Committee on Corporate Reporting (CCR) staff liaison: Christine DiFabio.The following subcommittee meetings occurred in February: * SEC, Feb. 20: The meeting included SEC staff from the Office of the Chief Accountant, Division of Corporation Finance and the Division of Enforcement. Proposed Section 404 guidance dominated most of the discussion. Additional discussion topics included materiality MATERIALITY. That which is important; that which is not merely of form but of substance. 2. When a bill for discovery has been filed, for example, the defendant must answer every material fact which is charged in the bill, and the test in these cases seems to , XBRL (EXtensible Business Reporting Language) A specification for publishing financial information in the XML format. It is designed to provide a standard set of XML tags for exchanging accounting information and financial statements between companies and analysts. , complexity in financial reporting, corporate finance and enforcement reviews and FAS 133-related items. * FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). , Feb. 26: meeting included board members George Batavick, Leslie Seidman and Ed Trott. The committee discussed the following issues: the conceptual framework For the concept in aesthetics and art criticism, see . A conceptual framework is used in research to outline possible courses of action or to present a preferred approach to a system analysis project. project, FIN 48 implementation, FAS 133-related items, lease accounting, business combinations and Financial Instruments: Liabilities and Equity. * PCAOB PCAOB Public Company Accounting Oversight Board , Feb. 26: The meeting comprised staff from the Standard-Setting and Inspections groups, including PCAOB Chief Auditor Tom Ray. The committee focused the discussion on the PCAOB's proposed auditing standard on internal controls ("AS5"). CCR 1. CCR - condition code register. 2. CCR - (Database) concurrency control and recovery. filed the following comment letters on Feb. 26: * To the SEC, in response to the SEC's proposed rule for Management Guidance related to implementing the requirements of Section 404 on internal controls. * To the PCAOB, in response to its proposed revised auditing standard for implementing the requirements of Section 404 on internal controls. Both letters were developed by a CCR working group focused on Section 404 implementation. Overall, CCR supported the efforts of the SEC and the PCAOB in being responsive to the need for improving the effectiveness and efficiency of the Section 404-related audits. However, the committee stressed the need for SEC and PCAOB alignment guidance in order to be successful, as well as the need for the PCAOB inspection process to be responsive to the new guidance. * The committee is developing a comment letter to the FASB in response to proposed FSP FSP - File Service Protocol FIN 48-a, regarding defining when a tax settlement is effectively settled. This FSP would amend FIN 48, Accounting for Uncertainty in Income Taxes. Comments were requested by March 28. |
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