The SEC has approved two PCAOB proposals updating audit standards regarding general responsibilities of the auditor and use of technology-assisted analysis in conducting an audit. The SEC also approved a proposal amending a PCAOB ethics rule governing the liability of an associated person when they directly and substantially contribute to audit firm violations.
While the majority of firms say they expect to hold staffing levels steady, competition for qualified professionals — especially controllers — is fierce, according to a recent Controllers Council survey.
GASB will soon benefit from additional stakeholder perspectives in light of a recent decision by the Trustees of the Financial Accounting Foundation (FAF) to expand the size of the Governmental Accounting Standards Advisory Council (GASAC).
FASB has published a proposed Accounting Standards Update (ASU) to address stakeholder feedback related to (1) the application of derivative accounting to contracts with features based on the operations or activities of one of the parties to the contract, and (2) the diversity in accounting for a share-based payment from a customer that is consideration for the transfer of goods or services.
FASB has issued a new chapter of its Conceptual Framework related to the measurement of items recognized in financial statements. The Conceptual Framework is a body of interrelated objectives and fundamentals that provides the FASB with a useful tool as it sets standards. A Statement of Financial Accounting Concepts is nonauthoritative and does not establish or change GAAP.
The PCAOB has approved the adoption of an amendment to PCAOB Rule 3502, previously titled Responsibility Not to Knowingly or Recklessly Contribute to Violations. The rule, originally enacted in 2005, governs the liability of an associated person of a registered public accounting firm who contributes to that firm’s violations of the laws, rules and standards that the PCAOB enforces.
The International Accounting Standards Board (IASB) issued amendments to the classification and measurement requirements in IFRS 9 Financial Instruments. The amendments will address diversity in accounting practice by making the requirements more understandable and consistent.