Regulatory and standard-setting developments -- June 17, 2013

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06/17/2013 by Assurance services
Regulatory and standard-setting developments -- June 17, 2013

At a glance

This document provides a high-level summary of activities of the FASB, PCAOB, SEC and related international developments that may be of interest to audit committees, companies, and their stakeholders. It includes some of the relevant regulations, standards, and guidance that were recently issued or are on the horizon, both inside and outside of the U.S.

This issue of Regulatory and Standard-Setting Developments provides a high-level summary of activities of the Financial Accounting Standards Board (FASB), the Public Company Accounting Oversight Board (PCAOB), the Securities and Exchange Commission (SEC), and related international developments that may be of interest to audit committees, companies, and their stakeholders. It includes some of the relevant regulations, standards, and guidance that were recently issued or are on the horizon.

Recent developments since our March 2013 edition include:

FASB PCAOB SEC Other
Update on the status of FASB/IASB priority convergence projects

Update on going concern project

Final standard – Investment companies project

Russell Golden named as the next Chairman
 
Reproposed standard that addresses related parties and other amendments related to significant unusual transactions

Project to develop audit quality measures

Developments related to audit firm rotation
Confirmation of Mary Jo White as new Chairman

Nomination of Kara Stein and Michael Piwowar as new SEC commissioners

Senior staff appointments and departures

Clarification on communicating via social media
 
Status of IAASB project on improving the auditor’s report

Update on the European Commission's Statutory Audit Directive

Update on UK Competition Commission’s findings with respect to the audit market

UK Financial Reporting Council’s revised standard on auditor reporting requirements