Regulatory and standard-setting developments -- March 18, 2013
As potentially significant regulations and standards emerge from the Securities and Exchange Commission (SEC), the Financial Accounting Standards Board (FASB), the Public Company Accounting Oversight Board (PCAOB) and others, companies will want to stay ahead of the changes impacting their businesses. In particular, the changes will likely increase the demands on their people, including their audit committees, and their processes, systems, and internal controls.
This issue of Regulatory and Standard-Setting Developments provides a high-level summary of some of the relevant guidance, regulations, and standards that were recently issued or are being considered, both in and outside of the U.S.
Recent developments since our December 2012 edition include:
| PCAOB | SEC | FASB | International developments |
| Audit committee communications Related parties and significant unusual transactions Auditor's reporting model Auditor independence and audit firm rotation Other PCAOB matters |
SEC leadership Dodd-Frank Act SEC staff comment letters |
FASB/IASB joint projects Going concern Accumulated other comprehensive income Other FASB matters |
International Auditing and Assurance Standards Board (IAASB) European Commission UK Competition Commission UK Financial Reporting Council |