Alert

Public Policy and Technical Alert, December 2018

Friday, January 4, 2019

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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

  • PCAOB adopts new estimates standard and amendments related to using the work of specialists
  • PCAOB publishes Inspections Outlook for 2019
  • Megan Zietsman named Chief Auditor
  • PCAOB creates new pages on implementation of standards and rules
  • PCAOB issues post-implementation review of AS 1220
  • PCAOB provides annotated example of auditor’s report for broker-dealer audits

SEC

  • SEC, PCAOB issue statement on access to international audit information
  • SEC solicits public comments on earnings releases and quarterly reports
  • SEC approves 2019 PCAOB budget and accounting support fee
  • SEC adopts final rules for disclosure of hedging policies
  • SEC adopts final rules to allow Exchange Act reporting companies to use Regulation A

FASB

  • FASB issues new, proposed ASUs
  • 2019 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy now available

International

  • FIAR releases Report on Survey of Audit Regulators’ Enforcement Regimes
  • IASB proposes clarifications for companies assessing whether contracts will be loss-making
  • IFRS Foundation proposes general improvements to IFRS Taxonomy 2018
  • IAESB proposes revisions to international education standards
  • FRC issues revised auditing standard covering accounting estimates
  • FRC announces Future of Corporate Reporting Advisory Group
  • CMA proposes reforms to improve competition in audit sector
  • Independent review of the FRC publishes report

Other Developments

  • AICPA votes to issue SAS on ERISA audits
  • NASBA appoints new chair for 2018-19
  • Agencies allow three-year regulatory capital phase in for new current expected credit losses accounting standard

CAQ

  • CAQ provides lessons learned from dry runs on critical audit matters
  • CAQ tool helps audit committees address emerging technologies’ impact on financial reporting
  • CAQ posts highlights of September 2018 SEC Regulations Committee meeting
  • IPTF issues Discussion Document on monitoring inflation in certain countries

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