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News

PCAOB (US Public Company Accounting Oversight Board) (dark gray) Image

PCAOB posts CAM resources for investors and audit committees

Jul 11, 2019

On July 11, 2019, the Public Company Accounting Oversight Board (PCAOB) released two new resources on critical audit matters (CAMs), one specifically for investors and the other for audit committees.

These resources advance the PCAOB’s strategic priority of cultivating effective communications with stakeholders, as well as providing timely, relevant, and useful information to them.

In May, Erin Dwyer joined the PCAOB as a direct point of contact for and liaison to investors, audit committees, and preparers. Erin shares some additional information about her role and these CAMs-related resources in this short video.

Review the resources on the PCAOB's website:

Canada Image

Anti-money laundering rules for cryptocurrency dealers finalized by Canadian government

Jul 10, 2019

On July 10, 2019, the Canadian Department of Finance published amendments to regulations made under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act 2019 (PCMLTFA), which will apply to dealers in virtual currency and foreign money services businesses (MSBs) that service Canadian customers beginning June 1, 2020.

This update includes:

  • Background on the Regulation and definition of virtual currency
  • Dealers in virtual currency that offer services to Canadian clients will generally be considered MSBs under the PCMLTFA and therefore subject to similar customer due diligence, recordkeeping, monitoring and reporting requirements as other reporting entities
  • Regulation of foreign cryptocurrency exchanges as foreign MSBs
  • Reporting and recordkeeping requirements for virtual currency transactions

Review the regulation on the Canada Gazette's website and a summary on Osler LLP's website.

FASB (US Financial Accounting Standards Board) (lt blue) Image

FASB consults on the amortization of goodwill

Jul 09, 2019

On July 9, 2019, the Financial Accounting Standards Board (FASB) issued an invitation to comment "Identifiable Intangible Assets and Subsequent Accounting for Goodwill", which notes that the FASB has been considering whether to change the subsequent accounting for goodwill for cost-benefit reasons. US GAAP currently requires a goodwill impairment model.

The International Accounting Standards Board (IASB) has also been discussing restoring amortization of goodwill. In December 2017, the Board decided tentatively not to reintroduce amortization and to focus on improving the impairment model instead. It confirmed this decision at its June 2019 meeting. However, the paper was the most heavily debated paper during the session as improving the impairment model has turned out to be very difficult, and the final decision was very close. The Board finally decided by a vote of 8 to 6 to confirm its preliminary view not to reintroduce amortization and to retain an impairment-only model.

The FASB's invitation to comment offers a comprehensive analysis of the subsequent accounting for goodwill as well as a comparison with the IASB approach and the approach of the Japanese standard-setter ASBJ.

Comments on the the FASB's invitation to comment are due by October 7, 2019.

Review the press release, a short explanatory video, and the invitation to comment on the FASB's website.

CAQ Image

Investor relations: Get up to speed now on critical audit matters

Jul 09, 2019

On July 9, 2019, the Center for Audit Quality (CAQ) released a list of frequently asked questions about critical audit matters (CAMs) to help inform investor relations (IR) professionals as they prepare for those conversations

Starting in the summer of 2019, auditors will be required to communicate CAMs in their auditor’s reports. Investors with questions about CAMs may turn to a company’s IR group for answers.

Review the publication on the CAQ's website.

IAASB - Assurance Image

Introduction to Extended External Reporting Assurance Consultation Paper

Jul 09, 2019

On July 9, 2019, the International Auditing and Assurance Standards Board (IAASB) issued a webinar on the extended external reporting (EER) Consultation Paper.

Listen to IAASB member and Task Force Chair, Marek Grabowski, discuss the extended external reporting (EER) Consultation Paper that includes the first part of the draft guidance for practitioners applying International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information, to EER assurance engagements.

Review the press release and webinar on the IAASB's website.

IFRS - IASB Image

Speech by CFO of BMW: Relevance of financial reporting in today's global environment

Jul 05, 2019

On July 5, 2019, the In­ter­na­tional Ac­count­ing Stan­dards Board (IASB) posted a copy of the speech by the CFO of BMW regarding the relevance of financial reporting in today's global environment.

Dr. Nicolas Peter, Chief Financial Officer of BMW AG, gave the keynote address at a stakeholder event in Munich on June 26, 2019, jointly hosted by the Trustees of the IFRS Foundation and the Deutsche Rechnungslegungs Standards Committee (DRSC, the German accounting standard-setter). In his speech, Dr. Peter outlines the importance of IFRS Standards to BMW AG and the global financial market, and discusses some of the challenges for the future.

Here is the link to the speech on the IASB web­site.

IFRS - IASB Image

IFRS Foundation launches new quarterly podcast

Jul 05, 2019

On July 5, 2019, the In­ter­na­tional Ac­count­ing Stan­dards Board (IASB) published the first of a new quarterly podcast focusing on the work undertaken by the IASB and the IFRIC to support consistent application of IFRS Standards. The podcasts will report on discussions at meetings of the Interpretations Committee and provide an overview of other relevant activities in the period.

Listen to the first such podcast in which Vice-Chair of the Board and Chair of the Interpretations Committee Sue Lloyd joins Technical Staff member Patrina Buchanan for a discussion that focuses on the June 2019 meeting of the Interpretations Committee. Among the topics covered in this podcast are questions about applying the new financial instruments, revenue recognition and leases Standards—IFRS 9, IFRS 15 and IFRS 16—as well as the accounting for holdings of cryptocurrencies. 

Here is the link to the 24 minute podcast on the IASB web­site.

PSAS - PSAB Image

PSAB Article: Reviewing our approach to International Public Sector Accounting Standards

Jul 05, 2019

On July 5, 2019, the Pub­lic Sec­tor Ac­count­ing Board (PSAB) posted a summary article that encourages stakeholders to comment on PSAB’s second consultation paper concerning its international strategy, which is out for comment until September 30, 2019

Re­view the article on the PSAB's web­site.

IFRS - IASB Image

Presentations from the IFRS Foundation workshops at the EAA Conference in May 2019

Jul 05, 2019

On July 5, 2019, the In­ter­na­tional Ac­count­ing Stan­dards Board (IASB) posted several presentations by an IASB Board member and staff at the Annual Congress of the European Accounting Association held in Paphos, Cyprus on May 29-31, 2019.

Ann Tarca, IASB Member and Anne McGeachin, IASB Technical Staff presented at two IFRS Foundation events at the annual congress, covering:

  • IASB Technical Update
  • Guide to new Standards—IFRS 9, IFRS 15, IFRS 16 and research opportunities
  • IASB Technical Update: Primary Financial Statements

Here is the link to the presentations on the IASB web­site.

IFRS - IASB Image

New IASB webinar: Overview of Exposure Draft, Amendments to IFRS 17

Jul 04, 2019

On July 4, 2019, the In­ter­na­tional Ac­count­ing Stan­dards Board (IASB) released a recorded webinar which provides an overview of its recent Exposure Draft, Amendments to IFRS 17, published by the IASB on June 26, 2019.

This recording took place to provide national standard-setters with an overview of the proposed amendments to IFRS 17. The presenters are Laura Kennedy and Roberta Ravelli, Technical Staff at the IFRS Foundation. 

Here is the link to the 25 minute webinar on the IASB website.

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