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ACCOUNTING AND SEC HEADLINES:

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Checklist – New Edition of Summary Checklist of Recent Authoritative US. .Accounting Standards Published

We have updated our CCH Accounting Research Manager Summary Checklist of Recent Authoritative U.S. Accounting Standards to reflect the issuance of Accounting Standards Update (ASU) No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements.

Financial Reporting Manual – Corp Fin Publishes New Edition of Financial Reporting Manual

The SEC’s Division of Corporation Finance (Corp Fin) has published a new edition of its Financial Reporting Manual (FRM). Sections of the FRM have been updated as of December 4, 2025, August 22, 2025, and June 30, 2025. These sections have been marked with a corresponding date tag (e.g., “Last updated: 12/4/2025”) to identify the changes. These updates to the FRM include several changes, including the following:

• To reflect SEC Release No. 33-11265, Special Purpose Acquisition Companies, Shell Companies, and Projections, which was effective July 1, 2024.
• Additional real estate related and other miscellaneous revisions to conform to the May 20, 2020, amendments to the S-X Acquisition Rules (S-X 3-05, S-X 3-14, S-X 8-04, and S-X 8-06) from SEC Release No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, which were effective January 1, 2021.
• Revisions for changes to standards issued by the PCAOB (including AS 2101, AS 1206, AS 3101 and AS 3105) and other clarifications related to independent accountants’ involvement.
• Revisions for amendments to S-K 301, S-K 302 and S-K 303 from SEC Release No. 33-10890, Amendments to Management’s Discussion and Analysis, Selected Financial Data and Supplementary Financial Information, which were effective February 10, 2021.

AICPA Conference – Overview of 2025 AICPA & CIMA Conference on Current SEC and PCAOB Developments Published

On December 8-10, 2025, representatives of the SEC, FASB, PCAOB, IASB, and AICPA spoke at the 2025 AICPA & CIMA Conference on Current SEC and PCAOB Developments. Topics discussed during the 2025 conference covered a number of important financial reporting and auditing issues. Principal themes of the conference included:

• The importance of transparency and integrity of financial reporting, including investor protections and the role of the auditor in providing assurance and trust in the financial reports of entities.
• The importance of internal control over financial reporting (ICFR), including the designing and implementation of controls, and the important role of auditors have in testing the effectiveness of ICFR.
• The growing use of Artificial Intelligence and evolving technologies in the accounting and audit professions.
• The opportunities and risks associated with private equity investments in accounting firms.
• PCAOB standard-setting, inspection, and enforcement.
• Accounting standard-setting.

An overview of the conference has been added to SEC Practice, including the various speeches from staff members of the SEC. A new edition of A Closer Look providing a summary and analyses of the key accounting, disclosure, and reporting issues addressed at the conference will be released in the near future.

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AUDITING AND INTERNAL CONTROL HEADLINES:

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Service Organizations – 2026 Edition of Knowledge-Based Examinations of Service Organizations Published

We have published the 2026 edition of Knowledge-Based Examinations of Service Organizations. This toolset is designed to help the practitioner efficiently and effectively conduct examination engagements of service organizations in accordance with applicable standards issued by the American Institute of Certified Public Accountants (AICPA).

This edition incorporates attestation standards up to and including AICPA Auditing Standards Board (ASB) Statements on Standards for Attestation Engagements (SSAEs), through SSAE No. 23, Amendments to the Attestation Standards for Consistency With the Issuance of AICPA Standards on Quality Management, and other professional standards issued through December 31, 2024. It also contains methodology and workflow enhancements and other editorial changes.

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