auditors, and regulators who attended two 2016 workshops to discuss ways to help deter fraud and enhance financial reporting.



    26 April 2017

    March 2017 EITF meeting minutes
    At this meeting, the Emerging Issues Task Force (EITF) reached a final consensus on determining the customer of the operation services in a service concession arrangement.

    21 March 2017

    EITF Update - March 2017
    The EITF reached a final consensus on determining the customer of the operation services in a service concession arrangement.



    24 May 2017

    24 May 2017 FASB meeting
    The FASB held an educational discussion on the staff research on the subtopics related to reporting performance and cash flows in its Invitation to Comment, Agenda Consultation, including potential new projects on those subtopics.

    18 May 2017

    18 May 2017 FASB meeting
    The Board discussed its project on Consolidation targeted improvements to related party guidance for variable interest entities.



    7 December 2016

    Financial reporting model improvements - Governmental funds
    This Invitation to Comment is being issued to obtain stakeholder feedback on potential improvements to the existing financial reporting model for governmental funds. It addresses potential improvements to fundamental issues of the GASB’s financial reporting model reexamination project: (1) the measurement focus and basis of accounting for governmental funds and (2) the presentation of governmental fund financial statements. Comment are due by 31 March 2017.

    16 November 2016

    Implementation guide No. 201X-Y, Implementation guidance update - 201X
    The proposed Implementation Guide addresses a wide array of practice issues, including questions related to the GASB’s accounting and financial reporting standards on pensions, cash flow statements, the financial reporting entity, certain investments, external investment pools, fund balance, and tax abatements. The proposed Implementation Guide also includes amendments to previously issued implementation guidance. Comments are due by 31 January 2017.



    24 May 2017

    PCAOB to hold open meeting 1 June to consider adopting standard on the auditor’s report, and proposing updated requirements for auditing accounting estimates and an auditor’s use of the work of specialists
    The PCAOB announced that it will hold an Open Meeting on Thursday, 1 June at 2:30 p.m., to consider adopting a standard that would provide additional information in the auditor's report. The Board also will consider proposing amendments to standards that would strengthen and enhance requirements for auditing accounting estimates, including fair value measurements, and using the work of specialists in an audit.

    28 March 2017

    PCAOB posts updated data on characteristics of emerging growth companies
    The PCAOB posted to its website the most recent report on the characteristics of emerging growth companies prepared by its Office of Research and Analysis.



    24 May 2017

    Comment Letter - SEC’s initiative to modernize Guide 3 disclosure requirements
    In our comment letter, we supported the Commission’s initiative to remove redundant or obsolete disclosure requirements and modernize Industry Guide 3: Statistical Disclosure by Bank Holding Companies. We also articulated concerns over the potential incorporation by reference in SEC filings of disclosures that bank holding companies currently provide under banking sector regulations.

    16 May 2017

    Comment Letter - SEC’s Inline XBRL proposal
    In our comment letter, we supported the objective of requiring structured data and data tagging to improve disclosure analysis and help investors and other market participants make more-informed decisions. However, we expressed concerns about requiring the use of Inline XBRL and suggested other actions that could be taken to improve the quality and reliability of financial statement data tagging. We noted that embedding tags in the financial statements could lead investors to assume such tags have been audited or reviewed and suggested ways to alleviate any expectation gap if the SEC moves forward with the proposal.