SEC APPROVES PCAOB FOREIGN INSPECTION DELAY
Washington, D.C. - The Securities and Exchange Commission has approved a rule amendment from the Public Company Accounting Oversight Board giving the board the option to delay for up to three years the original 2009 deadline for the first inspection of 49 non-U.S. firms in 24 jurisdictions in which the board has not previously conducted an inspection. The PCAOB would instead conduct the inspections through 2011, according to a sequence based on the U.S. market capitalization of the 49 firms' issuer clients.
NASBA EXTENDS TESTING PACT WITH AICPA, PROMETRIC
Nashville, Tenn. - The National Association of State Boards of Accountancy has signed an amended and restated computer-based testing agreement between NASBA, the American Institute of CPAs and Prometric - extending their original agreement to 2024. NASBA said that the agreement is consistent with the terms and conditions that were shared with state boards of accountancy during NASBA's 2009 annual meeting.
IFAC RE-EXAMINES PRIORITIES
New York - The International Federation of Accountants has revised its Global Leadership Survey, modifying some of the top priorities it heard from its membership on the work it should pursue. IFAC originally published the report on January 15, but withdrew it a week later to incorporate additional responses.
In the revision, the accountancy organization chief executives surveyed said that IFAC needs to continue to encourage the convergence of standards developed by independent standard-setters relating to auditing and assurance, education, ethics, and public sector accounting, and to support the implementation of those standards - in particular, promoting the adoption of high-quality international standards from IFAC and the International Accounting Standards Board. More than half believe that building confidence in international standards and influencing their adoption will increase in importance over the next three years.
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