The US Week in Review highlights this week’s developments and emerging issues in the financial reporting world and gives you direct access to relevant technical accounting guidance and thought leadership produced by EY.
In our comment letter, we express general support of the PCAOB’s efforts to enhance stakeholder understanding of the audit and offer some support for the requirement to publicly report a set of firm metrics on an annual basis. However, we have significant concerns about the public disclosure of engagement metrics, as they could be misinterpreted or misused. We encourage the PCAOB to conduct further study of metrics and perform additional outreach to explore other solutions that may be more cost effective in achieving the proposal’s objectives.
In our comment letter, we support the proposal’s overall objectives, including enhanced transparency that would provide decision-useful information about audit quality. We support certain elements of the proposal, including those addressing cybersecurity and quality controls. We also express concerns about the proposed requirements that would impose new and substantial costs on registered firms and would not provide decision-useful information for stakeholders.
The June 2024 edition of Financial reporting briefs provides a snapshot of the major accounting and regulatory developments during the quarter. It includes a reference library listing the EY publications issued during the period and other recent publications.
Regulatory matters
Securities and Exchange Commission (SEC)
Standard Setter updates
Financial Accounting Standards Board (FASB)
Public Company Accounting Oversight Board (PCAOB)
Upcoming webcasts
Accounting for income taxes: a quarterly perspective – June 2024
18 June 2024, 11 a.m. Eastern time
AI challenges and opportunities: considerations for boards
20 June 2024, 11 a.m. Eastern time