December 7, 2018

Public Policy and Technical Alert, November 2018

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 approves five-year strategic plan and 2019 budget
  • PCAOB announces staff appointments

SEC

  • SEC Enforcement Division issues report on FY 2018 results
  • SEC Division of Corporation Finance updates C&DIs

FASB

  • FASB staff paper provides examples of revenue recognition implementation for private company franchisors
  • FASB issues new, proposed ASUs

International

  • IAASB seeks public comment on exposure draft on agreed-upon procedures
  • IASB to propose one-year deferral of insurance contracts standard
  • FRC announces 2019-20 audit thematic reviews, priority sectors, and audit areas of focus
  • FRC publishes thematic review findings of IFRS 9 and IFRS 15 company disclosures
  • IFAC names new president

Other Developments

  • FEI publications address ICFR considerations in leases, CECL standards
  • SASB codifies industry-specific sustainability accounting standards

CAQ

  • CAQ releases 2018 Audit Committee Transparency Barometer
  • CAQ comments on IAASB exposure draft on assessing risks of material misstatements
  • CAQ comments on proposed SEC rule on financial disclosures about guarantors and issuers of guaranteed securities
  • CAQ issues request for auditing-related academic research proposals
  • CAQ welcomes Anita Doutt as Professional Practice Fellow

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