Regulatory and standard-setting developments -- September 19, 2013

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09/19/2013 by Assurance services
Regulatory and standard-setting developments -- September 19, 2013

At a glance

This document provides a high-level summary of activities of the FASB, PCAOB, SEC and related international developments.

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.

Developments since our June 2013 edition include:

FASB PCAOB SEC Other

Update on the status of FASB/IASB priority convergence projects (Revenue, Leases, Financial Instruments)

Update on going concern project

James Kroeker named as new vice-chairman


 

 Proposed modifications to the auditor's report

Proposal requiring the auditor to perform additional procedures with respect to other information

 

Extension of Mary Jo White's term as new Chairman through June 2019

Confirmation of Kara Stein and Michael Piwowar as new SEC commissioners

Proposed rules on the operation of Money Market funds

Update to COSO Framework and reporting requirements

Dodd-Frank updates related to conflict minerals and extraction payment disclosures


 

Release of exposure draft from IAASB for 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