Regulatory and standard-setting developments -- March 18, 2013

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03/18/2013 by Assurance services
Regulatory and standard-setting developments -- March 18, 2013

At a glance

This document provides a high-level summary of activities of the Securities and Exchange Commission (SEC), the Financial Accounting Standards Board (FASB), the Public Company Accounting Oversight Board (PCAOB), and others 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.

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