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    AICPA

    11 October 2018

    Comment Letter - AICPA’s proposed changes to standards on agreed-upon procedures and other attestation engagements
    In our comment letter, we support expanding the instances in which a practitioner could perform and report on procedures. But we believe the AICPA should accomplish this objective by creating a new type of engagement similar to the selected procedures engagement the AICPA proposed in September 2017 rather than eliminating requirements for agreed-upon procedures engagements. We also do not support aligning the AICPA attestation standards with the International Standard on Assurance Engagements 3000 (Revised). Instead, we believe the Accounting Standards Board should conduct a post-implementation review of its clarified attestation standards that went into effect in May 2017.

    11 July 2018

    Revisions to SSAEs No. 18, Attestation standards: Clarification and recodification
    This proposed Standards for Attestation Engagements (SSAEs) would supersede AT-C section 105, Concepts Common to All Attestation Engagements; AT-C section 205, Examination Engagements; AT-C section 210, Review Engagements; and AT-C section 215, Agreed-Upon Procedures Engagements. Comments are due 11 October 2018.

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    CAQ

    18 September 2018

    2018 Main Street Investor Survey
    Since 2007, the CAQ has commissioned an annual survey of US retail investors. Each year, our Main Street Investor Survey measures confidence in US capital markets, global capital markets, audited financial information, and investing in publicly traded companies. Through a variety of market conditions over the years, the survey has shown the solid levels of trust that Americans place in the US capital markets system. This edition of the survey is no exception.

    24 July 2018

    Critical audit matters: Key concepts and FAQs for audit committees, investors, and other users of financial statements
    This CAQ publication is designed to promote understanding of critical audit matters (CAMs), a new component of the auditor’s report required by a standard adopted in 2017 by the PCAOB. The publication provides definitions, key concepts, implementation deadlines, frequently asked questions about CAMs, and side-by-side comparisons of US and international standards on expanded auditor reporting.

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    EITF

    2 October 2018

    EITF Update - September 2018
    The EITF reached consensuses-for-exposure on recognition under Topic 805 for an assumed liability in a revenue contract and improvements to accounting for episodic television series. The Task Force also discussed but didn’t reach a consensus-for-exposure on the measurement of an assumed liability in a revenue contract in a business combination. Instead, the Task Force asked the staff to draft a discussion paper that would seek feedback from stakeholders on this topic. The Task Force will discuss the topic again at a later date.

    8 June 2018

    EITF Update - June 2018
    The EITF reached a final consensus on customer’s accounting for implementation, setup, and other upfront costs (implementation costs) incurred in a cloud computing arrangement that is considered a service contract. The Task Force reached a consensus-for-exposure on recognition under Topic 805 for an assumed liability in a revenue contract. The Task Force also discussed improvements to accounting for episodic television series.

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    FASB

    18 September 2018

    Comment Letter - FASB’s proposed amendments to the new credit losses standard
    In our comment letter, we supported the FASB’s proposal to reduce transition complexity by providing entities that are not public business entities with additional time to implement the new credit losses standard. We also supported the FASB’s proposal to clarify that operating lease receivables are not in the scope of the credit losses standard and that lessors should follow the impairment guidance in ASC 842 for these receivables.

    12 September 2018

    Comment Letter - FASB proposal on narrow-scope amendments to help lessors apply the new leases standard
    In our comment letter, we supported the FASB’s efforts to reduce the cost and complexity of applying the guidance in ASC 842, Leases, by allowing lessors to make an accounting policy election to not evaluate whether sales taxes and similar taxes imposed by a third party on a lease revenue-producing activity are the primary obligation of the lessor as owner of the underlying leased asset. However, we believe the Board should clarify certain aspects of the proposal. We also support addressing stakeholders’ concerns about the difficulty of estimating certain costs paid directly by lessees to third parties on the lessor’s behalf but recommend that the FASB make changes to the proposed amendments to make them operable. We also support addressing stakeholders’ concerns about the guidance on when a lessor recognizes variable payments that relate to both a lease component and non-lease component.

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    GASB

    12 September 2018

    Preliminary views: Financial reporting model improvements
    This document presents the preliminary views of the GASB on improvements to key components of the financial reporting model. Those proposed changes would improve the effectiveness of the financial reporting model in providing information that is essential for decision making and assessing a government’s accountability. The proposals in this Preliminary Views primarily are targeted at addressing several concerns with the existing reporting of governmental fund information. Comments are due by 15 February 2019.

    12 September 2018

    Preliminary views: Recognition of elements of financial statements
    This due process document presents the preliminary views of the GASB on concepts for recognition of elements of financial statements. Recognition concepts encompass two aspects of state and local government financial statements: (1) The measurement focus of a specific financial statement determines what items should be reported as elements of that financial statement. (2) The related basis of accounting determines when those items should be reported. Comments are due by 15 February 2019.

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    PCAOB

    13 September 2018

    PCAOB enters into cooperative agreement with Austrian audit regulator
    The PCAOB announced that it has entered into a cooperative agreement with the Audit Oversight Body of Austria. This agreement provides a framework for joint inspections in the oversight of audit firms subject to the regulatory jurisdictions of both organizations. It also allows for the exchange of confidential information.

    10 September 2018

    Comment Letter - PCAOB Draft Strategic Plan for 2018-2022
    In our comment letter on the PCAOB’s Draft Strategic Plan for 2018-2022, we commend the PCAOB for seeking public input and generally support the five goals the PCAOB laid out. We also offer suggestions to enhance inspection reporting, strengthen the PCAOB’s goal relating to technological innovations and expand the stakeholders with which the PCAOB engages to include foreign regulators and international standard setters. The PCAOB is expected to publish its final Strategic Plan by the end of the year.

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    SEC

    4 October 2018

    SEC in Focus - October 2018
    Our latest newsletter summarizes SEC developments in the last quarter, including certain items we have not previously reported in Week in Review. Highlights include a discussion of the SEC’s capital formation agenda, an analysis of a new interim financial statement disclosure requirement and a proposal by the SEC to streamline disclosure requirements for certain registered debt offerings. We also discuss the Commission’s focus on digital assets, current practice matters and significant personnel changes.

    24 July 2018

    Financial disclosures about guarantors and issuers of guaranteed securities and affiliates whose securities collateralize a registrant’s securities
    The SEC proposed amendments to simplify and streamline the financial disclosure requirements applicable to registered debt offerings for guarantors and issuers of guaranteed securities, as well as for affiliates whose securities collateralize a registrant’s securities. The proposed amendments to Rules 3-10 and 3-16 of Regulation S-X would focus disclosures on information that is material to investors given the specific facts and circumstances, make the disclosures easier to understand, and reduce the costs and burdens for registrants.

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