IASB Releases IFRS 9 Financial Instruments
Announced on Thursday , the International Accounting Standards Board issued IFRS 9 Financial Instruments, the final component of its response to the financial crisis. Effective January 1, 2018, IFRS 9 features a logical model for classification and measurement, an “expected loss” impairment model and a reformed method to hedge accounting. Originally planned to be a convergence project with the FASB, Financial Instruments was one project where the Financial Accounting Standards Board (“FASB”) and IASB were unable to come to agreement. The FASB is currently working to finish its project on classification & measurement as well as impairment. Early application of IFRS 9 will. Read More.
Website Offers Detailed Illustration of College Graduation Rates
In its search for a thorough yet accurate representation of graduation rates, the website Student Achievement Measure recently posted the outcomes of full-time freshmen enrolled in 2007. Using data from 266 colleges and universities, the report focused on the graduation rates of such students, if they completed a degree after transferring to another school, whether or not they dropped out, and which ones were still enrolled. Per the data, dozens of public universities reported less than half of their full-time freshmen in 2007 received a degree within six years or after transferring to another school. For the full report, visit. Read More.
AICPA’s Auditing Standards Board Issues Comfort Letters Guidance
Impacting comfort letters issued on or after December 15th, the American Institute of Certified Public Accountants’ (“AICPA”) Auditing Standards Board (“the Board”) has released Statement on Auditing Standards (SAS) No. 129, Amendment to Statement on Auditing Standards No. 122 Section 920, “Letters for Underwriters and Certain Other Requesting Parties,” as amended (AICPA, Professional Standards, AU-C sec. 920). The guidance applies to auditors when they issue requested comfort letters associated with a non-issuer’s financial statements contained within registration statements. When the AUs were clarified, AU-C section 920 was not intended to alter practices connected to comfort letters. However, particular unintended issues managed. Read More.
SEC Chair Responds to Senator’s Conflict Minerals Request
Responding to Senator Michael Crapo’s request that the U.S. Securities and Exchange Commission (“SEC”) proceed with a full stay on the reporting requirements from Release No. 34-67716, Conflict Minerals, SEC Chair Mary Jo White declared that her agency plans to wait for a final court ruling before deciding if further regulatory action is necessary. In a letter to Crapo this week, White stated that the SEC’s actions from the April 14th appeals court decision are in line with the ruling, the SEC’s rule and Congress’ purpose in the Dodd-Frank Act. Last month, the SEC requested that the full appeals court. Read More.
PCAOB’s Standard-Setting Agenda Revised
Preparing for the rest of this year, the Public Company Accounting Oversight Board’s (“PCAOB”; “the Board”) Office of the Chief Auditor has updated its standard-setting agenda . The updates are influenced by factors such as the Board’s priorities, oversight of registered public accounting firms, other standard setters’ current activities and discussion with the U.S. Securities and Exchange Commission (“SEC”). The PCAOB’s revised agenda features the following plans: Evaluating comments on Auditor’s Reporting Model; Consider adopting Framework for Reorganization of PCAOB Auditing Standards; Recommending to the SEC approval of the standard, Related Parties; Creating a concept release to investigate improving quality control standards;. Read More.
AICPA Task Force Releases White Paper on Technology & Auditing
In its efforts to create a conceptual framework and guidance on how technology impacts internal and external reporting, the American Institute of Certified Public Accountants’ (“the Institute”) Assurance Services Executive Committee Emerging Assurance Technologies Task Force has released, Re-imagining Auditing in a Wired World. Published as a white paper document, the guidance offers insight on the future of reporting and auditing systems, as well as the benefits of technology related to auditing processes. For a copy of Re-imagining Auditing in a Wired World , visit the Institute’s website. Cherry Bekaert offers Assurance services that go beyond checking the boxes, and our Technology & Life Sciences industry. Read More.