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Accounting & Audit Alert October 2013


 

RubinBrown's Accounting & Auditing Alert is published monthly to inform our clients and contacts about relevant technical accounting and audit-related information.


FASB Votes To Issue Exposure Draft Related To Development Stage Entities


The Financial Accounting Standards Board (FASB) recently voted to issue an Exposure Draft to simplify the accounting for development stage entities.

The Private Company Council, which was established to work with the FASB, has been a strong advocate for reducing the complexity of accounting for development stage entities.

PCAOB Proposes A New Auditing Standard To Enhance The Auditor's Reporting Model


The Public Company Accounting Oversight Board (PCAOB) has proposed for public comment a new auditing standard to enhance the auditor's reporting model.

The proposed standard would retain the pass/fail model in the existing auditor's report, but would provide additional information to investors and other financial statement users about the audit and the auditor.

PEEC Releases Exposure Draft


The Professional Ethics Executive Committee (PEEC) of the AICPA has released an Exposure Draft of a new definition of the term “those charged with governance” under the AICPA Code of Professional Conduct.

The new definition is being proposed to conform to provisions using the term “those charged with governance” adopted by the Auditing Standards Board (ASB) in its effort to converge with International Standards on Auditing (ISAs).

The International Ethics Standards Board of Accountants (IESBA) also adopted a final definition recently, and the PEEC proposal is substantially equivalent to these definitions.

 

Readers should not act upon information presented without individual professional consultation.