Public Policy and Technical Alert, April 2019

As part of the Center for Audit Quality’s ongoing effort to keep members and stakeholders informed on significant public policy and accounting matters, we are pleased to offer the Public Policy and Technical Alert (PPTA). Each month, the PPTA highlights and examines the regulatory, standard-setting, legislative, and broader financial reporting developments impacting the public company audit profession. Please note that the PPTA is intended as general information and should not be relied upon as being definitive or all-inclusive. The CAQ encourages member firms to refer to the rules, standards, guidance, and other resources in their entirety at the hyperlinks provided below. All entities should carefully evaluate which requirements apply to their respective organizations.

In This Issue:

PCAOB

• PCAOB releases 2018 Annual Report

SEC

• President Trump nominates Allison Lee for SEC seat
• Corp Fin issues guidance on new rules and procedures for exhibits containing immaterial, competitively harmful information
• OCIE risk alert summarizes Regulation S-P compliance issues
• SEC announces members of Small Business Capital Formation Advisory Committee

FASB

• FASB issues narrow-scope improvements to financial instruments standards
• FASB rejects proposal on credit losses standard
• FAF Board of Trustees announces leadership changes

International

• CMA recommends shake-up of UK audit market
• ICAEW paper helps stakeholders better understand financial reporting
• IFRS Foundation posts April 2019 TRG for IFRS 17 meeting summary
• IAASB seeks input on audits of less complex entities
• IAASB publishes ISA 540 (Revised) implementation support flow charts and diagram
• IESBA publishes Strategy and Work Plan 2019-2023
• IIRC publishes Q&A on integrated reporting

Other Developments

• House committee approves SEC Disclosure Effectiveness Testing Act
• Federal Reserve Board invites public comment on regulatory framework that would more closely match rules for foreign banks with the risks they pose to U.S. financial system

CAQ

• Julie Bell Lindsay named Executive Director of the CAQ
• CAQ publishes External Auditor Assessment Tool
• CAQ posts new videos on website

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