Overview
The accounting and auditing space continues to evolve as regulations and standards improve to meet the times. The FASB has issued 11 new ASUs since the beginning of 2023. The AICPA is launching new audit standards updating the Quality Management Standards. All the while, the SEC has been enforcing the regulations for public companies, while the PCAOB has been modernizing many of their standards for the first time in decades. In this quarterly, two-hour update, we will explore key topics on the United States SEC, FASB, AICPA, and PCAOB agendas. We will discuss guidance on digital asset holdings, non-GAAP disclosures, common comment letter themes, SEC and PCAOB enforcement activities, implementation of new SEC rules and regulations, and other initiatives to both safeguard investors as well as increase access to markets. We will also discuss the PCAOB’s and FASB’s agendas and recent standard changes, inspection findings for PCAOB registered firms, and other news impacting the AICPA, SEC, and PCAOB and the companies and accounting firms they oversee.
Major Topics:
- SEC guidance in the areas of financial accounting and reporting
- PCAOB and AICPA standards updates
- Other SEC rules and regulations with which entities will need to comply
- Public company and registered public accounting firm news
- FASB Accounting Standards Updates (ASUs) and agenda
Learning Objectives
- Recall recent AICPA and PCAOB standard setting
- Describe recent regulatory activity at the SEC
- Recall recent enforcement actions taken by the SEC and PCAOB