Public Sector Pioneer Network Announced
Encouraging a unified yet efficient approach to corporate reporting within the public sector, the Chartered Institute of Public Finance and Accountancy (“CIPFA”) and the International Integrated Reporting Council have created the Public Sector Pioneer Network (“the Network”). Managed by a group of participants and organizations, the Network will help recognize sector specific facets for integrated reporting, as well as aid reporting for companies in the public sector. Additionally, the Network will provide a wide range of experience and practice that allows the global public sector to take part in the report integration process. Click here to read the Network’s press release. For. Read More.
NYSE Receives Fine for Trading Violations
Without acknowledging or denying allegations brought forth by the U.S. Securities and Exchange Commission (“SEC”), the New York Stock Exchange LLC (“NYSE”; “the Exchange”) and three affiliates have agreed to pay a $4.5 million fine. Announced on May 1st, the SEC claimed the NYSE and its affiliates violated numerous operating rules and securities laws. Per the complaint, NYSE Arca Inc. purportedly created an “error account” in 2005 before the NYSE merged with affiliate Archipelago Exchange a year later. This was seen as a violation due to the transaction occurring before the market regulator approved the account. Further, the SEC claimed. Read More.
Final Auditing and Attestation Standards Published
After receiving approval from the U.S. Securities and Exchange Commission (“SEC”), the Public Company Accounting Oversight Board (“PCAOB”) has posted its final auditing and attestation standards. Updated recently on its website, the standards include: Auditing Standard No. 17, Auditing Supplemental Information Accompanying Audited Financial Statements, and associated amendments; Attestation Standard No. 1, Examination Engagements Regarding Compliance Reports of Brokers and Dealers; Attestation Standard No. 2, Review Engagements Regarding Exemption Reports of Brokers and Dealers, and associated amendments; and Amendments conforming to the Dodd-Frank Act; which modify some PCAOB rules to the audits and auditors of broker-dealers listed with the SEC. Amendments to the PCAOB rules will be effective. Read More.
Public Technology Companies Show Increased Market Performance
Positive news came to the technology industry, as performance of various sectors within the industry reveals growth performance, according to Hyde Park Capital. In a recent report on Technology M&A, all sectors of the technology industry experienced a positive public stock market performance. Of the largest gains, Internet was up 45 percent, Software-as-a-service (SaaS) grew 33 percent, and IT Services were up by 22 percent. This performance gain for technology companies might signal future M&A growth activities to come. Read more on the trends and activities in the technology industry by clicking here .
FAF’s Annual Report Shares Upcoming Plans
Released late last week, the Financial Accounting Foundation’s (“FAF”; “the Foundation”) 2013 Annual Report details future plans for the Foundation, the Financial Accounting Standards Board (“FASB”) and Governmental Accounting Standards Board (“GASB”). Named “The Road Ahead”, the report features a thorough overview of last year’s achievements by the FAF, FASB and GASB, and talks about their plans ahead. The Foundation’s plans for the FASB and GASB consist of: Guiding the FASB forward after its current projects with the International Accounting Standards Board (“IASB”) are done; Encouraging a global standard-setting environment where the FASB continues its efforts with the IASB and. Read More.
Supplemental Request for Comment Issued by PCAOB
Regarding its proposal over the restructuring of auditing standards, the Public Company Accounting Oversight Board (“PCAOB”; “the Board”) has issued a supplemental request for comment. The PCAOB’s request explains how the proposed amendments to the Boards’ standards are necessary to carry out the proposal, as well as includes slight changes to Proposed Framework for Reorganization of PCAOB Auditing Standards and Related Amendments to PCAOB Auditing Standards and Rules, which was issued last year. Per the March 2013 proposal, the framework would structure the existing interim and Board-issued auditing standards into categories. The standards would be classified as: General auditing standards;. Read More.