Insights

Don Applegarth and Steve Thompson are attending the National SEC and PCAOB Conference in Washington D.C. this week. Here’s a peek at a few of their observations from Robert Harris' presentation at the conference.

On December 7th, AICPA’s Robert R. Harris provided a summary of observations including:

• Globalization – There are continued calls for a single set of high quality global standards. He encouraged ongoing convergence and work of FASB and IASB. AICPA website has IFRS information. The CPA exam will include IFRS questions in 2011. IFRS for Small to Medium Size Entities was issued for private companies. Significant headway is anticipated on private company financial reporting.
• Jurisdictional confidentiality rules are making it difficult for the PCAOB.
  There is a need to demonstrate leadership to enhance business reporting such as EBR (financial and non financial performance, key performance indicators, disclosures) and XBRL.
• Re-regulation of the financial sector to address systemic risk of broker dealers and hedge funds is occurring. There will be tighter audit requirements, and the Investor Protection Act of 2009 is moving through Congress which will double the of number of firms under PCAOB inspection.
• The AICPA’s financial literacy program is aimed at approving understanding of financial information to all people.

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This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax related matter.

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