PUBLIC POLICY AND TECHNICAL ALERT, JULY 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 posts CAM resources for audit committees and investors
• PCAOB posts new standard implementation pages

SEC

• SEC staff publishes statement highlighting risks for market participants to consider as they transition away from LIBOR
• SEC and FINRA issue joint statement on broker-dealer custody of digital asset securities
• SEC hosts roundtable on short-term/long-term management of public companies
• SEC updates Financial Reporting Manual
• Allison Lee sworn in as SEC Commissioner
• SEC names Sagar Teotia as Chief Accountant; Deputy Chief Accountant Julie Erhardt departs

FASB

• FASB seeks stakeholder input on certain identifiable intangible assets and the subsequent accounting for goodwill
• FASB staff issues Q&A to help organizations estimate expected credit losses on financial assets
• FASB to propose delaying effective dates for four major standards
• FAF Trustees open search for new board chair
• FASB issues exposure draft intended to clarify interaction between standards

International

• FRC consults on enhanced Ethical and Auditing Standards
• U.K. government consults on CMA recommendations
• IASB proposes amendments to accounting for deferred tax
• IESBA launches eCode
• July 2019 IASB Update, including IASB–FASB joint meeting, published and work plan updated
• IIA announces global chairman and new board for 2019–20
• IESBA Proposes Changes to Promote Role, Mindset Expectations

AICPA

• AICPA’s Auditing Standards Board proposes two new SASs

Other Developments

• House Financial Services Committee approves PCAOB and climate change disclosure bills

CAQ Updates

• CAQ develops FAQs about CAMs for IR professionals
• CAQ comments on proposed SEC rules
• CAQ comments on IAASB’s proposed quality management standards
• CAQ posts discussion document on monitoring inflation in certain countries
• CAQ issues new ‘Profession in Focus’ videos

Upcoming Events