Accounting Research Manager

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Weekly Summary of Accounting, SEC and Auditing Developments: January 2-5, 2024

The accounting updates below are provided courtesy of Accounting Research Manager, a subscription service that provides a timely and comprehensive online database of analytical accounting, auditing and SEC information as well as authoritative literature. KnowledgeLeader members are eligible to receive a 15% discount if they would like to subscribe to Accounting Research Manager. Experience the full database by requesting your free trial.

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ACCOUNTING AND SEC SUMMARIES:

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A Closer Look – New Edition of A Closer Look Published Discussing AICPA & CIMA Conference on Current SEC and PCAOB Developments

We have published a new edition of A Closer Look, The 2023 AICPA & CIMA Conference on Current SEC and PCAOB Developments. This new edition discusses the more significant financial reporting and auditing issues discussed during the 2023 AICPA & CIMA Conference on Current SEC and PCAOB Developments (Conference). The Conference was held in Washington, D.C. and virtually.

EDGAR – SEC Updates EDGAR Filer Manual

The SEC has published a Final Rule, Adoption of Updated EDGAR Filer Manual. This new edition of the EDGAR Filer Manual has been updated to reflect recent SEC rulemaking, including changes for the new disclosure requirements for cybersecurity incidents. The SEC adopted new rules to enhance and standardize disclosures regarding cybersecurity risk management, strategy, governance, and incidents by public companies in Forms 10-K and 8-K.

Segment Reporting – New Edition of GAAP Update Service Published

We have published a new GAAP Update Service, New Rules for Segment Reporting. This new edition discusses the FASB’s new standard which expands the annual and interim segment disclosures made by public companies. All public companies, including those with one reportable segment, are affected. The new guidance does not change how a company determines its reportable segments or measures segment assets or income.

FASB Agenda – FASB Discusses Potential Agenda Projects

As reported in its “Summary of Decisions” publication, the FASB met on December 20, 2023, and discussed the results of staff research and analysis on several potential projects related to recent agenda requests. The FASB decided not to add the following potential projects to its agenda:

  • Clarifying the Scope and Application of Topic 480, Distinguishing Liabilities from Equity, for Legal Form Debt Instruments;
  • Accounting for Equity Securities;
  • Eliminating the Held-to-Maturity (HTM) Classification for Debt Securities;
  • Making Other Amendments to the Accounting for HTM Debt Securities; and
  • Topic 740, Income Taxes, Backwards Tracing.

The FASB also decided not to add a project to its technical agenda on accounting for commodities at this time but supported retaining the project on the research agenda.

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AUDITING AND INTERNAL CONTROL SUMMARIES:

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A Closer Look – New Edition of A Closer Look Published Discussing AICPA & CIMA Conference on Current SEC and PCAOB Developments

As discussed above, we have published a new edition of A Closer Look, The 2023 AICPA & CIMA Conference on Current SEC and PCAOB Developments. This new edition discusses the more significant financial reporting and auditing issues discussed during the 2023 AICPA & CIMA Conference on Current SEC and PCAOB Developments (Conference). The Conference was held in Washington, D.C. and virtually.

Confirmations – New Edition of GAAS Update Service Published

We have published a new GAAS Update Service, PCAOB AS 2310, "The Auditor’s Use of Confirmation", (as Retitled and Amended). This new edition discusses the PCAOB’s adoption of a new auditing standard for the auditor’s use of confirmation, which retitles and amends extant AS 2310, The Confirmation Process, and replaces it in its entirety.

The new confirmation standard, AS 2310 (Revised), The Auditor’s Use of Confirmation, reflects changes in technology, communications, and business practices since the interim standard was first adopted by the PCAOB in 2003 after being issued by the AICPA in 1991.

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GOVERNMENT HEADLINES:

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GASB Activities – New Edition of Governmental GAAP Update Service Published

We have published a new Governmental GAAP Update Service, 2023 At GASB And Looking Ahead to 2024. This new edition looks back at GASB’s activities during 2023 to determine potential GASB activities in the future.

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