Public Policy and Technical Alert, February 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 announces new Office of Enterprise Risk Management, names Chief Risk Officer, and names Chief Data Officer

SEC

• SEC Division of Corporation Finance updates C&DIs
• SEC extends comment period for proposal regarding updated disclosure requirements and summary prospectus for variable annuity and variable life insurance contracts
• SEC proposes to expand ‘test-the-waters’ modernization reform to all issuers
• SEC names S.P. Kothari as Chief Economist and Director of the Division of Economic and Risk Analysis

FASB

• FASB proposes targeted transition relief to institutions applying credit losses standard
• FASB issues proposal on recognizing and measuring deferred revenue in business combinations

International

• New IAESB standard focuses on professional development
• IAASB launches future strategy and work plan consultation
• FRC launches consultation into improvements to reporting intangibles
• IAASB opens consultation on quality management for firms and engagements
• UK government announces audit review panel and scope
• FRC, BEIS offer Brexit no-deal advice for auditors and accountants
• IAASB consults on extended external reporting assurance

Other Developments

• Kathy King joins AICPA as Senior Director Public Affairs, Advocacy & Media
• COSO and Crowe offer guidance on internal controls for health providers
• Senators introduce bipartisan legislation providing regulatory relief to spur innovation
• SASB names Madelyn Antoncic as new CEO

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