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:
|Audit committee communications
Related parties and significant unusual transactions
Auditor's reporting model
Auditor independence and audit firm rotation
Other PCAOB matters
SEC staff comment letters
|FASB/IASB joint projects
Accumulated other comprehensive income
Other FASB matters
|International Auditing and Assurance Standards Board (IAASB)
UK Competition Commission
UK Financial Reporting Council