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:
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