Second Quarter — 2024
To our clients, colleagues, and other friends:
Welcome to Quarterly Accounting Roundup: Second Quarter — 2024.
Key accounting, financial reporting, auditing, and regulatory developments over the past
several months include:
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The PCAOB’s issuance of new auditing and quality control standards as well as amendments related to its requirements for (1) those who contribute to firm violations and (2) use of technology-assisted analysis.
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The SEC’s release of an order staying its final rule on climate-related disclosures.
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Recent SEC statements on (1) reporting cybersecurity incidents on Form 8-K, (2) the importance of a “healthy tone at the top” at audit firms, and (3) applying the disclosure requirements in IFRS 191 to SEC filings.
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The FASB’s issuance of an Accounting Standards Update (ASU) that removes various references to concepts statements from the FASB Accounting Standards Codification.
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The AICPA’s release of an update to its practice aid on digital assets.
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The Center for Audit Quality’s (CAQ’s) issuance of a publication on auditing in the age of generative artificial intelligence (AI).
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Recent IASB standard setting, including the release of new IFRS Accounting Standards® that (1) change the IASB’s financial statement presentation and disclosure requirements and (2) reduce the disclosure requirements for subsidiaries that meet certain eligibility criteria.
Footnotes
1
IFRS 19, Subsidiaries Without Public
Accountability: Disclosures.