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ACCOUNTING AND SEC HEADLINES:

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Securities Act – SEC Staff Publishes New Editions of Compliance and Disclosure Interpretations

The staff in the SEC’s Division of Corporation Finance (Corp Fin) has issued new editions of its Compliance and Disclosure Interpretations (CDIs):

• Securities Act Sections (new Question 118.01); and
• Securities Act Forms (new Question 126.45).

Quarterly Reporting – New Edition of GAAP Update Service Published

We have published a new edition of the GAAP Update Service, Special Edition – The SEC and Quarterly Reports. This new edition discusses the possibility the SEC permits semi-annual financial reporting.

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AUDITING AND INTERNAL CONTROL SUMMARIES

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Employee Benefits – 2026 Edition of Knowledge-Based Audits of Employee Benefit Plans Published

We have published the 2026 edition of Knowledge-Based Audits of Employee Benefit Plans. This guide is designed to help the auditor efficiently and effectively perform financial statement audits of employee benefit plans in accordance with auditing standards generally accepted in the United States (GAAS).

This new edition of the guide provides guidance on the implementation of the standards and rules promulgated by the ASB, as well as selected best practices based on the guidance promulgated by the Public Company Accounting Oversight Board (PCAOB) and other regulators. This guide has been updated for professional standards issued through December 31, 2024, and auditing standards up to and including SAS No. 149, Special Knowledge-Based of Group Financial Statements (Including the Work of Component Auditors and Audits of Referred-to Auditors).

Subsequent Events – New Edition of GAAS Update Service Published

We have published a new edition of the GAAS Update Service, A Refresher on the Auditor’s Responsibilities Relating to Subsequent Events and Subsequently Discovered Facts: AU-C Section 560, “Subsequent Events and Subsequently Discovered Facts.“ This new edition discusses AU-C Section 560 which addresses, among other things, the auditor’s responsibilities to obtain sufficient appropriate audit evidence about whether subsequent events are appropriately reflected in the financial statements.

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GOVERNMENTAL ACCOUNTING SUMMARIES

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GASB 103 and 104 Implementation – New Edition of Governmental GAAP Update Service Published

We have published a new edition of the Governmental GAAP Update Service, GASB-103 and 104 Implementation – The Rest of the Story. This new edition discusses the remaining aspects of GASB 103 and 104.

ACCOUNTING RESEARCH MANAGER CUSTOMER SERVICE:

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