On the Horizon: SEC accepts two FASB taxonomies

On the Horizon newsletter FASB 2019 taxonomies accepted by the SEC The FASB announced that the SEC has accepted the 2019 GAAP Financial Reporting Taxonomy and the 2019 SEC Reporting Taxonomy.

PCAOB 2019 Staff Inspections Outlook for Audit Committees posted The PCAOB issued the 2019 Staff Inspections Outlook for Audit Committees (Outlook), which supplements the 2019 Inspections Outlook issued in December 2018. The Outlook includes (i) the PCAOB’s key areas of focus during its 2019 inspections cycle, including areas such as addressing repeat deficiencies and auditor independence, and (ii) relevant topics and sample questions that audit committees may choose to discuss with their auditors, including changes in the auditor’s report and the auditor’s PCAOB inspection results and related corrective actions.

Institute of Internal Auditors Report on balancing internal audit responsibilities released The Internal Audit Foundation of the Institute of Internal Auditors released a research report, Striking an Optimal Balance Between Assurance and Consulting Services – Practical Insights from Internal Audit Leaders. The report includes key practices for maintaining objectivity when internal audit functions dedicate 20% or more of their resources to advisory work.

IASB Updates issued The IASB issued the March 2019 Update summarizing tentative decisions reached during its March public meetings.

In addition, the IASB’s IFRS Interpretations Committee issued the March 2019 Update summarizing the decisions reached by the Committee during its March public meetings.

Comment letters Grant Thornton LLP recently issued a comment letter to the AICPA’s Professional Ethics Executive Committee’s (PEEC) exposure draft, Staff Augmentation Arrangements, as well as a comment letter on PEEC’s second proposal on State and Local Government Client Affiliates.

© 2018 Grant Thornton LLP, U.S. member firm of Grant Thornton International Ltd. All rights reserved. This Grant Thornton LLP On the Horizon provides information and comments on current accounting and SEC reporting issues and developments. It is not a comprehensive analysis of the subject matter covered and is not intended to provide accounting or other advice or guidance with respect to the matters addressed in this publication. All relevant facts and circumstances, including the pertinent authoritative literature, need to be considered to arrive at conclusions that comply with matters addressed in this publication. For additional information on topics covered in this publication, contact a Grant Thornton client-service partner.