Public Policy and Technical Alert, May 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 publishes ‘Staff Preview of 2018 Inspection Observations’
• PCAOB issues staff guidance that offers a deeper dive into the communication of CAMs
• PCAOB issues staff guidance on communications with audit committees concerning independence

SEC

• SEC proposes amendments to the accelerated and large accelerated filer definitions
• SEC proposes to improve disclosures relating to acquisitions and dispositions of businesses
• SEC issues Investor Bulletin on Regulation A
• SEC holds a small business roundtable and its inaugural Small Business Capital Formation Advisory Committee meeting
• SEC announces staff roundtable on short-term/long-term management of public company, periodic reporting system, and regulatory requirements
• Wesley R. Bricker, Chief Accountant, to leave SEC, Sagar Teotia named Acting Chief Accountant

FASB

• FASB issues new, proposed ASUs

International

• IFIAR releases annual inspection findings survey
• IASB proposes targeted amendments to IFRS standards in response to interest rate benchmark reform
• IFRS Foundation publishes 2018 Annual Report FRC sets out transition pathway
• FRC publishes guide to help smaller listed companies improve financial reporting

AICPA

• AICPA ASB issues new standards
• AICPA requests delay in private company lease accounting effective date
• NASBA and the AICPA propose changes to CPE standards

Other Developments

• Sen. Tillis introduces bill to delay the FASB’s credit losses standard
• SASB expands Investor Advisory Group

CAQ

• CAQ tool helps audit committees oversee implementation of new credit losses standard
• CAQ updates guide to ICFR
• CAQ publishes resource on emerging technologies, risk, and the auditor’s focus
• CAQ posts highlights of March 20 SEC Regulations Committee meeting
• CAQ posts highlights of November 2018 IPTF meeting
• CAQ and AAA Auditing Section announce 2019 awards for Access to Audit Personnel Program
• CAQ announces 2019 grants to fund academic research in auditing

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