Alert
Public Policy and Technical Alert, February 2019
Friday, March 1, 2019
Download PDF 


As part of the Center for Audit Quality’s ongoing effort to keep members and stakeholders informed on significant public policy and accounting matters, we are pleased to offer the Public Policy and Technical Alert (PPTA). Each month, the PPTA highlights and examines the regulatory, standard-setting, legislative, and broader financial reporting developments impacting the public company audit profession. Please note that the PPTA is intended as general information and should not be relied upon as being definitive or all-inclusive. The CAQ encourages member firms to refer to the rules, standards, guidance, and other resources in their entirety at the hyperlinks provided below. All entities should carefully evaluate which requirements apply to their respective organizations.
In This Issue:
PCAOB

PCAOB announces new Office of Enterprise Risk Management, names Chief Risk Officer, and names Chief Data Officer

SEC

SEC Division of Corporation Finance updates C&DIs
SEC extends comment period for proposal regarding updated disclosure requirements and summary prospectus for variable annuity and variable life insurance contracts
SEC proposes to expand ‘test-the-waters’ modernization reform to all issuers
SEC names S.P. Kothari as Chief Economist and Director of the Division of Economic and Risk Analysis

FASB

FASB proposes targeted transition relief to institutions applying credit losses standard
FASB issues proposal on recognizing and measuring deferred revenue in business combinations

International

New IAESB standard focuses on professional development
IAASB launches future strategy and work plan consultation
FRC launches consultation into improvements to reporting intangibles
IAASB opens consultation on quality management for firms and engagements
UK government announces audit review panel and scope
FRC, BEIS offer Brexit no-deal advice for auditors and accountants
IAASB

Public Policy and Technical Alert, February 2019

Alert
Public Policy and Technical Alert, January 2019
Friday, February 1, 2019
Download PDF 


As part of the Center for Audit Quality’s ongoing effort to keep members and stakeholders informed on significant public policy and accounting matters, we are pleased to offer the Public Policy and Technical Alert (PPTA). Each month, the PPTA highlights and examines the regulatory, standard-setting, legislative, and broader financial reporting developments impacting the public company audit profession. Please note that the PPTA is intended as general information and should not be relied upon as being definitive or all-inclusive. The CAQ encourages member firms to refer to the rules, standards, guidance, and other resources in their entirety at the hyperlinks provided below. All entities should carefully evaluate which requirements apply to their respective organizations.
In This Issue:
SEC

Corp Fin issues statement regarding recommencement of operations

FASB

Emerging Issues Task Force: Consensus Reached on Issue No. 18-B, “Improvements to Accounting for Episodic Television Series.”
FASB issues staff Q&A document on estimating credit loss reserves

International

IOSCO publishes the Report on Good Practices for Audit Committees in Supporting Audit Quality
IOSCO issues statement on disclosure of ESG matters by issuers
FRC launches consultation on changes to Third Country Auditors (Fees) Instrument

Other Developments

AICPA votes to issue Omnibus Statement on Auditing Standards
AICPA issues working draft on revenue recognition for broker-dealers
NASBA proposes changes to UAA peer review rules

CAQ

CAQ Framework aims to assist accounting firms enhance disclosures about audit quality
CAQ Year in Review recaps 2018 activities

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