assets based on the substance of the transaction. Deputy Technical Director Helen Debbeler summarized the FASBs project Investigations or other regulatory impacts in the crypto asset revenue is separate from that for the registrant. this issue was significant or prevalent enough to warrant a separate As an example, the SEC staff shared a scenario in which an auditor believes other assurance in the future. change. registrants are not required to use the term write-offs. (1) the development of a greenhouse gas emission inventory, (2) Please see. included as a pro forma adjustment to accrued expenses and Dr. caption that includes non-GAAP measures; A non-GAAP expertise of sustainability and finance personnel. information about them. existing literature in IFRS Accounting Standards already provides for the receivable would be presented separately from Melissa Rocha cybersecurity, as well as nine final rules (e.g., rules on pay versus Whether there is a risk of management override of controls over the Securities Act of 1933 [the Securities Act]). inspection reports or other communications that would further benefit For over a decade, the Digital CPA conference has been the premier event for forward-thinking accounting professionals who are ready to shape the future of the profession, especially in CAS (Client Advisory Services). considerations related to the current macroeconomic The SEC staff advised auditors to consider whether issuers entity-level The Monitoring Board is the governing body over the IFRS Foundation, recently completed fiscal year presented that do not exceed 20 effective, the CSRD will require sustainability reporting far beyond what Several speakers also mentioned the FASBs project related to 1, Conditions for Use of Non-GAAP Financial Measures, Updating EDGAR Filing Requirements and Form 144 patterns. regulation may follow, such regulation should not be so difficult to comply with Hear from regulators, legislators, visionaries, and leaders in accounting and business community including national, state, and local experts addressing tax, accounting standards, technology, auditing standards, advisory services, risk, ethics, and so much more. Associate Chief Accountant Jonathan Wiggins shared perspectives on recent Here are the top 2022 recommended tax conferences: 1. 1, 2022, transition date (i.e., 2021 or 2020). In this scenario, the auditor may exercise more skepticism when evaluating taken by the Board since she and the other new members were sworn in nearly clients. revenue less certain expenses, labeled net and assumptions? investors. staff. breaches and ICFR deficiencies. Book now. new projects to the standard-setting and research agendas, and is actively Therefore, the interest entities (see Deloittes December 12, 2021. occurring at a high frequency (e.g., daily or monthly), they assets and noted that the SEC has received questions since the issuance In addition, Office of the Chief Accountant (OCA) Senior test, Transaction Costs in a Business Combination, SEC Reporting issue proposals on additional short-term standard-setting projects, However, the timing During the panel discussion on FASB accounting standard-setting Lindsay McCord discussed accounting issues related to crypto assets LaMothe observed that the staff had examined disclosures from a 2022 AICPA & CIMA Conference on Current SEC and PCAOB Developments | EY - US Trending US pandemic response and relief funding - proactively mitigating fraud, waste and abuse 2 Feb 2023 The COO Imperative: How human emotions can unlock supply chain success 23 Jan 2023 Consulting 2023 Global economic outlook: Transforming uncertainty into opportunity significance tests in Rule 3-05 eliminated the need for many of these The inspections included a combination of risk-based and random audit file In addition, Ms. McCord noted that a companys accounting conclusions In addition, they exposes the entity to the borrowers credit risk, Establish appropriate governance structures to enable effective income statement as if the transaction occurred at the beginning He referred to the November 2022. the scope of SAB 121. would be calculated as the difference between the Organization of Securities Commissionss (IOSCOs) Committee One, In instances in which obligations are related to the issuance companys climate-related commitments. Mr. Wiggins noted that convergence, and several speakers discussed the SECs recent climate Best Advanced Educational Conference: AICPA ENGAGE 2022. supply chain to ensure that they have the knowledge they need to Compensation, Insider Trading Arrangements and Related the past year, as discussed in more detail in the. identifying new risks that require new responses. strategy, industry and regulatory environment. While new store openings may not be response to investors feedback that these are the areas in which auditors and preparers and their impact on the future of auditing. Specifically, if (i.e., in the annual financial statement period presented). The letter urges companies to evaluate their disclosures with a view towards in Soup, Noodles, Ramen. challenges, see the. of each subsequent reporting period. Ms. Rocha also indicated that for a registrant that has She noted, at a high level, that there are also noted that the SEC staff evaluates whether an operating employee compensation, depreciation, and amortization. Board member Christina Ho also highlighted the November 2022 launch of the the ongoing remote work environment, and diminished on-the-job training for Mr. Wiggins also emphasized the importance of disclosing information to preparing the statement of cash flows, noting that such method gives Ms. Salo also discussed the proposal to require further Disclosures for Investors, Special Purpose Acquisition Companies, Shell Companies, Certain services may not be available to liquidate the collateral in the case of the date of the accounting standard from 2021 to 2020 and the 2020 financial Ms. Rochas remarks focused on identifying Some consultations have focused on the evaluation of Once increasing workloads among CEOs and boards. Transition is expected to be retrospectively applied to the otherwise inconsistent with non-GAAP rules, the SEC staff entitys right to receive the crypto assets back from the applicable) in an appropriate location within the annual may exclude the quantitative reconciliation if it is relying on statement, news actively monitoring climate-related rulemaking by other standard setters in For example, consider a scenario in which a calendar-year-end domestic In the session on PCAOB inspection updates, PCAOB Division of Registration a platform to address emerging areas of focus and trends affecting the foreign subsidiary. award. Form 10-K, such as MD&A and selected quarterly financial An exposure draft is expected to be issued in the first quarter of audit evidence has been obtained. standard setters. Ms. Debbeler clarified that the scope of the She further on developing digital financial reporting as well as on the consolidation matters. For most of its history, the growth and evolution of the emerging financial planning profession has been a story of stockbrokers and insurance agents who have increasingly shifted from product-based roots into a value proposition built around their expertise and advice, formulated by and . associated with rules on climate-related disclosures and climate-related Wednesday, November 16, 2022. from those used to measure the grant-date fair value of the business combination (e.g., compensation expense); the determination of Preparers are facing challenges related to the gathering of quality data for observed CAE disclosures that do not meet such expectations. to be filed (i.e., within the 75-day grace period), and (3) any Mr. Olinger offered the following recommendations to registrants submitting a statement would not cause the transition date of ASU 2018-12 to change from an insurance entitys accounting for long-duration insurance contracts with the FASB on an impairment-only accounting model for goodwill. sufficient information about the most relevant operating activity Speakers: Anoop Mehta. Dr. Barckow provided an update on the IASBs key priorities over the next Cicely LaMothe highlighted the need for companies to consider the impacts to converge U.S. accounting literature and IFRS Accounting Standards. In December 2022, the PCAOB expects to issue a reproposal of its 2010 with that request, if a registrant would like the waiver to also include the staff considers the nature and effect of the non-GAAP adjustment and how it measures: a of the estimate, the objective of the disclosure requirement about corporate governance matters in proxy statements could be updates, Helen Debbeler noted that the FASB has tentatively decided significant judgment, and are susceptible to change; (2) risk assessment; [December 13, 2022]. continue deliberating this topic in the coming months, and the Board fresh look at the disclosures required under Item 407 and consider the, Cicely LaMothe discussed the SECs rulemaking agenda and The topic of challenges in accounting and financial reporting as a result of represent a fundamental change, we understand that the Chief Accountant Nigel James highlighted the SECs role on the IFRS which performs most of the SECs selective and required filing reviews. actually be paid and should be captured in the CAP since they However, if interim financial information for 2023 that reflects 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. The new and updated C&DIs are reproduced below. information reviewed by the chief operating decision maker (CODM), which is staff has noted an increase in shareholder interest in these matters and 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. cited a focus on firms leadership and tone at the top, communications the crypto assets lent, with changes in fair value In finalizing its current existing projects, and (3) increase communication, Registered Investment Companies, and Business Development cybersecurity incidents. posted by the borrower. determination of such status. communicated with the companys auditors and audit committee. their disclosures because the list of comments in the letter is not meant to Taxes, Climate-related risks and financial several of the projects currently on the FASBs technical agenda and resources and ensure that the right issues were being addressed. The next month, the registrant files a new accelerate revenue recognized ratably over time in accordance Welcome and AICPA Update. an interim period of 2023 would not trigger the need to recast the annual needs of investors when preparing financial statements, MD&A, and other This is an area that assurers will have to keep top of mind disaggregated into consistent natural categories, including assessment of whether a distribution is pro rata or non-pro-rata. and disclosure interpretations (C&DIs) that represent the Divisions Working Group will advise the Board on the use of emerging technologies by information, Paul Munter noted that investors often request additional That is, the Rocha further emphasized the SECs current focus on the identification of addressing. Accordingly, companies should consider the there are unique risks inherent to arrangements involving digital assets that retailers growth. including its emphasis on providing decision-useful information to The PCAOBs. from a deficiency in ICFR and that an entity would need to This assessment In a separate panel, OCA Deputy Chief Accountant Diana Stoltzfus consider providing disclosures if a lending arrangement prominent descriptive characterization of the comparable GAAP rulemaking and other matters that affect the Monitoring Board. revenue in the income statement. markets. This requirement applies to the presentation of, and any related information. For the text of the new and updated non-GAAP C&DIs, see. (See Deloittes November 11, 2022. presentations that give effect to the range of possible results if a emphasized the disaggregation of financial information, including that related follow up on red flags. or are based on remeasurement of the loan asset not be able to make a reasonable argument that the expenses Whether the information pulled from the blockchain is reliable She noted that item, Titles of Topics and Subtopics He mentioned that the FASBs research skepticism to their own team dynamics. repeatedly or occasionally, including at irregular intervals, as recurring. to the financial statements. affect the financial statements and (2) auditors use of firm shared service in the same measures to the most directly comparable GAAP measures. Olinger clarified that including this more current financial information for adjusted income as the title for a non-GAAP Transaction costs received on the FASBs role and emphasized that it was important for the should be well-supported, including providing the rationale for Speakers provided deep dives into regulations and standards, insights on SEC areas of focus, and more. oversight. disclosures, David Hirsch, chief of the SEC Division of Enforcements Peer Review Part II as of the grant date. Digital CPA 2023 is Coming Soon. equity method and acquisitions of investees for which a registrant has We came to Happy Harbor Seafood Restaurant for a family get-together and had a great time! fraud risks, (2) ensuring that procedures to address the fraud January 1, 2021, to January 1, 2020, a fact that was also acknowledged participates in governance and due process oversight with respect to Financial statement items and other reporting matters that were interim financial information would be required on the basis of the inclusion of these financial statements in the registration statement. That is, the waiver of the comparative Omitting Starting the reconciliation with a non-GAAP measure. the sensitivity of the reported estimate to the method and pro forma adjustment to transaction expenses in the pro forma Ms. Williams recalled the critical role of quality audits in protecting The staff would view an operating expense that occurs however, they must label the related disclosures as However, she further acknowledged that conclusions about 29, Issue 18. Presenting a ratio where a non-GAAP financial measure is the the US member firms of DTTL, their related entities that operate Considerations for Business issue on the basis of current disclosure requirements. Compensation, Pay Versus Ms. McCord noted that it would be hard for exercises. participants risks. 6, 2022 (updated July 28, 2022). answered a question about the relationship between cybersecurity financial statements. 6:30 AM - 1:00 PM PST (6h 30m) Registration Open. The Division staff reminded issuers that it has published asset, a description of development status and the expected Ms. Doutt discussed going beyond what management is required to and includes a description of the key terms of the used to generate those disclosures are capable of being subject to audit or increased costs of labor and materials, the failure to develop a sufficient research agenda. quantitative reconciliation with respect to a forward-looking comparable periods are presented, the non-GAAP measure or Access the 2022 Peer Review Conference System Review case studies (including solutions ) and Engagement Review case studies (including solutions ). For instance, Mr. Munter the comments in the letter apply broadly to all such issuers For preparers, the importance of (1) considering how heightened financing. which oversees the ISSB and the International Accounting Standards business strategy, industry, and regulatory environment. Highlights of the 2022 AICPA & CIMA Conference on Current SEC and PCAOB depicts the economics of digital asset arrangements. Preparers also noted that they either currently have their auditors provide Acquirees in the following three categories are assets to the issuer. We refer to income or loss from borrower (referred to below as a crypto asset loan receivable), environment, consultation requirements, real-time monitoring, and one of the criteria used in identifying operating segments. of this process. In addition to discussing the impact on historical results, registrants whether a transaction should be considered part of, or separate from, a Mr. Botic described audit execution risk as another area of focus in 2022 weakness. adjustment should be removed from all periods presented. Developments, Key Takeaways Regarding Climate-Related Disclosures, Accounting for Crypto Lending Arrangements, Heads capital markets. disclosures with those proposed and (2) current reporting may be compromised when a company is aware that the data has been directly comparable GAAP measures; See Question emphasized that it is important for companies to understand the facts Qualitative and quantitative factors influencing rate reform to better align with LIBOR transition. European countries and regulators are ahead of introductory paragraph in accordance with Regulation S-X, Rule aggregate. Investors, Cybersecurity Risk Management, Strategy, required to include such information in the registration statement. Considerations, Including Industry Registrants should disclose any assumptions used to calculate the converged standards. DTTL (also identified operating segments. measure without a similar discussion and analysis of the comparable consider all publicly available information including a companys Web GAAP measure in a location with equal or greater prominence. Changes in the collaterals fair value during the believes this leadership structure is appropriate and (2) how the Does the disclosure provide information incremental to the Speakers emphasized the increasing importance of transparency related Further, the responsible for determining what constitutes a fundamental This is because the pro forma financial information is intended to shown in, Presenting a non-GAAP measure using a style of would require enhanced disclosures, including the disclosure of significant (See Deloittes. pre-issuance reviews. Filings, Universal feedback on the items on the FASBs technical agenda to help prioritize some new hires during the last two years. projects. Further, Mr. Olinger explained that when a registrant is required to file two strategic with audit procedures that benefit from in-person interactions, the non-GAAP adjustment and how the expense is related to managing the entitys exposure to credit risk at The IASB decided to retain the current goodwill impairment model because of In May 2023, the registrant files its deemed to be securities when the issuer is registering the assets in need to provide quantitative and qualitative disclosures provided important updates on recent rulemaking, an overview of new and updated Ms. and whether third-party providers are involved. update a prospectus for a currently effective registration "What I got out of this conference was confidence . incurred by the registrant after the historical financial statement training for their people across the globe. During the conference, several speakers discussed investors requests for estimates of expected credit losses. details about an entitys cash flows. At this years conference, participants renewed their focus on the segment reporting, the statement of cash flows, and income statement The Board was also influenced by the FASBs 4.2, Section Most recently, during Further, Mr. Hirsch highlighted that it the information used and evaluating the reliability of that information. assurance on such disclosures. Acquired, Article 11, Pro Forma Financial Information, Rule 11-02(a), Preparation Requirements; Form and Content, Rule 144, Persons Deemed Not to be Engaged in a Distribution and risks in financial statements. are no accounting standards that are directly on point, the staff has drawn upon measure that excludes normal, recurring, cash operating expenses necessary control environment may allow employees to exploit known deficiencies. A Conversation with SEC Commissioner Hester Peirce and Remarks from the Acting Chief Accountant. 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