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SEC Chair Supports Idea for Supplemental IFRS Information

One year after Securities and Exchange Commission (“SEC”) Chief Accountant James Schnurr suggested allowing public companies to voluntarily supplement International Financial Reporting Standards (IFRS) information with their U.S. GAAP financial statements, the SEC’s Mary Jo White endorsed the plan during a speech in December. At the American Institute of Certified Public Accountants’ Conference on Current SEC and Public Company Accounting Oversight Board Developments, the agency chair said Schnurr’s idea could potentially be helpful as the next step in U.S. companies increasing their use of global accounting standards. Also at the conference, White mentioned that staff members have developed a recommendation. Read More.

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AICPA Board Issues Guidance for Auditor Reporting on Sustainability Financial Statements

The American Institute of Certified Public Accountants’ (“AICPA”) Auditing Standards Board has issued Interpretation No. 2, “Sustainability Financial Statements Under Federal Financial Accounting Standards—Auditor Reporting,” of AU-C Section 9700, Forming an Opinion and Reporting on Financial Statements: Auditing Interpretations of AU-C Section 700. Under the new guidance, an auditor can report, in line with generally accepted auditing standards (GAAS), on the Federal government’s component financial statements containing sustainability financial statements. This is uniform with Statement of Position 04-1, Auditing the Statement of Social Insurance (AICPA, Professional Standards, AUD sec. 35), wherein an auditor could report on the basic financial statements,. Read More.

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Auditing Standards Board Outlines Discussions for Upcoming Meeting

Continuing efforts to reformat attestation standards based on the American Institute of Certified Public Accountants’ (“AICPA”) clarity conventions, the AICPA Auditing Standards Board (“the Board”) plans to review comment letters received on the standards’ first four chapters drafts at its upcoming meeting. Scheduled for October 20th-22nd in New York City, the Board will cover Proposed Statement on Standards for Attestation Engagements (SSAE) – Attestation Standards: Clarification and Recodification, which establishes clarified standards objectives and definitions for each standard. Reformatting the standards is part of the AICPA’s Clarity Project that helps make them better to understand and be applied. Along with. Read More.

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AICPA Releases Additional Technical Q&As for Guidance on ASU No. 2013-07

To be used as implementation guidance for accounting, auditing and applicable industry matters, the American Institute of Certified Public Accountants (“AICPA”) has released new technical staff practice aids under (a) TIS Section 6931, Financial Statement Reporting and Disclosure—Employee Benefit Plans and (b) TIS Section 8900, Predecessor Auditors. Published in a questions and answers format, TIS Sections 6931.18 through 6931.30 help practitioners understand the accounting impact of Financial Accounting Standards Board’s Accounting Standards Update No. 2013-07, Presentation of Financial Statements—Liquidation Basis of Accounting, on single-employer pension plans. Some of the sections cover topics like Definition of “Imminent” Under Liquidation Basis of Accounting for Single-Employer Defined Benefit and. Read More.

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Exposure Draft for Proposed SSAE on Internal Controls Issued

An exposure draft on proposed Statement on Standards for Attestation Agreements (SSAE), Reporting on an Examination of Controls at a Service Organization Relevant to User Entities’ Internal Control Over Financial Reporting: Clarification and Recodification has been issued by the American Institute of Certified Public Accountants’ (“AICPA”) Auditing Standards Board (“the Board”). Issued as part of the Board’s clarity drafting project, the proposed SSAE will replace AT section 801, Reporting on Controls at a Service Organization, and relate to a service auditor’s examination engagements when reporting on controls at organizations that offer services to user entities when such controls could apply. Read More.

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AICPA Auditing Standards Board Releases Agenda for October Meeting

Hosted at the American Institute of Certified Public Accountants (“AICPA”) offices in New York City, the organization’s Auditing Standards Board (“ASB”) is scheduled to meet October 21st-23rd. The meeting will cover various topics, including Attestation Standards: Clarification and Recodification, and proposed revisions of the first four chapters. Further, the agenda includes a possible revision of AU-C 570, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern, auditor’s reports, competency model and performance audits. Meeting information and the event’s detailed agenda are available on the AICPA’s website.

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