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2018-040: AC Insights - Spring 2018
ca
Overview: This Newsletter includes the IFRS and US GAAP Spring 2018 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. The year 2018 will require the implementation of two significant accounting standards for many companies – the new standard on revenue recognition and the final standard on financial instruments. In addition to these blockbuster standards, there are a few narrow scope amendments that have become effective. We have outlined these new standards in this edition of
AC Insights
. During the first quarter of 2018, the IASB finalized its work on the Conceptual Framework, issued an amendment to pension accounting, completed its post implementation review of the fair value measurement standard, and started providing support for its new insurance contracts standard.
The IASB continued its standard setting work on rate regulated activities. The Board continues its research projects on primary financial statements, principles of disclosure, and dynamic risk management. Work is expected to continue on most of these projects into 2019. Certain narrow scope amendments are expected to be completed in the next quarter.
Risks related to marijuana-related business in the US continues to be a focus of the CSA with the recent rescission of the Cole memorandum by the US Federal government. Cybersecurity risks continue to be on the SEC’s radar, with new guidance issued on disclosures about cybersecurity risks and incidents in public company disclosures.
On the auditing front, the AICPA has issued some guidance to assist audit committees with their oversight of the disclosure of non-GAAP measures. In addition, the SEC has taken action against certain auditing firms that failed to register with the PCAOB.
AC Insights Spring 2018 - Cdn Edition The FASB’s efforts have been focused on implementation issues with some of the new blockbuster standards. Improvements or amendments have been made or are in progress for financial instruments, hedging, leases, and income taxes in response to the Tax Cuts and Jobs Act. We cover updates finalized in these areas in this edition.
FASB has also concentrated on its disclosure review initiatives during the first quarter of 2018 and is hoping to finalize some of its work in this area soon. Work on distinguishing liabilities from equity is in the early stages and improvements to insurance contracts are being re-deliberated.
The US edition also covers the CSA, SEC and Auditing developments discussed in the Canadian edition.
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