Jul 19, 2013
From the Financial Reporting View
This edition of Defining Issues reports on transition to the COSO 2013 Internal Control - Integrated Framework. As previously announced, COSO will continue to make available its original Framework during the transition period extending to December 15, 2014, after which time COSO will consider it as superseded by the 2013 Framework. It is our understanding that there will be a period of time beyond December 15, 2014, where the SEC staff does not intend to question the use of the 1992 Framework by registrants. While it is uncertain whether the SEC will ultimately set a transition date, questions as to why a registrant continues to use a superseded Framework become more legitimate with the passage of time.