The 2014 AICPA National Conference on Current SEC and PCAOB Developments (the Conference) brought together presenters from across the accounting landscape: regulatory and standard setting bodies, auditors, users, preparers, and industry experts. The SEC staff provided an update on regulatory and financial reporting matters including areas of frequent staff comment, consultation trends, and enforcement actions. Speakers from the FASB, IASB and PCAOB each provided updates on current standard setting activities and areas of focus in the coming year.
An overarching theme of the Conference was the importance of providing investors and other stakeholders with decision-useful information through financial reporting. More specific areas of discussion related to the implementation of the new revenue recognition standard, ongoing projects on disclosure effectiveness and simplification, reminders on certain technical accounting and reporting matters, and building investor confidence in the audit opinion through a focus on audit quality. Updates on conflict minerals and integrated reporting initiatives were also provided.
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