PCAOB OFFERS Q&AS ON SPECIAL REPORTING, SUCCESSION
Washington, D.C. - The Public Company Accounting Oversight Board has published two sets of staff questions and answers to provide guidance about a registered auditing firm's obligation to report certain events to the board in special reports, and the process through which a firm can succeed to a predecessor firm's registration status.
The PCAOB's rules on reporting and succession became effective on Dec. 31, 2009. Under the reporting rules, every registered firm is required to file a special report with the PCAOB if certain events occur, such as some types of legal proceedings and the withdrawal of a previously issued audit report. Certain events that occur on or after Dec. 31, 2009, must be reported in a special report on PCAOB Form 3 within 30 days of the event.
Under the new succession rules, in certain circumstances a firm may permanently succeed to the registration status of a predecessor firm, without the need to file a new registration application, by filing PCAOB Form 4.
The PCAOB cautioned that the staff Q&As do not constitute PCAOB rules, nor have they been approved by the board. For more, visit www.pcaobus.org.
FREE TRAINING OFFERED ON IFRS FOR SMES
London - The International Accounting Standards Committee Foundation has published a set of training materials on International Financial Reporting Standards for Small and Midsized Entities, the streamlined set of accounting standards for private companies issued last year.
The training material is designed to assist companies and accounting practitioners in applying the standards and helping educators teach them to students. The training material will eventually comprise 35 separate modules - one for each section of IFRS for SMEs.
The first 12 modules are now available as a free download from www.iasb.org. The remaining modules will be published over the course of this year as they are completed.
