This edition of GAAP FocUS attempts to keep you informed about the advancement on the IASB and FASB convergence goal and the SEC’s work plan on adoption of IFRS into the US Financial Reporting System.
Additionally, we have highlighted key accounting and financial reporting matters under US GAAP/IFRS and areas of regulatory focus (‘Hot Topics’) that preparers should consider as they gear up for this year-end financial reporting.
Finally, this newsletter discusses key themes around audit quality, role of audit committee and current initiatives of the PCAOB, which includes proposed changes in the audit report model, audit firm rotation and other audit independence related matters.