AICPA PROPOSES REVISIONS TO PEER REVIEW

New York - The American Institute of CPAs' Peer Review Board has released an exposure draft containing proposed revisions to the guidance for the standards governing CPA firm peer reviews.

The revisions involve quality control materials and continuing professional education program peer reviews. One of the proposed revisions would revise and clarify the guidance for those involved in the development and maintenance of QCM or CPE programs to prevent them from serving on review teams for peer review firms that use those same QCM or CPE programs.

Another revision would remove a provision requiring providers to undergo a triennial peer review of the system for developing and maintaining the programs, and the resulting materials. In addition, the proposed revisions would clarify how the peer review team for a firm should consider and evaluate a QCM or CPE program peer review report when the firm undergoing the review uses those materials or programs.

The AICPA is soliciting comments on the exposure draft, which should be submitted by Aug. 31, 2010.

IASB REFINES OCI STANDARDS

London - The International Accounting Standards Board has proposed changes in the standards for presenting items under other comprehensive income.

The proposals have been jointly developed with the U.S. Financial Accounting Standards Board, which is also seeking comment on changes to the presentation of OCI as part of its recent financial instruments proposals.

The IASB is proposing to require that entities present their profit or loss and other comprehensive income in separate sections of a continuous statement, and to group items in OCI on the basis of whether they will eventually be "recycled" into the profit or loss section of the income statement.

The draft, Presentation of Items of Other Comprehensive Income (Proposed Amendments to IAS 1), is open for comment until Sept. 30, 2010.

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