Recommended Reading; Recommended Writing
Students often have 'summer reading lists' - and if you work in, around, or among the world of financial accounting, SEC reporting, and auditing - you do too!
Recommended Reading, listed below, includes various FASB and IASB proposed standards, PCAOB Concept Releases and proposed rules, and SEC proposed rulemaking and Staff Papers currently out for public comment. Recommended Writing would include - no, not a 'book report,' but a well thought-out comment letter on any proposal(s) that could impact you as a preparer, investor, auditor, attorney, analyst, board member, or in any other capacity.
Proposals Out For Comment
If you are a regular reader of this blog, you've seen us highlight for you some of these proposals (listed below, along with the applicable comment deadline):
- PCAOB Concept Release on the Auditor's Reporting Model. Comment deadline: Sept. 30. (see also our recent post on PCAOB's proposed rulemaking for broker-dealer audits and supplemental information by all issuers.)
- SEC Staff Paper on IFRS (aka IFRS 'Condorsement' or ongoing endorsement by FASB for use in the U.S., as one possible path to incorporating IFRS into the U.S. financial reporting system). Comment deadline: July 31.
- FASB, IASB upcoming Exposure Draft on Revenue Recognition: expected to be released 3Q 2011, with a 120-day comment deadline.
- FAF Seeking Input On Private Co. Standard-Setting, as it considers recommendation of Blue Ribbon Panel; conclusions expected to be announced 3Q 2011.
- IFRS Foundation Seeks Comment on 2nd Strategy Review Document; comments due July 25.
- SEC proposed rulemaking implementing the Dodd-Frank Act , most recently, including Proposed Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap Participants (Comment deadline: Aug. 29). See also additional proposed, final rules at that link.
The above list is not meant to be all-inclusive, simply some highlights of some of the broad-based proposals current out for comment.
Read about my recommendations for some top-notch analysis of some of the above developments, which you may find helpful in analyzing the proposals in preparation for writing your own comment letter, here.