February 1, 2019

Public Policy and Technical Alert, January 2019

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:

SEC

  • Corp Fin issues statement regarding recommencement of operations

FASB

  • Emerging Issues Task Force: Consensus Reached on Issue No. 18-B, “Improvements to Accounting for Episodic Television Series.”
  • FASB issues staff Q&A document on estimating credit loss reserves

International

  • IOSCO publishes the Report on Good Practices for Audit Committees in Supporting Audit Quality
  • IOSCO issues statement on disclosure of ESG matters by issuers
  • FRC launches consultation on changes to Third Country Auditors (Fees) Instrument

Other Developments

  • AICPA votes to issue Omnibus Statement on Auditing Standards
  • AICPA issues working draft on revenue recognition for broker-dealers
  • NASBA proposes changes to UAA peer review rules

CAQ

  • CAQ Framework aims to assist accounting firms enhance disclosures about audit quality
  • CAQ Year in Review recaps 2018 activities

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