AICPA updates learning and implementation plan for new revenue recognition standard
This AICPA document focuses on the guidance contained in the FASB's new revenue guidance and provides a roadmap for understanding and implementation.
American Institute of Certified Public Accountants (AICPA)
The AICPA develops standards for audits of private companies and other services, provides educational guidance materials to members, develops the Uniform CPA Examination, and enforces compliance with the profession’s technical and ethical standards.
Website: www.aicpa.org
Industry update – Highlights From AICPA’s Conference On Regulatory Developments
PwC Partner Beth Paul discusses internal control over financial reporting, the need for adequate talent in the accounting profession, and other themes from the 2016 AICPA National Conference on current SEC & PCAOB developments.
Select news releases
FinREC requests feedback on implementation issues
AICPA’s Revenue Recognition Task Force seeks feedback on implementation issues for aerospace & defense, broker-dealers, power & utilities, communications, asset management, engineering & construction, and software industries.
AICPA’s Auditing Standards Board July meeting minutes
The ASB discussed changes to its Operating Policies, including adding an option to abstain and the need for outreach to users of the audit report. Revised Operating Policies will be circulated through email for ASB final review and approval.
FinREC requests feedback on implementation issues
Visit the task force pages to comment on the individual exposure drafts.
New guidance issued for auditors related to securities offerings exempt from registration
SAS 133 will guide auditors with respect to their responsibilities related to offerings of securities exempt from registration.
New sustainability attestation guide issued
The document offers guidance to CPAs providing assurance on sustainability information including greehouse gas emissions information.
AICPA issues technical auditing Q&As on 9160.31-31: Other reporting issues
AICPA recently issued new Technical Questions and Answers related to other reporting issues.
AICPA issues FAQs on Financial Reporting Framework for SMEs
This page contains frequently asked questions about the FRF for SMEs accounting framework.
AICPA Professional Ethics Division updates FAQs on general ethics
The FAQs are not rules, regulations, or statements of the Professional Ethics Executive Committee and, therefore, are not authoritative guidance.
AICPA issues new technical questions and answers related to internal controls
AICPA recently issued new Technical Questions and Answers related to internal controls.
AICPA publishes cybersecurity risk management reporting framework
The AICPA has introduced a market-driven, flexible and voluntary cybersecurity risk management reporting framework to help businesses meet the growing challenge surrounding cybersecurity attacks.
AICPA updates FAQs document on nonattest services related to cybersecurity
The answers to these FAQs are based on guidance the AICPA Professional Ethics Division staff provided to members.
Exposure drafts
AICPA issues Proposed SSARS, Omnibus SSARS - 2018
This Proposed SSARS would create new AR-C section 100, International Reporting Issues, withdraw Interpretation No. 1 to AR-C section 90 and amend other AR-C sections.
AICPA issues proposal on selected procedures for attestation engagements
This proposed standard is a result of discussions regarding opportunities to expand a practitioner's ability to perform procedures and report in a procedures and findings format beyond that currently provided by AT-C section 215, Agreed-Upon Procedures Engagements.
AICPA and XBRL US Center for Data Quality seek comments on tagging the statement of cashflows
The XBRL US Data Quality Committee has released draft guidance for the Statement of Cash Flows for public comment and feedback. This draft guidance will be available for public comment until September 5, 2017.
AICPA issues exposure draft on audit data standard regarding fixed asset subledger accounts
The Emerging Assurance Technologies Task Force of the AICPA Assurance Services Executive Committee (ASEC) has issued an exposure draft titled Audit Data Standards – Fixed Asset Subledger Standard. The full exposure draft, dated August 8, 2017, addresses the fixed asset subledger account.
Proposed revision of description criteria for a description of a service organization's system in a SOC 2® report
The AICPA seeks comments on proposed revisions to AICPA Guide Reporting on an Examination of Controls at a Service Organization Relevant to Security, Availability, Processing Integrity, Confidentiality, or Privacy (SOC 2®). Comments are due September 7, 2017.
AICPA proposes revisions to independence rules for state and local government entities
The PEEC seeks comments on "State and Local Government Entities" and revision to "The Plan is an Attest Client or is Sponsored by an Attest Client" interpretation. Comments are due Oct. 16, 2017.
AICPA issues exposure draft on forming an opinion and reporting on financial statements of employee benefit plans subject to ERISA
This proposed SAS is specific to audits of financial statements of employee benefit plans (EBPs) subject to the Employee Retirement Income Security Act of 1974 (ERISA) and would be codified as AU-C section 703 in AICPA Professional Standards.
Proposed Interpretations: Responding to Non-Compliance With Laws And Regulations
The Professional Ethics Division seeks comments on proposed interpretations for responding to non-compliance with laws and regulations (NOCLAR). Comments are due May 12, 2017.
Proposed revised and new interpretations applicable to members in business
The AICPA Professional Ethics Executive Committee is exposing for comment, revisions to the “Knowing Misrepresentations in the Preparation of Financial Statements or Records” interpretation (ET sec 2.130.010) under the “Integrity and Objectivity Rule” (ET sec. 2.100.001), applicable to members in business. Comments are due April 17, 2017.
PwC comment letters
PwC comments on ASEC’s proposed description criteria for cybersecurity
PwC believes flexibility is necessary to increase reporting on cybersecurity and demand for attestation engagements.
PwC comments on ASEC’s proposed revision of its trust services criteria
PwC supports efforts to align ASEC’s trust services criteria with COSO and address cybersecurity risks.
PwC comments on ASB’s proposal on auditor involvement with exempt offering documents
PwC supports clarifying what is expected of auditors related to exempt offering documents.
PwC comments on AICPA's proposed standard on going concern
PwC supports the proposed standard to clarify the auditor’s responsibility when assessing going concern.
PwC comments on the AICPA's proposed amendment to AU-C 700
PwC supports requiring the PCAOB report layout and wording when referring to both PCAOB and AICPA standards.
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IFRS & US Standard Setting Leader, National Professional Services Group
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