News Archive

The advanced persistent threat (APT) is waging an all-out attack on enterprises’ intellectual property. Yet most companies continue to try to protect themselves using approaches that are years out of date. That is one of the conclusions in Responding to Targeted Cyberattacks, a frank new how-to book published by global IT association ISACA and written by professionals at Ernst & Young LLP.

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) –- an organization providing thought leadership and guidance on internal control, enterprise risk management, and fraud deterrence -– has issued its updated Internal Control–Integrated Framework (Framework) and related illustrative documents. COSO’s original Framework published in 1992 is recognized as the leading guidance for designing, implementing, and conducting internal control and assessing its effectiveness.

The AICPA has issued nonauthoritative guidance on the auditing of SEC-mandated reports of conflict minerals, which include gold, tantalum, tin, and tungsten. The guidance discusses the key differences and similarities between examination attestation engagements and performance audits -- the two independent audit options for conflict minerals reports -- under Generally Accepted Government Auditing Standards.

Audit committee members in Asia, Europe and the United States confront many of the same opportunities and challenges in effectively meeting their responsibilities to shareholders, according to leading organizations representing public company auditors. Global Observations on the Role of the Audit Committee highlights common themes identified during a multi-continent discussion series on enhancing public company audit committee effectiveness, including the role of the audit committee and the scope of its responsibilities, increasing transparency, and educating stakeholders on the role of the audit committee.

The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), have announced appointments and reappointments to the IFRS Interpretations Committee (the Interpretations Committee).

Representatives of the International Accounting Standards Board (IASB) and the Accounting Standards Board of Japan (ASBJ) met on 9 and 10 May 2013 in Tokyo. This was the seventeenth in a series of meetings between the boards since March 2005. During the meeting, the boards discussed projects on the IASB’s agenda, including Financial Instruments, Insurance Contracts and the work to revise the IASB’s Conceptual Framework for Financial Reporting.

A new discussion paper issued by ICAS, entitled Balanced and Reasonable, recommends improvements to corporate reporting, and the external assurance thereon, to restore investor confidence in company annual reports.

The IASB has launched a survey for financial statement users on its November 2012 Exposure Draft Classification and Measurement: Limited Amendments to IFRS 9 (Proposed amendments to IFRS 9 (2010)).

The European Commission is currently consulting on a green paper considering possible ways for supporting long-term investment. The role accounting could play is introduced, questioning more particularly whether investments held with a long term horizon are best depicted when measured at fair value.

The AASB has issued ED 240 Regulatory Deferral Accounts, which incorporates IASB ED/2013/5. Comments to the AASB are requested by 5 August 2013 and to the IASB by 4 September 2013.