The annual AICPA National Conference on Current SEC and PCAOB Developments was held in Washington, DC from December 9 – 11, 2013. Among the various speakers included representatives from the SEC, FASB, PCAOB, IASB and AICPA. Although a number of topics involving financial reporting and auditing were covered through the various presentations, principal themes included:
- Continued importance of transparency and integrity of financial reporting
- Accounting and disclosure simplification aimed at providing more comprehensive, informative and meaningful disclosure
- Global accounting and auditing standards initiatives (FASB/IASB convergence projects)
- Considerations for transitioning to COSO’s updated internal control framework to comply with internal control reporting requirements
- Role of auditors considerations, including the PCAOB’s releases on independence and possible changes to the auditor’s report
- Accounting and auditing quality and the influence on capital formation and economic success
Stay tuned for updates to the SEC and PCAOB developments which can be monitored through the FASB’s website or stay tuned for more Schneider Downs Insights as more information becomes available.
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