AccountingLink

    What's new

    AICPA

    14 September 2017

    Omnibus statement on standards for accounting and review services - 2018
    The Accounting and Review Services Committee (ARSC) determined that SSARSs should include requirements and guidance when an accountant is engaged to perform a compilation or review of financial statements prepared in accordance with a financial reporting framework generally accepted in another country or in accordance with both SSARSs and another set of compilation or review standards. ARSC also determined that revisions should be made to AR-C section 90 to substantially harmonize the requirements with respect to the accountant’s consideration of an entity’s ability to continue as a going concern with those in AU-C section 930, resulting from the issuance of SAS No. 132 and to include a specific written representation regarding disclosure of all information relevant to the use of the going concern assumption in the financial statements. Comments are due by 14 December 2017.

    1 September 2017

    Selected procedures
    This proposal, issued by the AICPA Accounting and Review Services Committee (ARSC), would result in flexibility provided to practitioners in performing and reporting on a procedures and findings service. Under the proposal practitioners would be permitted to perform procedures and report in a procedures and findings format beyond what's currently provided by AT-C Section 215, Agreed-Upon Procedures Engagements. The proposal is a joint effort of ARSC and the AICPA Auditing Standards Board, and its effective date will not be earlier than for reports dated on or after May 1, 2019. Comments are due by 1 December 2017.

    More

    CAQ

    20 June 2017

    Form AP – Auditor reporting of certain audit participants: A tool for audit committees
    The CAQ has published a tool to aid audit committee members in their understanding of new auditor disclosure requirements from the PCAOB regarding audit participants.

    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.

    More

    EITF

    22 August 2017

    July 2017 EITF meeting minutes
    At this meeting, the Emerging Issues Task Force (EITF) discussed Issue 17-A on a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is considered a service contract but did not make any decisions.

    7 July 2017

    Issue No 17-A: Customer’s accounting for implementation, setup, and other upfront costs (implementation costs) incurred in a cloud computing arrangement that is considered a service contract
    This issue discusses the accounting for implementation costs incurred in a cloud computing arrangement (CCA) that is considered a service contract.

    More

    FASB

    3 October 2017

    Codification improvements
    The proposed Update clarifies and removes inconsistencies in key areas of U.S. GAAP. The Board decided that the types of issues considered through this project are changes to clarify the Codification or correct unintended application of guidance that is not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments in this proposed Update include items raised for Board consideration through the Codification’s feedback system that met the scope of this project rather than that of a maintenance update, making due process necessary. Comments are due by 4 December 2017.

    27 September 2017

    Technical corrections and improvements to recently issued standards: I. Accounting Standards Update No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, and II. Accounting Standards Update No. 2016-02, Leases (Topic 842)
    The Board has an ongoing project on its agenda about technical corrections and improvements to clarify the Codification or to correct unintended application of guidance. The proposed amendments clarify certain aspects of the guidance issued in Update 2016-01 and narrow aspects of the guidance issued in Update 2016-02. Comments are due by 13 November 2017.

    More

    GASB

    22 August 2017

    GASB Outlook - August 2017
    August 2017 electronic newsletter discussing key GASB projects and activities.

    29 June 2017

    Certain disclosures related to debt, including direct borrowings and direct placements
    The primary objective of this proposal is to improve the information that is disclosed in notes to government financial statements related to debt, including direct borrowings and direct placements. It also would clarify which liabilities governments should include when disclosing information related to debt. This proposed Statement would define debt for purposes of disclosure in notes to financial statements as a liability that arises from a contractual obligation to pay cash (or other assets that may be used in lieu of payment of cash) in one or more payments to settle an amount that is fixed at the date the contractual obligation is established. Comments are due by 15 September 2017.

    More

    PCAOB

    21 September 2017

    PCAOB to hold open meeting to consider supplemental request for comment on new requirements for an auditor’s use of other auditors
    The Public Company Accounting Oversight Board will hold an Open Meeting on Tuesday, 26 September at 9 a.m., to consider issuing a supplemental request for comment on certain revisions to new requirements proposed last year that would apply to audits that involve auditors outside the firm issuing the audit report.

    30 August 2017

    Comment Letter - PCAOB proposal on auditing estimates
    In our comment letter, we supported the PCAOB’s proposal to strengthen the requirements for auditing accounting estimates, including fair value measurements. However, we believe certain aspects of the proposal could be improved or made more practical, particularly the proposed requirements relating to the use of pricing information from third parties and the valuation of investments based on an investee’s financial condition or operating results.

    More

    SEC

    11 October 2017

    FAST Act modernization and simplification of Regulation S-K
    These proposed amendments are based on the recommendations made in the staff’s Report on Modernization and Simplification of Regulation S-K, as required by Section 72003 of the Fixing America’s Surface Transportation Act. The proposed amendments are intended to modernize and simplify certain disclosure requirements in Regulation S-K, and related rules and forms, in a manner that reduces the costs and burdens on registrants while continuing to provide all material information to investors. The amendments are also intended to improve the readability and navigability of disclosure documents and discourage repetition and disclosure of immaterial information. To provide for a consistent set of rules to govern incorporation by reference and hyperlinking, we are also proposing parallel amendments to several rules and forms applicable to investment companies and investment advisers, including proposed amendments that would require certain investment company filings to be submitted in HyperText Markup Language (“HTML”) format.

    5 October 2017

    SEC in Focus - October 2017
    Our latest newsletter summarizes SEC developments in the last quarter, including certain items we have not previously reported in Week in Review. Highlights include remarks from SEC Chairman Jay Clayton on cybersecurity disclosures in SEC filings, recent guidance on pay ratio disclosure requirements, regulatory relief for companies and individuals affected by recent hurricanes, staff clarifications about its nonpublic review program and recent trends in SEC staff comments on non-GAAP measures and other topics.

    More