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Alert

PUBLIC POLICY AND TECHNICAL ALERT, JUNE 2019

Wednesday, July 3, 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 updates Data and Technology project web page
  • Nayantara Hensel named PCAOB Chief Economist and ERA Director

SEC

  • SEC adopts amendment to single issuer exemption for broker-dealers
  • SEC adopts amendments to improve the application of the auditor independence rules to loan provision
  • SEC seeks public comment on ways to harmonize private securities offering exemptions
  • SEC statement on commencement of appointment process for the 2019-2024 PCAOB Board seat
  • SEC announces Kevin Zerrusen as Senior Advisor to the Chairman for Cybersecurity Policy

FASB

  • FASB proposes narrow-scope improvements to credit losses standard
  • FASB moves toward approving accounting relief for contract modifications arising from reference rate reform
  • FASB to consider delaying standards for private companies, non-profits, and smaller public companies
  • FASB seeks public company input on segment reporting

International

  • Tom Seidenstein to lead the IAASB
  • IASB consults on amendments to aid implementation of IFRS 17
  • FSB holds roundtable on external audit
  • EC issues new rules to support digitalization and transparency of financial reports
  • IOSCO urges authorities to use existing standards to address cyber risk

AICPA

  • AICPA proposed auditing standard tackles evolution of audit evidence
  • AICPA proposes amendments to the description of materiality
  • AICPA considers aligning SSARS with international standards

Other Developments

  • House subcommittee considers PCAOB-related draft legislation
  • Senate, House bills would open U.S.-listed Chinese companies to SEC, PCAOB oversight
  • Rep. Budd introduces bill to delay CECL implementation
  • Senate confirms Allison Lee to SEC

CAQ Updates

  • EY’s Grier and BDO’s Berson tapped to lead the CAQ Governing Board

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