- The PCAOB updated its Staff Guidance to help accounting firms comply with the requirements for the expanded audit reports. The guidance deals with the requirement that the extended auditor reports address issues as the number of years the firm has served the client, the other firms that worked on the audit and the rule’s other requirements.
- The SEC completed a rule to lessen the disclosure requirements for public companies. The market regulator said the changes will lighten the regulatory requirements for public companies without depriving investors of useful information for making investment decisions.
- The FASB published a long-awaited update to U.S. GAAP’s guidance for long-term insurance policies. The changes require insurers to regularly assess their need to update the assumptions they use for estimating their liabilities to policyholders. The amended accounting marks a sea change from current reporting practices, which often leave insurers with forecasts about policyholders and future cash flows that are based on assumptions that may be years, if not decades, out of date.
- The SEC is planning to adopt rules that revise the definition of “smaller reporting company” by the fall of 2018 and let more public companies submit regulatory filings with a lighter set of disclosures. A top SEC official suggested during a congressional hearing that the agency may also revise the threshold for compliance with the auditor attestation rules for internal controls over financial reporting.
- Organizations should carefully evaluate their cybersecurity disclosure obligations now; SEC guidance focuses on preparing disclosures about cybersecurity risks and incidents.
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