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  • Remarks Before The 2017 AICPA Conference On Current SEC And PCAOB Developments, Robert B. Sledge, Professional Accounting Fellow, Washington D.C.

    Date 04/12/2017

    Background

    Good morning, it is a pleasure to be here today. I would like to provide an update on the implementation of the new credit losses standard.

    A year ago at this conference, one of my colleagues observed that the staff in the Office of the Chief Accountant (OCA) was “actively monitoring the implementation of the new credit losses standard.” Those monitoring efforts continued throughout 2017, and I was pleased to see the pace of implementation activity pick up in a meaningful manner. Stakeholders raised various interpretive questions to the FASB’s Transition Resource Group (TRG) for Credit Losses, which resulted in discussions at one TRG meeting and two FASB meetings. OCA staff also participated in many meetings with stakeholders, including individual registrants, industry groups, accounting firms, other regulators, and the FASB staff. In addition, my colleagues in OCA gave multiple speeches that addressed the implementation of the new credit losses standard.

  • IMF Managing Director Christine Lagarde Names Nancy Asiko Onyango As Director Of The IMF’s Office Of Independent Audit

    Date 04/12/2017

    International Monetary Fund (IMF) Managing Director Christine Lagarde today announced her decision to appoint Nancy Asiko Onyango as Director of the Fund’s Office of Internal Audit and Inspection (OIA). The OIA conducts independent examinations of the IMF’s internal control and governance processes.

  • Remarks Before The 2017 AICPA Conference On Current SEC And PCAOB Developments - Michal P. Dusza, Professional Accounting Fellow, SEC Office Of The Chief Accountant

    Date 04/12/2017

    Introduction

    I would like to speak to you today about the need for companies’ internal control over financial reporting (“ICFR”) to adapt to change and share my thoughts about ways to design effective controls. Members of the SEC staff have spoken frequently about the importance of effective ICFR both at this conference and in other forums. Our focus on ICFR is based on our experience, long recognized in our securities laws, that management's ability to produce reliable financial information for investors depends, in part, on the effectiveness of the company’s internal controls. However, we believe that there are benefits to approaching ICFR as more than just a compliance exercise. In addition to supporting reliable financial reporting, effective ICFR also promotes internal accountability and contributes to better information flows within the company which in turn can translate into greater investment efficiency and improved operating performance.

  • NEX Markets Volumes - November 2017

    Date 04/12/2017

    Average daily volume (in USD billions, singlencount)

  • Remarks Before The 2017 AICPA Conference On Current SEC And PCAOB Developments - Barry Kanczuker, Associate Chief Accountant, SEC Office Of The Chief Accountant

    Date 04/12/2017

    Introduction

    Good morning everyone. Today, I would like to discuss observations regarding principal versus agent considerations under Topic 606 and the classification of shipping and handling expenses for shipping and handling activities that are not a separate performance obligation under Topic 606.

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