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IFAC Issues Policy Position Paper on Enhancing Organizational Reporting

This reporting involves the provision of decision-useful information to organizational stakeholders beyond that which is provided in traditional financial reporting and financial statements; and may provide important links between that financial...
Mazars Group's insight:

On October 8, 2013, the IFAC published a position paper on Enhancing Organizational Reporting. IFAC supports organizational reporting of broad-based information that is important to stakeholders for managing and directing operations, decision making, promoting transparency, and the discharge of accountability.

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US Desk Newsletter - Mazars
For all inquiries regarding PCAOB / SEC / US GAAS and US GAAP matters, please connect with us via LinkedIn! http://www.linkedin.com/in/jeanjulesdjoum . You can also follow us on Twitter: @JJDjoum @MazarsGroup
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IASB defends role of IFRS - economia

IASB defends role of IFRS - economia | US Desk Newsletter - Mazars | Scoop.it
IASB defends role of IFRS economia Hoogervorst, who was giving the key note speech at the inaugural ICAEW and IFRS Foundation Financial Institutions IFRS conference, this morning,also defended fair value accounting, pointing out that where it...
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César Cardoni's curator insight, December 26, 2013 2:26 PM

IASB point of view regarding IFRS norms

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Effects of nonaudit services at audit firms concern PCAOB, SEC

Regulators are asking whether the increasing provision of nonaudit and consulting services by audit firms poses risks to audit quality, and the PCAOB plans a formal examination of the issue in 2014.
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FASB Proposes to Simplify Financial Reporting for Development Stage Companies - Accounting Today

FASB Proposes to Simplify Financial Reporting for Development Stage Companies - Accounting Today | US Desk Newsletter - Mazars | Scoop.it
Accounting Today
FASB Proposes to Simplify Financial Reporting for Development Stage Companies
Accounting Today
FASB added a project to its technical agenda to address financial reporting complexity for all organizations in the development stage.
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IFAC Issues Policy Position Paper on Enhancing Organizational Reporting

This reporting involves the provision of decision-useful information to organizational stakeholders beyond that which is provided in traditional financial reporting and financial statements; and may provide important links between that financial...
Mazars Group's insight:

On October 8, 2013, the IFAC published a position paper on Enhancing Organizational Reporting. IFAC supports organizational reporting of broad-based information that is important to stakeholders for managing and directing operations, decision making, promoting transparency, and the discharge of accountability.

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SEC.gov | SEC Issues Proposal on Crowdfunding

SEC.gov | SEC Issues Proposal on Crowdfunding | US Desk Newsletter - Mazars | Scoop.it
Mazars Group's insight:

On October 23, 2013, the SEC proposes rules under the JOBS Act to permit companies to offer and sell securities through crowdfunding.

Crowdfunding describes an evolving method of raising capital that has been used outside of the securities arena to raise funds through the Internet for a variety of projects ranging from innovative product ideas to artistic endeavors like movies or music.

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PCAOB standard for auditing revenue may be on the horizon

Auditing revenue will need to be an area of focus for PCAOB standard setting in the near future, PCAOB member Jay Hanson said in a speech Monday.
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Accounting World, Still Resisting Sunlight

Accounting World, Still Resisting Sunlight | US Desk Newsletter - Mazars | Scoop.it
The American accounting industry has fiercely battled any attempt by regulators to require partners to sign off publicly on audits.
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Poor Internal Control Tests Hurt Financial Statement Audits

Poor Internal Control Tests Hurt Financial Statement Audits | US Desk Newsletter - Mazars | Scoop.it
Deficiencies in audits of internal control can lead to inadequate disclosures in the financial statement audit, says a new PCAOB practice alert.
Mazars Group's insight:

A significant number of deficiencies occurred over the past three years in audits of internal controls, which can lead to inadequate disclosures in the financial statement audit, according to a practice alert from the PCAOB. The board recommended that audit teams consider whether added training of auditing personnel is needed to keep them abreast of trends in internal controls.

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Collectibility threshold added in significant change to rev rec proposal

A collectibility threshold added represents a significant change to the converged revenue recognition proposal FASB and the International Accounting Standards Board are developing.
Mazars Group's insight:

The FASB and the IASB made a significant change in a major project Wednesday by adding a collectibility threshold to the converged financial reporting standard they are developing for revenue recognition.
In what’s scheduled to be their last joint meeting on a project that will significantly affect financial statements across the world, the boards voted to tentatively approve a collectibility threshold that contracts must meet for revenue to be recognized. Entities would have to determine that collectibility is probable in order to recognize revenue.

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Proposed ASU - Compensation - Stock Compensation (Topic 718)

Mazars Group's insight:

On October 23, 2013, the FASB proposed an ASU on Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. Current U.S. GAAPs do not contain explicit guidance on how to account for such share-based payments. This proposed ASU is intended to resolve the diverse accounting treatment of those awards in practice. The proposed amendments require that a performance target that could be achieved after the requisite service period be treated as a performance condition that affects the vesting of the award.
Comment Deadline: December 23, 2013

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Six trends that are reshaping business

Read about six demographic trends that will make promoting diversity and new business practices essential in the accounting profession.
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U.S. watchdog adopts Madoff-inspired reforms for auditors of brokers - Fox Business (press release)

U.S. watchdog adopts Madoff-inspired reforms for auditors of brokers - Fox Business (press release) | US Desk Newsletter - Mazars | Scoop.it
U.S. watchdog adopts Madoff-inspired reforms for auditors of brokers Fox Business (press release) Under the new PCAOB rules, auditors of brokerages that hold custody of client money will be required to conduct reviews of those brokerages' internal...
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AICPA Chairman Bill Balhoff: Challenges in the profession

Bill Balhoff, CPA/CFF, CGMA, AICPA Chairman 2013-2014, discusses two of the top challenges facing the profession: regulation and the development of leaders and critical decision makers.
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PCAOB seeks improvement in engagement quality reviews - Journal of Accountancy

PCAOB seeks improvement in engagement quality reviews
Journal of Accountancy
A PCAOB report released Friday instructs audit firms to take steps to ensure that engagement quality reviews detect the audit deficiencies they are meant to identify.
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FASB: Final Revenue Recognition Standard Coming Soon - Accountingweb.com

FASB: Final Revenue Recognition Standard Coming Soon - Accountingweb.com | US Desk Newsletter - Mazars | Scoop.it
Accounting Today FASB: Final Revenue Recognition Standard Coming Soon Accountingweb.com On November 6, the Financial Accounting Standards Board (FASB) voted to move forward with preparing the final standard on revenue recognition, which is slated...
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FASB proposes eliminating 'development stage entity' distinction

A new FASB proposal seeks to eliminate the designation of 'development stage entity,' as well as related disclosure requirements, from U.S.
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Social Media Marketing May Be the Key to Practice Profitability | IFAC

Social Media Marketing May Be the Key to Practice Profitability | IFAC | US Desk Newsletter - Mazars | Scoop.it
The acquisition of new clients continues to be a dominant driver of profitability for small- and medium-sized practices (SMPs).
Mazars Group's insight:

The acquisition of new clients continues to be a dominant driver of profitability for small- and medium-sized practices (SMPs). Indeed, in the latest edition of the IFAC SMP Quick Poll, the largest portion of respondents identified acquisition of new clients as the main driver of practice profitability—by a wide margin.
This article looks at promotion and marketing and, in particular, the role of social media in acquiring new clients and driving practice profitability.

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Financial Regulators Propose Joint Standards for Assessing Diversity Policies and Practices of Regulated Entities

Financial Regulators Propose Joint Standards for Assessing Diversity Policies and Practices of Regulated Entities | US Desk Newsletter - Mazars | Scoop.it
Mazars Group's insight:

On October 23, 2013, six federal financial regulatory agencies proposed joint standards for assessing the diversity policies and practices of the institutions they regulate. The proposed standards are intended to promote transparency and awareness of diversity policies and practices within the institutions.

 

The assessment standards cover four key areas:
• Organizational commitment to diversity and inclusion.
• Workforce profile and employment practices.
• Procurement and business practices and supplier diversity.
• Practices to promote transparency of organizational diversity and inclusion.

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PCAOB Announces Standing Advisory Group Meeting on Nov. 13-14, 2013 and SAG meeting dates for 2014

PCAOB Announces Standing Advisory Group Meeting on Nov. 13-14, 2013 and SAG meeting dates for 2014 | US Desk Newsletter - Mazars | Scoop.it
Mazars Group's insight:

On October 21, 2013, the PCAOB announced that it will hold a meeting of its Standing Advisory Group on Wednesday and Thursday, Nov. 13-14, 2013.
The agenda for next month's meeting includes a discussion of recent PCAOB developments and the Board's current standard-setting activities. Additionally, the SAG will discuss:
· Fraud Task Force;
· Audit Quality Indicators;
· Auditor's Reporting Model.

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PCAOB Names Marc B. Dorfman as Chief Hearing Officer

PCAOB Names Marc B. Dorfman as Chief Hearing Officer | US Desk Newsletter - Mazars | Scoop.it
Mazars Group's insight:

On October 23, 2013, the PCAOB announced that Marc B. Dorfman joined the organization as the Chief Hearing Officer. His role (bad cop!!!!) will be to adjudicate disciplinary proceedings instituted by the Board against registered public accounting firms and persons associated with those firms, as well as certain proceedings involving firm registration applications.

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Staff Audit Practice Alert in Light of Deficiencies Observed in Audits of ICF Released

Staff Audit Practice Alert in Light of Deficiencies Observed in Audits of ICF Released | US Desk Newsletter - Mazars | Scoop.it
Mazars Group's insight:

On October 23, 2013, the PCAOB issued a Staff Audit Practice Alert (SAPA) in light of a significant number of audit deficiencies observed in the past three years related to audits of internal control over financial reporting (ICFR).

 

SAPA # 11 specifically discusses:
1. Auditors' risk assessment and the audit of internal control;
2. Selecting controls to test;
3. Testing management review controls;
4. Information technology considerations, including system-generated data and reports;
5. Roll-forward of control testing performed at an interim date;
6. Using the work of others;
7. Evaluating identified control deficiencies.

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Proposed ASU—Derivatives and Hedging (Topic 815)

Mazars Group's insight:

On October 23, 2013, the FASB proposed an ASU on Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity. There is diversity in practice with respect to the consideration of redemption features in relation to other features when determining whether the
nature of the host contract is more akin to debt or to equity. The objective of this proposed Update is to eliminate the use of different methods in practice and thereby reduce existing diversity surrounding the accounting for hybrid financial instruments issued in the form of a share under U.S. GAAP. The amendments in this proposed Update would not change the current criteria in U.S. GAAP for determining when separation of certain embedded derivative features in a hybrid financial instrument is required. The proposed amendments would clarify that all relevant terms and features—including the embedded derivative feature being evaluated for bifurcation—should be considered in the evaluation of the nature of the host contract.

 

Comments Due: December 23, 2013

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Remarks of FASB Chairman Russell G. Golden at NASBA Conference in Maui Hawaii

Mazars Group's insight:

On October 28, 2013, Mr. Russell spoke at the NASBA‟s 106th Annual Meeting in Maui. He talked about the future of Generally Accepted Accounting Principles – better known as GAAP. He shared some of his thoughts about the challenge faced by the FASB in exercising its responsibility to both preserve and evolve GAAP
standards.

According to Mr. Russell, “GAAP standards are created through a world-class, comprehensive, independent process that encourages broad participation, objectively considers the views of all stakeholders, and is subject to appropriate oversight…….”
“….In the case of international standard setting, we are trying to achieve greater comparability while identifying and acknowledging those areas where there are – or may be – different needs. Those needs may arise because of – for example – different business cultures or different legal or regulatory requirements. In the case of domestic standard setting, we are trying to identify those areas where there are different needs based on different types of companies……”

Please read these remarks to get more substances on the status of the IFRS-US GAAP convergence issues.

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New opportunities for CPAs in proposed crowdfunding rules

Rules on crowdfunding proposed by the SEC on Wednesday would create opportunities for startups and small, private businesses to raise cash through internet-aided sales of securities—and would create opportunities for work by CPAs.
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Battle over 'prudence' isolates the IASB - Accountancy Age (blog)

Battle over 'prudence' isolates the IASB - Accountancy Age (blog) | US Desk Newsletter - Mazars | Scoop.it
Accountancy Age (blog) Battle over 'prudence' isolates the IASB Accountancy Age (blog) THE CLAMOUR for the IASB to re-insert a specific reference to the concept of prudence in its conceptual framework is now such, that one has to question the...
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