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.
What’s new from EY
Register for our quarterly financial reporting webcast on 13 June
Our What you need to know for Q2 2024 financial reporting webcast will be held on 13 June 2024 from 1 p.m. to 2 p.m. Eastern time.
Standard Setter updates
Public Company Accounting Oversight Board (PCAOB)
PCAOB adopts new standards on quality control and general responsibilities for auditors
The PCAOB adopted a new standard to require all PCAOB-registered firms to identify their specific risks and design a quality control system that includes policies and procedures to guard against those risks. The PCAOB also adopted a new standard to clarify the general principles and responsibilities of auditors, among other things. Both standards require SEC approval before taking effect
PCAOB updates its standard-setting and rulemaking agendas
The PCAOB updated its standard-setting and rulemaking agendas to move its Inventory project to its short-term standard-setting agenda, add a new project on Other Reporting to its short-term agenda and add a new project on Internal Audit to its mid-term agenda. The Board also moved the anticipated timeline for action for the Attestation Standards Update project to 2025 and removed the Follow-On Disciplinary Proceedings project from its rulemaking agenda.
Upcoming webcasts
What you need to know for Q2 2024 financial reporting
13 June 2024, 1 p.m. Eastern time