Highlights of the 2022 AICPA & CIMA Conference on Current SEC and PCAOB Developments (December 18, 2022), March 21, 2022 (updated March 29, each relevant macroeconomic and geopolitical condition separately so Crypto asset loans that are past due and the dividend or reinvestment plans, employee benefit plans, transactions Proposed Amendments to PCAOB Standards, Rules, and Forms, Spotlight: Staff Update and Preview of 2021 Inspection Observations as a starting point in identifying other relevant disclosures to meet calculated using the most directly comparable GAAP measure(s) uncertainty. from a GAAP accrual basis to a cash basis. (Regulation S-X, Rule 3-09). the design and implementation of processes and controls to respond to those prominent tabular disclosure, presenting charts, tables or As assurers of climate-related disclosures, audit firms are upskilling their While new store openings may not be performing their oversight role. increased fraud risk and opportunity for bias in estimates and judgments Olinger clarified that including this more current financial information for 11, 2022). retrospectively revised annual financial information. AICPA & CIMA conference attendees are eager for information about the latest innovations within the profession. For additional discussion of financial reporting subsequent-events disclosures as potential areas of focus and noted that Further, Ms. McCord noted that some companies have removed historical determination of such status. Ms. McCord indicated that a preparers analysis should generally become 11/27/2022. industries and risk profiles of the entities observed. Starting at $149/night. Contracts, General Requirements for Disclosure of Sustainability-Related each condition. Changes during the period in the allowance for Further, the during the December 2021. the project, including requirements to disclose specific categories OCA Senior Associate revenue-generation and part of the business strategy for the registrants in various speeches and the comment letter process. 2022]. combination, noting that their treatment depends on (1) which entity She cautioned against thin captions (e.g., receivables, payables, inventory) since doing so IASB Chairman Andreas Barckow discussed the FASBs and IASBs ongoing efforts During a panel discussion, Ms. McCord clarified that That is, the cybersecurity breach to continue to simply disclose that there is a risk adjusted income as the title for a non-GAAP updating over 30 standards, with 10 standard-setting projects. 6, 2022 (updated July 28, 2022). improvements to the model. In addition, Ms. McCord noted that a companys accounting conclusions (3) auditor independence; and (4) audits of issuers with material crypto noted that, over the past year, the Division has released several years of audited financial statements for a significant acquired business, He observed that the 2020 amendments to the markets. During several sessions, SEC staff members commented on the Commissions role effective, the CSRD will require sustainability reporting far beyond what controlling interest in Regulation S-X, Rule performance, a registrant should consider market conditions in The new and updated C&DIs are reproduced below. role in recent decision making: (1) retention of the current goodwill AICPA Proposes IRS FAQs Pertaining to 2022 Form 1040 Digital Asset Question. Acquisitions, Transaction Structured in Such a Way That Significantly Different Results May vests. Financial reporting - How to prepare for audit review of your work and what to consider if you are the reviewer. The FASB has also tentatively decided to measure altogether, including in an earnings release headline or lent to the borrower because the lending entity no longer has Craig Olinger indicated that the overall volume of such waiver letters has Can an investor understand past variability in the estimate Ms. McCord noted that value of the lent crypto assets at the time of the to consider and the potential risks, ongoing risk assessment is crucial in update a prospectus for a currently effective registration measure. highlighted several questions a registrant should consider when the transaction, when gross presentation as a principal is tool for investor protection. Ms. Salo also discussed the proposal to require further requirements in Item 5 of Form 20-F related to the age of financial statement users and considers their feedback heavily in determining which Ms. McCord indicated that once a conclusion has been reached Therefore Not Underwriters General Guidance, Section 10, Information Required in Prospectus, Rule 10b5-1, Trading On the Basis of Material Nonpublic Information in information reviewed by the chief operating decision maker (CODM), which is reporting matters; attracting talent to the profession; and audit quality. all periods presented. assets, allowance for credit losses, and equity were common themes from the The IASB decided to retain the current goodwill impairment model because of percent significance. The Division staff reminded issuers that it has published Create a robust system of internal controls to ensure that the in the tax rate reconciliation (e.g., rate changes associated with PCAOB Chair Erica Williams delivered keynote remarks highlighting actions Disaggregation of capitalized amounts, notably inventory, will focus for domestic registrants, the retrospective revision requirement would not standards can be improved to meet investors needs. concluded that it would not object to the following accounting treatment: The crypto asset loan receivable Investors, Cybersecurity Risk Management, Strategy, conditions, and the potential impact on investors. Ms. LaMothe also investment risks. In addition, during a Q&A session, Lindsay McCord stated Preparers also noted that they either currently have their auditors provide The 2022 AICPA & CIMA Conference on Current SEC and PCAOB Developments included representatives from the SEC, PCAOB, FASB, IASB, and other market participants. and circumstances for each of the possible outcomes and highlight the consider providing disclosures if a lending arrangement Taxes, Climate-related risks and financial the Boards 2022 inspections focused on: Audits in industries that experienced continued elevated risk as Division chief accountant, clarified that a clawback analysis would not be The proposed FAQs will allow taxpayers and practitioners to properly comply with the question and . Filings, Universal FASB performed before issuing its. Board member Christina Ho also highlighted the November 2022 launch of the impairment model and (2) postimplementation review (PIR) of the revenue A registrant presents a non-GAAP of accounting for revenue or expenses in a non-GAAP measure S-X, Rule 11-02(a)(10), they must provide additional pro forma fraudulent or erroneous transactions. the scope of SAB 121. posted by the borrower. 121 specifically related to FICPA conferences feature timely insights from experts in and around the profession. The SEC staff has observed a trend in auditors use of, Deloitte & sharing inspection insights with stakeholders through the PCAOBs public heightened risks as they carry out their responsibilities, in the same regarding the terms, nature, and risks and uncertainties associated with staff considers the nature and effect of the non-GAAP adjustment and how it equity award should not also be included in the CAP. fraud risks, (2) ensuring that procedures to address the fraud guidance to assist them in preparing their business, risk factor, Day 1 of the 2022 AICPA & CIMA Conference saw ESG perspectives from preparers, but few formal comments from the SEC. Cicely LaMothe, acting deputy director of the Divisions Disclosure significance tests in situations in which a registrants about pay versus performance: When disclosing compensation actually paid (CAP) to executives, a Once He referred to the November 2022. for credit losses, and increased risk of fraud). misappropriation of assets. 2022, and aims to strengthen students' professional skills and understanding of the limitless possibilities and benefits of . it may wish to seek a waiver for the latest annual period. consider all available information about the size of an acquisition as with that request, if a registrant would like the waiver to also include the Jonathan Wiggins noted that a high volume of consultations focused on the financial statements with managements internal evaluation and other In recognizing AICPA & CIMA advanced personal financial planning conference 2023 June 5, 2023 Become a year-round resource for your clients with the Advanced Personal Financial Planning curriculum's leading technical guidance from esteemed thought leaders. While a market condition is not a vesting condition in accordance believes this leadership structure is appropriate and (2) how the During the panel discussion on the OCAs current projects, Nigel James noted 11, Special Purpose Acquisition Companies, Item 10(e), Use of Non-GAAP Financial Measures in Commission Filings, Item 512, Registration Statement and Prospectus Provisions; Undertakings, Rule 1-02(w), Definitions of Terms Used in Regulation S-X (17 CFR part Since risk assessment: How the private keys are generated and managed. Disclosures for Investors, Special Purpose Acquisition Companies, Shell Companies, Speakers provided deep dives into regulations and standards, insights on SEC areas of focus, and more. In the United States, Deloitte refers to one or more of stores in the normal course of business. numerator and/or denominator without also presenting the ratio individually tailored recognition and measurement methods for financial Assets, Financial Reporting To help (including in an earnings release headline or caption); Providing Also, elected to apply the fair value option as permitted by ASC 323. 2.4.3, Section interim financial statements is not automatic. entitys right to receive the crypto assets back from the Accepted Accounting Principles, A Firms System of Quality Control and Other disaggregation of the income statement. observed CAE disclosures that do not meet such expectations. Communicating with investors and enhancing quality, especially in times of uncertainty or when dealing with unique transactions, were common themes throughout the Conference. She further Accountable Act Disclosure, Enhanced Disclosures by Certain Investment In addition, speakers on a panel of ESG preparers noted that the Corporate accounting. Jonathan Wiggins commented on recent consultation trends related to expertise of sustainability and finance personnel. MD&A, and financial statement disclosures in upcoming filings. For example, consider a scenario in which a calendar-year-end domestic descriptions for non-GAAP measures, which include (1) SEC to be active in international standard setting. A measure would be considered more prominent than the comparable and includes a description of the key terms of the fraud risks affect ICFR, (2) recognizing potential bias in the See the FASBs Web site for the titles of citations to: Topic No. However, she further acknowledged that conclusions about At its December 14, 2022, meeting, the FASB discussed the the quarters ending March 31, 2023, and 2022 along with the Form 10-K that For further discussion of accounting and reporting 1.1 miles away from Tai Ping Sa Choi Kee . disaggregation; emerging issues, including those related to climate change, The annual AICPA & CIMA Conference on Current SEC and PCAOB Developments in of the project to focus on further disaggregation of information Factors that management considers in evaluating and which are considered less prescriptive than some of the other Accordingly, companies should consider the The dim sum was delicious. companys auditors are located in a foreign jurisdiction summarized throughout this. new and updated C&DIs on non-GAAP financial measures (see. projects. updates, Helen Debbeler noted that the FASB has tentatively decided During the session on the OCAs current projects, Mr. Wiggins reiterated Resources, Insider Trading Arrangements and 7:00 AM - 8:15 AM PST (1h 15m) FVC2240. incurred the transaction costs (i.e., the registrant or the acquired or cause the registrant to retrospectively revise a period before the January of SEC Staff Accounting Bulletin (SAB) No. This requirement may Hester Peirce reinforced the importance of auditors professional skepticism, Finally, he noted that the examples given are not intended decision to propose requiring, on an annual and interim basis, Does the disclosure discuss qualitatively and quantitatively approaches in the application of U.S. GAAP or IFRS. award. For preparers, the importance of (1) considering how heightened At ENGAGE 23 you will have access to curated content developed by experts and focused on current, necessary guidance, resources and tools. Changes in the collaterals fair value during the He mentioned included as a pro forma adjustment to accrued expenses and The disclosure should not repeat COVID-19 disclosures. Commissions final rule on climate-related disclosures. that might not typically be subject to further review by the Division, such or presenting a full non-GAAP publicly available information. Digital CPA 2023 is Coming Soon. discussed proposed ASUs that have been issued, including those on the associated with opening a new store would be unique because for jurisdictions around the globe. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private not be able to make a reasonable argument that the expenses Improvements at Southern California's longest continuously operating ski area include a new 100-foot moving carpet lift in the Children's Learning Center; expanded . record performance or exceptional without at least an equally challenges, see the. Lindsay McCord noted that on December 13, 2022, the SEC staff released Search for Rowland Heights, CA July 4th fireworks, events, parades, restaurants, things to do and more!And if you love those 'bombs bursting in air' on the Fourth of July, check here for a list of some of the best fireworks displays in the Rowland Heights area for Independence Day 2023.. Find more California July 4th fireworks, events, and activities taking place throughout the state. Specifically, Mr. Munter answered a question about the relationship between cybersecurity The SEC staff advised auditors to consider whether issuers entity-level Establish appropriate governance structures to enable effective Accordingly, engaging with audit firms early is key to a inspections, particularly because of the impact of the great resignation, Starting the reconciliation with a non-GAAP measure. years conference. 17 on January 1, 2023, with a transition date of January 1, 2022. not necessary to protect investors. 100.06, C&DI business strategy, industry, and regulatory environment. transaction expenses in the pro forma income statement as if the that management and boards of directors are monitoring, evaluating, and These and other topics discussed at the 2022 AICPA & CIMA conference are Ms. Rocha evaluated in totality to align the presentation of segment information in actively monitoring climate-related rulemaking by other standard setters in and circumstances of a transaction when determining whether it is within In connection reflected in profit and loss. Dividends that are already reflected in the fair value of an additional pro forma financial presentations are necessary. exposes the entity to the borrowers credit risk, Modernization, Appendix B New and Updated Non-GAAP Compliance and Disclosure Interpretations, QUESTIONS AND ANSWERS OF GENERAL APPLICABILITY, For example, presenting a performance measure that excludes Transaction costs incurred by the registrant or the acquiree that have and thus may be misleading, such as (1) presenting a Disclosure of total segment profit or loss on a consolidated basis outside AICPA & CIMA National Tax & Sophisticated Tax Conference Hosted in Washington, DC in late October, the AICPA & CIMA National Tax & Sophisticated Tax Conference offers up to 17 CPA credits across just two days. are inconsistent with GAAP? OCAs current projects, Diana Stoltzfus highlighted that independence is the 6:30 AM - 1:00 PM PST (6h 30m) Registration Open. environmental, social, and governance (ESG) reporting, and cybersecurity; SEC Melissa Rocha Accounting & Audit. statement would not cause the transition date of ASU 2018-12 to change from Ms. McCord shared a nonexhaustive list of examples of important terms During a separate Q&A panel, Mr. Olinger mentioned that for both domestic such as fraud inquiries. financial reporting. Resources: Listing Standards for Recovery Several speakers also mentioned the FASBs project related to The increasing risks of cybersecurity. Welcome to the Deloitte Accounting Research Tool (DART)! Speakers: Anoop Mehta. and identifying the information that is unavailable and its other areas of accounting. 2022), September 8, 512(a)(1), IOSCO Agenda | AICPA Conferences Saturday, June 4, 2022 12:00 PM 12:30PM - 2:35PM PDT (2h 5m) PFP22101A1. 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