November 2, 2018

Public Policy and Technical Alert, October 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

  • George Botic appointed Director of Registration and Inspections
  • Ryan Sack named PCAOB Director of Internal Oversight and Performance Assurance

SEC

  • SEC releases new strategic plan
  • SEC report cautions companies to consider cyber threats when implementing internal accounting controls
  • SEC provides regulatory relief and assistance for hurricane victims
  • SEC reopens comment period for capital, margin, and segregation requirements for security-based swap dealers and major security-based swap participants
  • SEC launches new strategic hub for innovation and financial technology
  • SEC Division of Corporation Finance updates C&DIs
  • SEC amends disclosure rules for mining companies

FASB

  • FASB updates list of permissible U.S. benchmark interest rates for hedge accounting
  • FASB issues ASU on consolidation accounting for variable interest entities

International

  • IAASB modernizes auditing of accounting estimates
  • IAASB publication focuses on professional skepticism
  • IAASB restarts search for new Chair
  • IASB amends definition of business in IFRS standard on business combinations
  • IASB issues amendments to its definition of ‘material’
  • FRC sets out new strategic focus to ensure audit serves the public interest
  • FRC to examine the future of corporate reporting
  • FRC Stephen Haddrill to resign
  • CMA launches immediate review of audit sector

Other Developments

  • AICPA seeks feedback on working draft of credit loss accounting issue
  • New guidance

CAQ

  • CAQ issues new ‘Profession in Focus’ video