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2017-077: AC Insights - Fall 2017
ca
Pour consulter la version française, veuillez cliquer ici.
Overview: This Newsletter includes the IFRS and US GAAP Fall 2017 editions of AC Insights.
AC Insights
provides audit committee members with a summary of financial reporting developments for public companies using IFRS or US GAAP, how those developments might affect their companies and things they may want to think about when reviewing financial reports. During the summer, the IASB has been focused on better communication in financial reporting. To help companies communicate more effectively, the IASB issued a Practice Statement on materiality. We outline the key points of this Practice Statement in this edition of
AC Insights
.The IASB continued to focus on its project on rate regulated activities and the Conceptual Framework. Also, research continued on potential projects on goodwill and impairment, business combinations under common control, and primary financial statements.
In September, the staff of the AMF and OSC Corporate Finance Branches each released a report on various matters including findings from their reviews of continuous disclosure documents and prospectuses. We have summarized these findings for you, along with a CSA Staff Notice on cryptocurrency offerings.
The summer saw the SEC issuing a statement on cybersecurity, updating its revenue recognition guidance in line with the new revenue standard, and providing some disclosure relief for certain registration statements.
In auditing developments, the PCAOB has laid out some key areas of focus for its 2017 inspections. Also, COSO has updated its framework for enterprise risk management. These developments are highlighted this quarter.
AC Insights Fall 2017 - Cdn Edition (pdf 238kb)
During the summer, the FASB released its update to accounting for hedging activities. The ASU introduces amendments that will more closely align the accounting for hedging relationships with a company’s hedging strategies. The ASU also reduces some of the complexity of the existing standard.
In addition, the FASB issued an ASU to reduce the complexity of accounting for certain financial instruments with down round features, which permit adjustments to the strike price of conversion or similar options and rights.
The US edition also covers the CSA, SEC and Auditing developments discussed in the Canadian edition.
AC Insights Fall 2017 - US Edition (pdf 238kb)
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