Dec 17, 2015
From the Financial Reporting Network
This edition of Issues In-Depth provides a comprehensive account of the topics discussed at the 2015 AICPA Conference on December 9-11, 2015. 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. Highlights include:
- The importance of internal control over financial reporting and the respective roles of preparers, auditors, and audit committees in the development and maintenance of high-quality, reliable financial reporting;
- The need to apply well-reasoned judgments to provide decision-useful information that allows for informed investment decisions.
- The critical importance of continued collaboration among industries and countries to promote consistent application of the new revenue recognition standard and other forthcoming accounting standards;
- Areas of focus from the Office of the Chief Accountant and the Division of Corporation Finance, including accounting and disclosure of revenue, segments, fair value, consolidations, and income taxes, and considerations related to non-GAAP measures and management’s discussion and analysis.