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Latest news

  • AICPA issues SAS 129

    Jul 28, 2014

    The AICPA’s Auditing Standards Board has published Statement on Auditing Standards No. 129, "Amendment to SAS No. 122 Section 920, Letters for Underwriters and Certain Other Requesting Parties, as Amended" (AICPA, Professional Standards, AU-C sec. 920). The AICPA issued the new guidance to address unintended changes in practice as a result of its clarity project.

  • Highlights from the FASB’s July 23 meeting

    Jul 25, 2014

    At its July 23, 2014, meeting, the FASB discussed its project on financial statements of not-for-profit entities (NFPs). In addition, the FASB jointly discussed leases with the IASB.

  • SEC approves reforms to money market funds

    Jul 25, 2014

    At its July 23, 2014, meeting, the SEC adopted a final rule that will reduce the risk of runs in money market funds (MMFs) by requiring certain MMFs to use a floating net asset value (NAV) instead of a stable NAV. The final rule also contains new requirements related to redemption gates and liquidity fees.

  • IASB publishes final version of IFRS 9

    Jul 24, 2014

    The IASB has published the final version of IFRS 9, "Financial Instruments," bringing together the classification and measurement, impairment, and hedge accounting phases of the IASB's project to replace IAS 39, "Financial Instruments: Recognition and Measurement." This version adds a new expected loss impairment model and limited amendments to classification and measurement for financial assets. The standard supersedes all previous versions of IFRS 9 and is effective for periods beginning on or after January 1, 2018.

  • TRG discusses implementation of new revenue standard

    Jul 22, 2014

    At its July 18, 2014, inaugural meeting, the joint revenue transition resource group (TRG) and FASB and IASB board members discussed potential issues related to implementing the boards’ new revenue standard.

  • PCAOB and DBA enter into cooperative agreement

    Jul 22, 2014

    The PCAOB and the Danish Business Authority (DBA) have entered into a cooperative agreement regarding the oversight of audit firms subject to the regulatory jurisdictions of both regulators.

  • Highlights from the FASB’s July 16 meeting

    Jul 21, 2014

    At its July 16, 2014, meeting, the FASB discussed its projects related to (1) the principal versus agent analysis, (2) EITF consensuses, and (3) short-duration insurance contracts.

  • New issue of “FASB Outlook” published

    Jul 17, 2014

    The FASB has published the latest issue of its quarterly e-newsletter, "FASB Outlook," which provides high-level information about the FASB’s projects and key activities.

  • PCC holds July 2014 meeting

    Jul 16, 2014

    At its meeting yesterday, the Private Company Council (PCC) discussed its proposal on identifiable intangible assets, which would give private companies the option of recognizing fewer intangible assets in a business combination.