Public Policy and Technical Alert, December 2017

As part of the Center for Audit Quality’s ongoing effort to keep members and stakeholders informed on significant public policy and accounting matters, we are pleased to offer the Public Policy and Technical Alert (PPTA). Each month, the PPTA highlights and examines the regulatory, standard-setting, legislative, and broader financial reporting developments impacting the public company audit profession. Please note that the PPTA is intended as general information and should not be relied upon as being definitive or all-inclusive. The CAQ encourages member firms to refer to the rules, standards, guidance, and other resources in their entirety at the hyperlinks provided below. All entities should carefully evaluate which requirements apply to their respective organizations.

In This Issue:

PCAOB

• SEC appoints new chairman and board members to PCAOB
• PCAOB publishes staff guidance on implementing changes to auditor’s report
• PCAOB posts standard-setting agenda

SEC

• SEC staff provides regulatory guidance for accounting impacts of Tax Cuts and Jobs Act
• Senate confirms Jackson, Peirce to join SEC
• Statement on Cryptocurrencies and Initial Coin Offerings
• SEC Division of Corporation Finance updates Financial Reporting Manual

FASB

• FASB issues ASU with codification improvements to Topic 995

CAQ

• CAQ tool aims to help audit committees with expanded auditor’s report
• CAQ updates Audits of Brokers and Dealers resource page
• CAQ comments on SEC’s proposed rule on FAST Act modernization and simplification of Regulation S-K
• CAQ posts highlights of September 26 SEC Regulations Committee meeting
• CAQ issues new ‘Profession in Focus’ video

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