Dec 19, 2013
From the Financial Reporting View
This edition of Issues In-Depth provides a comprehensive account of the topics discussed at the annual AICPA National Conference on Current SEC and PCAOB Developments held December 9-11, 2013. The conference addressed developments at the SEC, PCAOB, FASB, and IASB; and other accounting, financial reporting and audit topics. Speakers included representatives from the SEC, PCAOB, FASB, IASB, CAQ and AICPA; as well as financial statement preparers and auditors.
Highlights from the conference include:
- SEC staff in the Division of Corporation Finance encouraged preparers to simplify and focus disclosures in regulatory filings;
- SEC and FASB representatives discussed the need to reduce complexity in accounting standards;
- SEC staff in the Office of the Chief Accountant emphasized the need for management to increase its focus on internal control over financial reporting;
- PCAOB representatives spoke about new and proposed auditing standards, including changes to the auditor’s reporting model; and
- SEC staff provided updates about Dodd-Frank and JOBS Act rulemakings.