United States

2014 AICPA National Conference on Current SEC and PCAOB Developments

Dec 22, 2014
From the Financial Reporting View

KPMG LLP recently released Issues In-Depth: 2014 AICPA National Conference on Current SEC and PCAOB Developments, which provides a comprehensive account of the topics discussed at the 2014 AICPA Conference on December 8-10. The conference featured speakers from the SEC, PCAOB, FASB, IASB, Center for Audit Quality, and AICPA, and preparers, auditors, and others who discussed recent developments and initiatives in accounting, auditing, and financial reporting. Key focus areas and highlights include:

  • The SEC’s recently appointed Chief Accountant announced that a near-term priority of the SEC staff is to make a recommendation to the SEC about IFRS in the United States, and that the staff is considering a new alternative under which U.S. companies would be allowed to include supplemental information about IFRS without reconciling to U.S. GAAP;
  • Consistent and timely implementation of the new revenue standard is an area of focus for the SEC;
  • The SEC’s Division of Corporation Finance discussed its disclosure effectiveness Initiative, to review and make recommendations for improving the SEC’s disclosure requirements under Regulations S-X and S-K;
  • Several SEC staff members commented about management’s responsibility over ICFR; and
  • The SEC and the PCAOB continue to focus on improving audit quality, and specifically commented about auditor independence and the role of the audit committee

Read Issues In-Depth: 2014 AICPA National Conference on Current SEC and PCAOB Developments