AC Insights - Summer 2014 Canada Edition

AC Insights provides audit committee members with a summary of financial reporting developments for public companies using IFRS or US GAAP, how those developments might affect their companies and things they may want to think about.

In this Canadian edition, we discuss FASB, SEC and Auditing developments. During the quarter, the SEC issued an order to amend some requirements of the Conflict Minerals Rule because of proceedings at the US Court of Appeals.

In May, the IASB and FASB issued a new global accounting model for revenue recognition that will replace all existing guidance on revenue recognition. The new revenue guidance may result in significant changes for some companies. The IASB also finalized certain amendments to existing standards dealing with the acquisition of joint operations that are businesses and methods of depreciation and amortization for property, plant, equipment and intangible assets.