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December

AICPA issues revenue working draft for broker-dealers

Dec 15, 2017

The AICPA’s Revenue Recognition Task Force has released for public comment a working draft on accounting issues associated with the implementation of the new revenue standard for broker-dealers.

The working draft addresses investment banking M&A advisory fees.

Com­ments on the working draft are due by February 15, 2018. For more in­for­ma­tion, see the revenue recog­ni­tion re­source page on the AICPA’s Web site.

SEC appoints new PCAOB chairman and board members

Dec 13, 2017

The SEC has appointed William D. Duhnke III as chairman of the PCAOB and J. Robert Brown, Kathleen M. Hamm, James G. Kaiser, and Duane M. DesParte as PCAOB board members.

For more information, see the press release and statement by SEC Chairman Jay Clayton on the SEC’s Web site.

SEC updates EDGAR filer manual and technical specifications

Dec 12, 2017

The SEC has implemented Release 17.4 of its Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system filer manual.

The release updates volume II of EDGAR as well as various tech­ni­cal spec­i­fi­ca­tions.

For more in­for­ma­tion, see the final rule on the SEC’s Web site.

IASB concludes the 2015–2017 annual improvements cycle

Dec 12, 2017

The IASB has issued “Annual Improvements to IFRS Standards 2015–2017 Cycle” as part of its annual improvements project (i.e., its project to make minor, nonurgent amendments to IFRSs).

The following four standards are being amended:

  • IFRS 3, Business Combinations — Clarification that when an entity obtains control of a business that is a joint operation, it re­mea­sures pre­vi­ously held interests in that business.
  • IFRS 11, Joint Arrangements — These amend­ments explain that when an entity obtains joint control of a business that is a joint operation, the entity does not remeasure pre­vi­ously held interests in that business.
  • IAS 12, Income Taxes — Revisions to clarify that all income tax con­se­quences of dividends (i.e., dis­tri­b­u­tion of profits) should be recog­nized in profit or loss, re­gard­less of how the tax arises.
  • IAS 23, Borrowing Costs — These amend­ments clarify that if any specific borrowing remains out­stand­ing after the related asset is ready for its intended use or sale, that borrowing becomes part of the funds that an entity borrows generally when cal­cu­lat­ing the cap­i­tal­i­za­tion rate on general bor­row­ings.

The amend­ments are all effective for annual periods beginning on or after January 1, 2019.

For more information, see the press release on the IASB’s Web site.

GASB proposes guidance on interest cost

Dec 11, 2017

The GASB has issued an exposure draft (ED), “Accounting for Interest Cost During the Period of Construction,” which aims to “enhance the relevance and comparability of information about capital assets and the cost of borrowing for a reporting period and . . . simplify accounting for interest cost incurred during the period of construction.”

Com­ments on the ED are due by March 5, 2018. For more in­for­ma­tion, see the press release  and ED on the GASB’s Web site.

SEC issues temporary final rule on fund group reporting

Dec 08, 2017

The SEC has issued a temporary final rule, “Investment Company Reporting Modernization.”

The final rule requires “funds in larger fund groups to maintain in their records the information that is required to be included in Form N-PORT, in lieu of filing reports with the Commission, until April 2019.” In addition, “smaller fund groups will be required to begin submitting reports on Form N-PORT by April 30, 2020.”

For more in­for­ma­tion, see the temporary final rule on the SEC’s Web site.

GASB proposes implementation guide

Dec 08, 2017

The GASB has issued proposed Implementation Guide No. 201Y-X, “Implementation Guidance Update — 201Y,” which consists of Q&As that would “clarify, explain, or elaborate on” certain GASB Statements.

Topics addressed in the proposed guide’s Q&As include:

  • Pensions and postemployment benefits other than pensions.
  • Cash flow statements.
  • The statistical section.
  • Regulatory process related to applying GASB Statement No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements.
  • Tax abatements.

In addition, the proposed implementation guide amends certain Q&As from previously issued implementation guides.

Com­ments on the pro­posed im­ple­men­ta­tion guide are due by February 16, 2018. For more in­for­ma­tion, see the pro­posed guide on the GASB’s Web site.

CAQ issues publication on implementing auditor’s reporting model

Dec 08, 2017

The Center for Audit Quality (CAQ) has issued “Auditor’s Report: Considerations for Audit Committees,” a publication that is intended to help audit committees implement the PCAOB’s updated auditor reporting model.

The publication “explains changes to the auditor’s report and lists key questions on topics including auditor tenure, Critical Audit Matters (CAMs) and other new requirements.”

For more in­for­ma­tion, see the press release and publication on the CAQ’s Web site.

PCAOB issues staff guidance on auditor’s report

Dec 07, 2017

The PCAOB has issued “Staff Guidance — Changes to the Auditor’s Report Effective for Audits of Fiscal Years Ending on or After December 15, 2017.”

The staff guidance dis­cusses key changes in the auditor’s report with respect to the following:

  • The form of the auditor’s report.
  • Addressees.
  • Auditor independence.
  • Auditor tenure.
  • Auditor reporting regarding internal control over financial reporting.
  • Explanatory and emphasis paragraphs.
  • Information about certain audit participants.

In addition, the staff guidance provides a high-level overview of the requirements related to critical audit matters.

For more in­for­ma­tion, see the press release and staff guidance on the PCAOB’s Web site. Also see Deloitte’s June 20, 2017, Heads Up for a summary of changes to the auditor’s report.

Speeches from the annual AICPA conference are now available

Dec 06, 2017

The 2017 AICPA Conference on Current SEC and PCAOB Developments is being held in Washington, D.C., from December 4 to 6. The conference features speeches by — as well as panel discussions and question-and-answer sessions with — members of the SEC, PCAOB, FASB, and IASB and professionals from various industries.

Prepared remarks by the following speakers are now available:

SEC

  • Wesley R. Bricker, chief accountant, Office of the Chief Accountant.
  • Barry Kanczuker, associate chief accountant, Office of the Chief Accountant.
  • Michal P. Dusza, professional accounting fellow, Office of the Chief Accountant.
  • Michael P. Berrigan, professional accounting fellow, Office of the Chief Accountant.
  • Nigel J. James, associate chief accountant, Office of the Chief Accountant.
  • Robert B. Sledge, professional accounting fellow, Office of the Chief Accountant.
  • Ryan Wolfe, senior associate chief accountant, Office of the Chief Accountant.
  • Joseph R. Epstein, professional accounting fellow, Office of the Chief Accountant.

FASB

PCAOB

CAQ

IASB

Also see De­loitte’s Heads Up newslet­ter for highlights from the con­fer­ence.

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