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  • Center for Audit Quality (CAQ)
    of SEC Regulations Committee meeting Highlights of International Practices Task Force meeting Select news releases CAQ issues guidance on understanding cybersecurity and the external audit CAQ 02 01 2016 The CAQ published guidance to aid member firms as they proactively discuss the profession s role as it relates to cybersecurity The purpose of the guidance is to provide general non technical messages in the form of responsive talking points and potential Q A to facilitate the conversation with audit committees and or boards of directors about cybersecurity CAQ and Audit Analytics release 2015 Audit Committee Transparency Barometer CAQ 11 02 2015 The CAQ and Audit Analytics an independent research provider released findings from the new Audit Committee Transparency Barometer In 2014 the CAQ and Audit Analytics undertook their initial effort to gauge how public company audit committees approach the public communication of their oversight activities by measuring the robustness of proxy disclosures among companies in the S P Composite 1500 This index is comprised of the S P 500 large cap companies the S P MidCap 400 and the S P SmallCap 600 The second edition of the Barometer provides a year over year comparison in key audit committee disclosure areas The 2015 Barometer identifies encouraging trends in 2015 with respect to voluntary enhanced disclosure around external auditor oversight an important facet of the audit committee s broader financial reporting oversight role CAQ issues Alerts on select auditing considerations for the 2015 audit cycle CAQ 10 12 2015 The AICPA Center for Audit Quality CAQ published two Alerts highlighting certain auditing considerations that may be relevant for the 2015 audit cycle 1 Select Auditing Considerations for the 2015 Audit Cycle and 2 Select Considerations for the 2015 Audit Cycle for Brokers and Dealers The Alerts discuss judgmental and complex audit

    Original URL path: http://www.pwc.com/us/en/cfodirect/standard-setters/caq.html (2016-02-10)
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  • COSO Internal Control Framework: PwC
    COSO s primary objectives for updating the Internal Control Integrated Framework included i clarifying requirements for effective internal control ii addressing changes in business e g globalization use and dependence on technology complexity that introduce or elevate risk of achieving entity objectives and iii encouraging users to apply internal control to additional entity objectives such as regulatory reporting operations and compliance The 2013 Framework describes two additional requirements in italics for an effective system of internal control Each of the five components of internal control and relevant principles is present and functioning The five components of internal control operate together in an integrated manner The seventeen principles set out in the 2013 Framework are fundamental concepts associated with the five components of internal control These concepts were implicit in the 1992 Framework The 2013 Framework explicitly requires that each relevant principle be present and functioning i e designed and operating effectively to demonstrate that all five components of internal control are present and functioning The Firm has developed templates and guidance to help clients assess and document how the company s ICFR satisfies the seventeen principles We do not believe the additional criteria fundamentally change what is required for an effective system of internal control over financial reporting However as management and internal auditors assess the design and operating effectiveness of the company s ICFR in accordance with the 2013 Framework they may identify internal control deficiencies that require remediation during 2014 Resources PwC videos and publications Select COSO news releases PwC videos and publications Videos Compliance and the new COSO Framework 3 20 2015 Hear PwC and corporate professionals discuss the intersection of COSO and Compliance including potential material impact aligning fraud risk with ERM setting a principles based compliance program and more Video COSO 2013 ICFR Transition 3 13 2014 Highlights how clients can effectively leverage PwC s four phased approach to transition to the COSO 2013 Framework and utilize the Phase 2 mapping template Video Internal control COSO update 9 17 2013 PwC s Stephen Soske Chuck Harris and Kassie Bauman discuss how companies should address the new COSO framework in their internal control processes Dataline COSO issues the updated Internal Control Integrated Framework and related illustrative documents PwC 5 14 13 On May 14 2013 COSO published an updated Internal Control Integrated Framework and related illustrative documents This Dataline highlights noteworthy updates to the Framework summarizes the purpose of the illustrative documents and highlights key considerations for clients 10Minutes on why the COSO Update deserves your attention PwC 5 14 13 COSO has published a PwC authored update to its framework the first in over 20 years which gives you an opportunity to refresh your controls for today s environment Back to top Select News Releases COSO white paper explains how to leverage COSO framework across three lines of defense COSO 07 07 2015 This new COSO white paper advocates applying the Three Lines of Defense model for clearly defining responsibilities for three aspects of risk

    Original URL path: http://www.pwc.com/us/en/cfodirect/standard-setters/coso.html (2016-02-10)
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  • Emerging Issues Task Force (EITF) - latest developments
    final meeting minutes EITF issue summaries PwC s EITF observer EITF observer A meeting synopsis November 2015 PwC 11 17 2015 The EITF met on November 12 2015 to discuss four issues PwC s EITF observer provides you an insightful summary of decisions reached and the changes affecting GAAP EITF observer A meeting synopsis September 2015 PwC 09 21 2015 The EITF met on September 17 2015 to discuss two issues PwC s EITF observer provides you an insightful summary of decisions reached and the changes affecting GAAP Back to top EITF final meeting minutes Final Minutes September 17 2015 EITF Meeting At its September 2015 meeting the FASB s Emerging Issues Task Force EITF discussed but did not reach final consensus or consensus for exposure on two issues 1 the recognition of breakage for certain prepaid stored value cards and 2 the classification of certain cash receipts and cash payments in the statement of cash flows Further discussion is expected on both issues at the November 12 2015 EITF meeting The EITF reached a tentative consensus to expand the scope of the prepaid stored value cards issue It will reconsider the updated scope at the November meeting The EITF also discussed and reached tentative consensuses on four of the nine items being addressed in the cash flow classification issue Those four items include 1 the classification of cash flows related to corporate owned life insurance policies 2 classification of distributions from equity method investees 3 classification of beneficial interests in securitization transactions and 4 the application of the predominance principle Back to top EITF issue summaries Issue 15 A Application of the Normal Purchases and Normal Sales Scope Exception to Certain Electricity Contracts within Nodal Energy Markets EITF 03 10 2015 Issue 15 B Recognition of Breakage for Prepaid

    Original URL path: http://www.pwc.com/us/en/cfodirect/standard-setters/eitf.html (2016-02-10)
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  • Financial Accounting Standards Board (FASB) - latest developments
    financial instruments FASB 01 05 2016 The FASB published Accounting Standards Update ASU 2016 01 Recognition and Measurement of Financial Assets and Financial Liabilities intended to improve the recognition and measurement of financial instruments The ASU affects public and private companies not for profit organizations and employee benefit plans that hold financial assets or owe financial liabilities 2016 U S GAAP Financial Reporting Taxonomy now available FASB 12 17 2015 The FASB announced the availability of the 2016 U S GAAP Financial Reporting Taxonomy pending final acceptance by the SEC The FASB is responsible for the ongoing development and maintenance of the Taxonomy applicable to public issuers registered with the SEC The 2016 Taxonomy contains updates for new accounting standards and other improvements to the 2015 Taxonomy currently used by SEC issuers FASB proposes improvements to fair value measurement disclosure requirements FASB 12 03 2015 The FASB issued a proposed Accounting Standards Update ASU titled Fair Value Measurement Topic 820 Disclosure Framework Changes to the Disclosure Requirements for Fair Value intended to improve the effectiveness of disclosure requirements on fair value measurements The proposed ASU would improve existing disclosure requirements related to fair value measurement clarify disclosure requirements as well as identify ways to improve the board s decision process Back to top Proposed standards See the FASB s website for a copy of all outstanding proposed Standards Proposed Accounting Standards Update Classification of Certain Cash Receipts and Cash Payments a consensus of the FASB Emerging Issues Task Force FASB 01 29 2016 Stakeholders indicated that there is diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230 Statement of Cash Flows and other Topics This proposed Update addresses eight specific cash flow issues with the goal of reducing the existing diversity in practice Comments due March 29 2016 Proposed Accounting Standards Update Changes to the Disclosure Requirements for Defined Benefit Plans FASB 01 26 2016 This proposed ASU would modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement benefit plans Comments due April 25 2016 Proposed Accounting Standards Update Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost FASB 01 26 2016 This proposed ASU seeks to improve guidance related to the presentation of defined benefit costs in the income statement Comments due April 25 2016 Proposed Accounting Standards Update Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement FASB 12 03 2015 This proposed ASU is intended to improve the effectiveness of disclosure requirements on fair value measurements The proposed ASU would improve existing disclosure requirements related to fair value measurement clarify disclosure requirements as well as identify ways to improve the board s decision process Comments due February 29 2016 Proposed Accounting Standards Update Disclosures by Business Entities about Government Assistance FASB 11 12 2015 This proposed ASU aims to improve financial statement disclosures about government assistance that businesses and other

    Original URL path: http://www.pwc.com/us/en/cfodirect/standard-setters/fasb.html (2016-02-10)
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  • Governmental Accounting Standards Board (GASB)
    Defined Benefit Pension Plans to address a practice issue regarding the scope and applicability of Statement 68 Accounting and Financial Reporting for Pensions FAF issues post implementation review report on GASB Statements 33 and 36 on nonexchange transactions GASB 11 17 2015 The Financial Accounting Foundation FAF the oversight body of the GASB has published its Post Implementation Review PIR Report on GASB Statements No 33 Accounting and Financial Reporting for Nonexchange Transactions and No 36 Recipient Reporting for Certain Shared Nonexchange Revenues The PIR Report addresses technical operational and cost effectiveness aspects of the two Statements The PIR Report concluded that the accounting and financial reporting standards for state and local governments that address nonexchange transactions achieved their purpose GASB proposes changes to pension standards for certain governments GASB 10 14 2015 The GASB published an exposure draft titled Accounting and Financial Reporting for Pensions Provided through Certain Multiple Employer Defined Benefit Pension Plans which is intended to assist governments that participate in certain multiple employer pension plans to meet the reporting requirements of GASB Statement No 68 Accounting and Financial Reporting for Pensions Specifically it addresses concerns regarding the inability of governments whose employees are provided pension benefits through multiple employer pension plans to obtain information e g measurements and other relevant data points needed to comply with the requirements of the Statement GASB summarizes cost and benefits of new standards related to other postemployment benefits GASB 10 06 2015 The GASB published a document titled Understanding Costs and Benefits Other Postemployment Benefits which summarizes how the board considered the expected costs and benefits of its new standards related to other postemployment benefits OPEBs GASB Statement No 74 Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans and GASB Statement No 75 Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions The document also summarizes the process the GASB undertook to conclude that the expected benefits of the amendments in the new GASB Statements justify the anticipated costs Back to top Final rules See the GASB s website for a copy of each GASB Statement GASB Statement No 79 Certain External Investment Pools and Pool Participants GASB 12 23 2015 GASB Statement No 78 Pensions Provided through Certain Multiple Employer Defined Benefit Pension Plans GASB 12 11 2015 Back to top Proposed rules Proposed GASB Statement Fiduciary Activities GASB 12 22 2015 This proposed Statement would establish guidance regarding what constitutes fiduciary activities for financial reporting purposes the recognition of liabilities to beneficiaries and how fiduciary activities should be reported Comments are due March 31 2016 Proposed GASB Statement Certain Asset Retirement Obligations GASB 12 22 2015 This proposed Statement would establish guidance for determining the timing and pattern of recognition for liabilities related to asset retirement obligations e g decommissioning of a nuclear reactor and corresponding deferred outflows of resources Comments are due March 31 2016 Proposed GASB Statement Pension Issues GASB 12 22 2015 This proposed Statement addresses practice issues raised by stakeholders during

    Original URL path: http://www.pwc.com/us/en/cfodirect/standard-setters/gasb.html (2016-02-10)
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  • International Accounting Standards Board (IASB) - latest developments
    update for IFRS for SMEs IASB 12 01 2015 The IFRS Foundation published a Taxonomy Update to the IFRS Taxonomy 2015 that incorporates the taxonomy elements for 2015 Amendments to the IFRS for SMEs Updates to the IFRS Taxonomy contain additional taxonomy concepts that reflect new Standards and amendments to Standards issued by the IASB They may also contain technical updates new common practice elements or general taxonomy improvements IFRS Foundation proposes enhanced due process for IFRS Taxonomy development IASB 11 04 2015 The IFRS Foundation published for public comment a proposed enhanced due process for the development and maintenance of the IFRS Taxonomy The development and maintenance of the IFRS Taxonomy was a supporting activity under the IFRS Foundation until 2011 when it became part of the IASB s work The proposal would now give the IASB wider responsibilities in the development of the IFRS Taxonomy Back to top PwC s IFRS news IFRS news December 2015 January 2016 PwC 12 22 2015 This issue of IFRS news looks at 1 revenue TRG discusses optional purchases licences and other topics 2 news from the TRG for Impairment 3 FASB exposure draft on definition of a business 4 update on IFRS in the US 5 year end reminders 6 insurance contracts 7 classification and measurement of share based payments 8 Santa and the leasing standard 9 the accounting horoscope 2016 and 10 IFRIC rejections IAS 10 IFRS news November 2015 PwC 11 23 2015 This issue of IFRS news looks at 1 proposed interpretation on foreign currency and advance consideration 2 new interpretation on uncertainty over income tax treatments 3 proposed practice statement on the application of materiality to financial statements 4 leases 5 update on IFRS 9 Impairment Transition Group 6 financial instruments with the characteristics of equity 7 disclosure initiative 8 insurers and IFRS 9 9 borrowing costs 10 joint control 11 definition of a business and 12 IFRIC rejections in short IAS 10 Back to top IASB Update meeting minutes The IASB Update is a staff summary of the tentative decisions reached by the IASB in its public meetings IASB Update January 2016 The IASB met in public from January 19 20 2016 at the IASB offices in London IASB Update December 2015 The IASB met in public from December 15 16 2015 at the IASB offices in London IASB Update November 2015 The IASB met in public from November 18 19 2015 at the IASB offices in London Back to top Proposed rules Exposure Draft Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts Exposure Draft IASB 12 10 2015 This exposure draft is intended to amend the existing insurance contracts standard IFRS 4 Insurance Contracts to address the temporary consequences of the different effective dates of IFRS 9 Financial Instruments and the new insurance contracts standard Comments are due by February 8 2016 Exposure Draft Transfers of Investment Property Proposed amendment to IAS 40 IASB 11 19 2015 The IASB has published for public

    Original URL path: http://www.pwc.com/us/en/cfodirect/standard-setters/iasb.html (2016-02-10)
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  • International Federation of Accountants (IFAC)
    consistent high quality global regulation to aid global economic growth The principles are intended to help guide regulators toward better decisions and protect the global economy from the dangers posed by a patchwork approach to regulation IPSASB proposes revisions to the cash basis IPSAS IFAC 02 03 2016 The IPSASB released for comment Exposure Draft ED 61 Amendments to Financial Reporting under the Cash Basis of Accounting The Cash Basis IPSAS has two parts Part 1 identifies requirements that a reporting entity needs to adopt to claim that its financial statements comply with the IPSAS It presently includes requirements for preparation of consolidated financial statements and for disclosure of information about external assistance and payments made by third parties ED 61 proposes that these requirements be revised recast as encouragements and moved into Part 2 of the IPSAS Part 2 identifies encouraged disclosures that an entity may choose to provide but which are not required to claim compliance with the IPSAS IPSASB publishes exposure draft on public sector combinations IFAC 01 28 2016 IFAC s International Public Sector Accounting Standards Board IPSASB published Exposure Draft 60 Public Sector Combinations intended to classify public sector combinations as either amalgamations or acquisitions using a rebuttable presumption approach that takes into account control and other factors IAASB issues final amendments on auditor reporting on special purpose financial statements IFAC 01 07 2016 IFAC s International Auditing and Assurance Standards Board IAASB released two revised International Standards on Auditing ISAs on reporting on special purpose financial statements Reporting on special purpose financial statements is linked to the IAASB s new and revised Auditor Reporting standards issued in January 2015 in particular ISA 700 Revised Forming an Opinion and Reporting on Financial Statements and new ISA 701 Communicating Key Audit Matters in the Independent Auditor s Report The amendments to ISA 800 and ISA 805 are limited to auditor reporting and are not intended to substantively change the underlying premise of these engagements in accordance with the extant ISAs IESBA issues paper on ethical considerations relating to audit fee setting in the context of downward fee pressure IFAC 01 06 2016 The staff of the IFAC s International Ethics Standards Board for Accountants IESBA have developed a new publication Ethical Considerations Relating to Audit Fee Setting in the Context of Downward Fee Pressure in response to stakeholder concerns about downward pressure on fees and its potential to adversely impact audit quality The publication highlights important considerations in the Code of Ethics for Professional Accountants the Code for auditors in relation to the setting of audit fees Back to top Exposure Drafts IESBA Exposure Draft Limited Re exposure of Proposed Changes to the Code Addressing the Long Association of Personnel with an Audit Client IFAC 02 04 2016 This Exposure Draft relates to the IESBA s project to develop more robust and comprehensive provisions dealing with the long association of personnel with an audit or assurance client It contains a basis for conclusions regarding proposals that

    Original URL path: http://www.pwc.com/us/en/cfodirect/standard-setters/ifac.html (2016-02-10)
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  • IFRS Interpretations Committee (IFRIC)
    Committee meets every 2 months in London UK See below for meeting materials November 2015 Meeting September 2015 Meeting Back to top Newsletter IFRIC Update IFRIC Update November 2015 This edition of IFRIC Update provides a summary of the IFRS Interpretations Committee s November 10 11 meeting The meeting included discussions of the Committee s current agenda items agenda decisions issues considered for annual improvements and discussion of other work in progress IFRIC Update September 2015 This edition of IFRIC Update provides a summary of the IFRS Interpretations Committee s September 8 9 meeting The meeting included discussions of the Committee s current agenda items agenda decisions issues considered for annual improvements and discussion of other work in progress Back to top Exposure Drafts Draft Interpretation Foreign Currency Transactions and Advance Consideration IFAC 10 21 2015 This Draft Interpretation addresses which exchange rate should be used to report foreign currency transactions when payment is made or received in advance It is intended to address diversity in practice in circumstances in which consideration was received or paid in advance of the recognition of the related asset expense or income Comments are due January 19 2016 Draft Interpretation Uncertainty over Income Tax Treatments IFAC 10 21 2015 This Draft Interpretation addresses how uncertainty over income tax treatments should affect the accounting for income taxes It is intended to address diversity in practice in applying IAS 12 Income Taxes IAS 12 provides requirements on the recognition and measurement of current or deferred tax liabilities or assets but does not provide specific guidance for how uncertainty about a tax treatment should be reflected in the accounting for income taxes Comments are due January 19 2016 Back to top PwC Response letters PwC Comments on IFRS IC tentative agenda decision IFRIC 21 Levies PwC 10

    Original URL path: http://www.pwc.com/us/en/cfodirect/standard-setters/ifric.html (2016-02-10)
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