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SEC/GAAP Watch - PCAOB Articles

07/01/09 -- Adoption of PCAOB Release No. 2009-003 Sets Stage for Delay of Some Foreign Inspections
As discussed in the article entitled "Adoption of Release No. 2009-003 Sets Stage for Delay of Some Foreign Inspections" in the June 30, 2009, issue of Accounting & Compliance Alert, the PCAOB adopted the proposed amendment to Rule 4003 it first detailed in December 2008.

The rule will allow the PCAOB to postpone, for up to three years, the first inspection of any foreign-registered public accounting firm that the board is otherwise required to conduct before the end of 2009 and is in a jurisdiction where the board has not conducted an inspection before 2009.

In addition, the board also announced in Release No. 2009-003, Final Rule Concerning the Timing of Certain Inspections of Non-U.S. Firms, and Other Issues Relating to Inspections of Non-U.S. Firms, that it plans to implement certain transparency measures related to the its international inspections program.

Rule 4003(g) will take effect upon approval by the SEC. The rule was proposed in December 2008 in Release No. 2008-007, Rule Amendments Concerning the Timing of Certain Inspections of Non-U.S. Firms, and Other Issues Relating to Inspections of Non-U.S. Firms.

06/23/09 -- PCAOB To Consider Another Amendment to Rule 4003
As discussed in the article entitled "PCAOB To Consider Another Amendment to Rule 4003" in the June 22, 2009, issue of Accounting & Compliance Alert, the PCAOB will hold an open meeting June 25 to consider adopting an amendment to Rule 4003, Frequency of Inspections.

The amendment relates to the timing of certain inspections of registered non-U.S. firms that board rules require the PCAOB to conduct in 2009.

Previously in Release No. 34-59991, Public Company Accounting Oversight Board; Order Approving Proposed Amendment to Board Rules Relating to Inspections, issued on May 28, the SEC approved a proposed amendment to PCAOB rules concerning inspections of non-U.S. audit firms. PCAOB members voted in December 2008 to adopt the amendment to Rule 4003 and issue a separate proposed amendment to the rule for public comment.

Rule 4003(f), which the board adopted, extended the deadline for the first inspection of 21 of 52 non-U.S. firms by one year to 2009 from 2008. At the time, the board had conducted or planned to conduct the other 31 inspections in 2008.

04/24/09 -- PCAOB Addresses FASB's Amended Fair Value Rules in Staff Audit Practice Alert No. 4
As discussed in the article entitled "Amended Fair Value Rules Are Addressed in Staff Audit Practice Alert No. 4" in the April 23, 2009, issue of Accounting & Compliance Alert, the PCAOB issued Staff Audit Practice Alert (APA) No. 4, Auditor Considerations Regarding Fair Value Measurements, Disclosures, and Other-Than-Temporary Impairments.

The alert covers the changes to U.S. GAAP in three pieces of guidance issued by the FASB on April 9:

  • Final FASB Staff Position (FSP) No. FAS 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly;
  • Final FSP No. FAS 115-2 and FAS 124-2, Recognition and Presentation of Other-Than-Temporary Impairments; and
  • Final FSP No. FAS 107-1 and APB 28-1, Interim Disclosures about Fair Value of Financial Instruments.

The alert also deals with:

  • Reviews of interim financial information;
  • Audits of financial statements, including integrated audits;
  • Disclosures; and
  • Auditor reporting considerations.

 

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