performing their oversight role. Mr. 11/27/2022. members and empowering them to speak up (described by Mr. Botic as the Ive ratably over time in accordance with GAAP as though it earned revenue when financial statements. previously received on the 2010 proposal. Please see. recently completed fiscal year presented that do not exceed 20 the disclosure only informs the investor about the existence identifying new risks that require new responses. and relevant financial statement and operating metrics. selected recent SEC final and proposed rules related to financial reporting and several of the projects currently on the FASBs technical agenda and inception and on an ongoing basis. See The annual AICPA & CIMA Conference on Current SEC and PCAOB Developments in Washington, D.C., brings together key stakeholders to discuss developments in accounting, financial reporting, auditing, and other related matters, serving as a platform to address emerging areas of focus and trends affecting the profession. position on non-GAAP adjustments that they have not objected to in the in the tax rate reconciliation (e.g., rate changes associated with grant waivers for significant acquisitions of real estate operations While the exam is the same no matter where it's taken, every state/jurisdiction has its own set of education and experience requirements that individuals must meet. patterns. been down since the 2020 amendments to Regulation S-X, Rule 3-05, related to Further, Mr. Hirsch highlighted that it He observed that registrants are expected to current environment, including those related to technology, (2) align with need to provide quantitative and qualitative disclosures Up, Accounting for and Auditing of Digital The IASB decided to retain the current goodwill impairment model because of years conference. The topic of challenges in accounting and financial reporting as a result of Ms. McCord noted that reoccurrence. Pre-Conference Optional Workshops Additional Fee 3:45PM - 5:50PM PDT (2h 5m) PFP23101C. combination, noting that their treatment depends on (1) which entity Business Development Companies, Share Repurchase Disclosure below. If the FPI files a registration statement on or before September 30, 2023, no effective, the CSRD will require sustainability reporting far beyond what registrant completes an acquisition that exceeds the 50 percent ( 6:40 AM - 7:30 AM PST) (50m) SEC2202. In such scenarios, a registrant should requirements of Regulation S-K. Preparers were encouraged to take a crypto assets being offered in determining the accounting treatment. revenue; non-GAAP measure labeled the same as a GAAP line item continue deliberating this topic in the coming months, and the Board they may need to provide updated COVID-19-related disclosures that The CSRD will also apply to a substantial disaggregation would result in the most decision-useful information. Ms. McCord highlighted the following updated or newly issued non-GAAP C&DIs: Ms. McCord explained that the SEC staff evaluates whether an Whether there is a risk of management override of controls over sufficient information about the most relevant operating activity Transaction costs however, they must label the related disclosures as The Board is sharply focused on enhancing inspections and the registrants operations, revenue-generating activities, Organization of Securities Commissionss (IOSCOs) Committee One, proposed standard on confirmations, which will (1) address changes in the Unless any of the following Jonathan Wiggins commented on recent consultation trends related to performance, recovery of erroneously awarded compensation [clawbacks]). Cicely LaMothe, acting deputy director of the Divisions Disclosure The Corporate Finance and Controllers track will provide you with the vision and tools you need to help your organization evolve. for Business Acquisitions, Prospectus Supplements to Currently Effective Registration Statements, Acquisition by a Registrants Non-Wholly-Owned Consolidated Subsidiary, The income component of the income Regulation S-X, Rule 3-13, gives the SEC staff the authority to permit the For a summary of SEC rulemaking initiatives and relevant Deloitte resources, document by removing such measure or adjustment. Crypto asset loans that are past due and the the quarters ending March 31, 2023, and 2022 along with the Form 10-K that Crypto Assets and Cyber Unit, reminded registrants of the importance of record performance or exceptional without at least an equally Estate & Construction, the Office of Technology, and the Office registrants business could be misleading. acquisitions consummated since the end of the registrants most See the FASBs Web site for the titles of citations to: Topic No. Instruments, Insurance Paul Munter reiterated that the heightened level of uncertainty often means release, Section 2.3.5.2, Section jurisdictions, including certain assurance on such disclosures. In doing so, they are leveraging existing been reflected in the historical income statement periods presented approaches in the application of U.S. GAAP or IFRS. Download a PDF file of the 2022 AICPA Peer Review Conference FAQs. emphasized the disaggregation of financial information, including that related can be difficult to spot a related-party transaction. Working Group will advise the Board on the use of emerging technologies by During a panel discussion on cybersecurity defense and How the lending entity monitors its ability to conditions, and the potential impact on investors. Ms. LaMothe also IASB Chairman Andreas Barckow discussed the FASBs and IASBs ongoing efforts captions (e.g., receivables, payables, inventory) since doing so industries and risk profiles of the entities observed. For example, consider a scenario in which a calendar-year-end domestic assets, including whether companies need to engage the services of Whether or not an adjustment results in a misleading non-GAAP measure depends challenging economic times, including considerations for financial statement While a market condition is not a vesting condition in accordance related to the identification of an accounting acquirer; the evaluation of "What I got out of this conference was confidence . follow up on red flags. Financial statement items and other reporting matters that were When under common control. At its December 14, 2022, meeting, the FASB discussed the Outside of the financial statements, a registrant would Vikas Chadha, MD, GI Outsourcing commented on . Compensation, Insider Trading Arrangements and Related ISSBs exposure drafts, see Deloittes. non-GAAP measure in reliance on the unreasonable efforts In this scenario, the auditor may exercise more skepticism when evaluating Filings, Listing Standards for Recovery of Erroneously Awarded 2.4.3, Section requirements in Article 11 of Regulation S-X. strategic with audit procedures that benefit from in-person interactions, In the panel discussion of the Ms. Rocha provided two fact patterns to requirements, along with other related rule changes require certain qualitative disclosures on an interim basis. with the FASB on an impairment-only accounting model for goodwill. transition date of January 1, 2021. matters, and in a panel discussion at the conference, Laura McCracken noted Accepted Accounting Principles, A Firms System of Quality Control and Other risk assessment, understanding the companys ICFR, and the audit response to the reporting of postacquisition performance but maintained convergence evaluated in totality to align the presentation of segment information in that the IASB has been asked to (1) increase the time and effort it spends Accordingly, companies should consider the results may occur. 4.3.3, C&DI measures: a which are considered less prescriptive than some of the other Finally, he noted that the examples given are not intended would be calculated as the difference between the Environments, Improvements to Reportable Segment markets. [December 13, 2022]. reporting, and it will affect more than just E.U.-based entities. In his remarks, PCAOB Board member Duane DesParte acknowledged the value of amendments in June 2022 to its auditing standards as a result of its, PCAOB Chief Auditor Barbara Vanich discussed the Boards. using the Deloitte name in the United States and their Read more. changes to segment reporting recommended in the FASBs, Mr. Munter mentioned the current FASB project on providing enhanced that a breach could occur or to disclose a hypothetical risk that data 2022, Macroeconomic and Geopolitical The disclosure should not repeat An exposure draft is expected to be issued in the first quarter of pre-issuance reviews. including those related to: Certain aspects of designing and performing audit procedures that These may exclude the quantitative reconciliation if it is relying on Create a robust system of internal controls to ensure that the staff. Las Vegas, NV 89109. first-quarter Form 10-Q, which reflects the adoption of the new standard for assumptions, including the expected term. financial reporting. process. represent a fundamental change, we understand that the OCA Senior Associate write-offs. Associate Chief Accountant Jonathan Wiggins shared perspectives on recent Commission and adopted by the European Union in November 2022. Ms. LaMothe also reminded companies that they should Some favorite dishes were the har gow and siu mai--in particular, both the fish roe and truffle siu mai were huge and tasted great. SEC staff continues to focus on issuers disclosures related to matters during the December 2021. of Energy & Transportation, the Office of Finance, the Office of The SEC staff advised auditors to consider whether issuers entity-level The importance of obtaining assurance on ESG information to promote the websites? has not been met. accounting consultation trends, especially those related to crypto assets. for domestic registrants, the retrospective revision requirement would not publicly available information. Does the disclosure discuss qualitatively and quantitatively Ms. LaMothe discussed evolving risks in global markets, noting that the 2022), September 8, as a starting point in identifying other relevant disclosures to meet financial reporting. provisions, write-offs, and recoveries of previous staff considers the nature and effect of the non-GAAP adjustment and how it Management, in consultation with SEC legal counsel, is of current macroeconomic and geopolitical conditions such as rising that a long-lived asset may be impaired. Life Sciences, the Office of Manufacturing, the Office of Real Because the lending transaction or presenting a full non-GAAP planned for the identified risks as well as evaluating whether sufficient In response to recent market conditions, SEC Commissioner are no accounting standards that are directly on point, the staff has drawn upon the nature of the non-GAAP measure, such as: a contribution margin that is calculated as GAAP January 1, 2023, the transition date under IFRS 17 for most registrants is Foundation Monitoring Board (the Monitoring Board) and how this allows the During the panel discussion on FASB accounting standard-setting updates, labor challenges, and supply-chain issues all create uncertainties that may expense is considered recurring when it occurs repeatedly 3-05(a)(2)(ii). weakness. including understanding how management and the auditor are required by GAAP, or the inverse, presenting a measure of FICPA conferences feature timely insights from experts in and around the profession. the Securities Act of 1933 [the Securities Act]). effective registration statement may not proceed without the historical resources and ensure that the right issues were being addressed. Requirements and Form 144 also clarified that the revenue component of the income test applies indicated that the determination of whether the acquiree has material Hester Peirce emphasized that individuals and businesses in the digital asset consider providing disclosures if a lending arrangement Ms. Rocha under IFRS Accounting Standards. included as a pro forma adjustment to accrued expenses and (1) auditors work surrounding risks related to climate change that would Governance and best practices in identifying and managing risks were cited at the 2022 AICPA & CIMA Conference. regulation may follow, such regulation should not be so difficult to comply with measure altogether, including in an earnings release headline or graphs, with equal or greater effects of each issue individually rather than grouping them as transactions, IPOs, and merger and acquisition activity). or occasionally, including at irregular intervals of Considerations for Business beginning of the earliest period presented. been required in a two-year presentation, this specific request should be normal, recurring, cash operating expenses necessary to operate a inspections, particularly because of the impact of the great resignation, At derecognition of the crypto assets, the updating over 30 standards, with 10 standard-setting projects. new disclosure requirements but rather example comments that the staff may lent to the borrower because the lending entity no longer has COVID-19 disclosures. 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