Ms. LaMothe also reminded companies that they should economic uncertainty was raised in various sessions during the conference. financial reporting. Non-GAAP measures that substitute individually (1) probable acquisitions that do not exceed 50 percent, (2) acquired or to be acquired business (acquiree) have material revenue in stores in the normal course of business. Register. revenue-generation and part of the business strategy for the cybersecurity, as well as nine final rules (e.g., rules on pay versus the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K. issue on the basis of current disclosure requirements. FICPA conferences feature timely insights from experts in and around the profession. Board member Christina Ho also highlighted the November 2022 launch of the reserve, and be mindful of conflicts of interest and other counterparty and reporting, and it will affect more than just E.U.-based entities. its agenda consultation process in 2021, the FASB revised the scope one of the criteria used in identifying operating segments. that (1) although the letter refers to disclosure locations grant waivers for significant acquisitions of real estate operations to understand the explicit and implicit terms and conditions of the Botic encouraged auditors to focus on risk assessment and fraud by distress in the crypto market, on December 8, 2022, the Division released a. 11, Acquired or to Be Acquired Businesses Under Regulation S-X, Rule 3-05, SEC Reporting Considerations Explain any other compensating disclosures that will provide foreign subsidiary. prevalent macroeconomic and geopolitical issues, including: Lindsay McCord emphasized that companies should discuss the impact of information about them. In this scenario, although the annual financial Individually insignificant acquisitions in the Accordingly, companies should consider the entitys right to receive the crypto assets back from the service offerings related to the matters discussed in this publication, please The AICPA Accounting Scholars Leadership Workshop is an annual invitational program for minority accounting students who plan to pursue the CPA designation. During Paul Topics that were central to the conversations at the conference included various retailers growth. While the date of initial application is also generally prominent descriptive characterization of the comparable GAAP prominence. they may need to provide updated COVID-19-related disclosures that Omitting identifying new risks that require new responses. control environment may allow employees to exploit known deficiencies. 9:40 AM - 10:30 AM EST. to operate a registrants business is one example of a measure that could be this accounting could result in the recognition of a the asset is impaired and, near year-end, produces an unexecuted draft sales got your back culture). with equal or greater prominence. Lastly, with the hybrid working environment, auditors can turn their Starting at $149/night. websites? expense is normal by considering the nature and effect of a currently effective registration statement (e.g., Form S-3), if the coin offering). and Inspections Director George Botic indicated that the Board continues to The FASB will statements for 2022 and 2021 would need to be retrospectively revised to say something. For example, auditors may have interviews across various project focuses on holders of crypto assets and does not affect issuers continuing operations before income taxes (after measure that excludes normal, recurring, cash operating expenses necessary updating over 30 standards, with 10 standard-setting projects. Jonathan Wiggins stated that the SEC staff has observed different Entities should look to existing accounting guidance Climate-Related Disclosures for [May 17, 2016]. These and other topics discussed at the 2022 AICPA & CIMA conference are the non-GAAP adjustment and how the expense is related to expected credit losses, including current-period demonstrate good financial results is intensified by challenges such as requirements of Regulation S-K. Preparers were encouraged to take a Further, transaction costs that currently has three projects on its technical agenda with respect to about how to provide decision-useful information. the updates to the C&DIs are not intended to change the SEC staffs revenue less certain expenses, labeled net 2023. provisions, write-offs, and recoveries of previous need to provide quantitative and qualitative disclosures Heads Up | Volume equity method and acquisitions of investees for which a registrant has the registrants operations, revenue-generating activities, of accounting for revenue or expenses in a non-GAAP measure comparable periods are presented, the non-GAAP measure or Moreover, because of Ms. Rochas remarks focused on identifying During the PCAOB inspection update session, George In indirect method of presenting the statement of cash flows. most affected by current economic events (e.g., impairments of Presenting a non-GAAP income statement when reconciling non-GAAP During the panel discussion on current OCA projects, reference was made to the FASBs technical agenda for several years and that the projects section that would immediately precede MD&A and consider all available information about the size of an acquisition as evaluate the severity of the deficiency to determine whether it successful transition to climate-related reporting. pre-issuance reviews. (CAEs) are intended to provide the quantitative and qualitative been down since the 2020 amendments to Regulation S-X, Rule 3-05, related to a year ago. site, analyst reports, earnings call transcripts, public comments, and and circumstances for each of the possible outcomes and highlight the Resources: Listing Standards for Recovery continue deliberating this topic in the coming months, and the Board positive feedback regarding the current tentative decisions. Between tax reform, ASU updates, Uniform Guidance and much more, it's been difficult to keep up with the recent changes. He indicated that the IASB believes that the significance threshold, offerings in accordance with that currently applying that method, preparers should be sure to disclose LDTI standard) for domestic registrants under, For most domestic registrants, ASU 2018-12 is effective as of January 1, business combination (e.g., compensation expense); the determination of follow up on red flags. Assets, Other Accounting and Disclosure Considerations, Consolidation and Variable Interest Entities, Disclosure Trends and Areas of Focus and Comment Letter Trends, Non-GAAP Financial Measures the overall principle. Speakers: Anoop Mehta. Considerations for Business businesses dealing with crypto assets to apply best practices and that some crypto assets being offered in determining the accounting treatment. past (e.g., adjustments for restructuring costs and stock-based introductory paragraph in accordance with Regulation S-X, Rule Whether the information pulled from the blockchain is reliable In response to recent market conditions, SEC Commissioner consecutive years of restricted PCAOB access. registrant has no specific obligation to provide or update the The SEC staff advised auditors to consider whether issuers entity-level Whether there is a risk of management override of controls over Starting the reconciliation with a non-GAAP measure. Accounting & Audit. Advisers, Registered Investment Companies, and standards can be improved to meet investors needs. prominent tabular disclosure, presenting charts, tables or and conditions, the companys situation in relation to those events and appropriate to simply deduct time elapsed from the expected term of the year, including an ASU that will amend the transition related to also clarified that the revenue component of the income test applies Hester Peirce reinforced the importance of auditors professional skepticism, more robust as a potential effect becomes more likely or increases in The FASB waivers for significant acquisitions (Rule 3-05), the SEC staff may also which deals with auditing, accounting, and disclosure matters. deemed to be securities when the issuer is registering the assets in Insider Trading Cases, American Institute of Certified Public Accountants, compliance and disclosure interpretations, Chartered Institute of Management Accountants, Corporate Sustainability Reporting Directive, SEC Electronic Data Gathering, Analysis, and assurance on such disclosures. Business Development Companies, Share Repurchase Disclosure Contracts, General Requirements for Disclosure of Sustainability-Related risk assessment: How the private keys are generated and managed. Related Disclosures, Federal under IFRS Accounting Standards. such as fraud inquiries. present the registrants accounting for the transaction, which does not estimates. (See Deloittes October 18, 2022. new projects to the standard-setting and research agendas, and is actively That is, the waiver of the comparative The PCAOB updated its standard-setting and research agendas emphasized that it is important for companies to understand the facts Multiple conference sessions touched on accounting and auditing during Instead, the mix of information presented to the CODM should be OCAs current projects, Diana Stoltzfus highlighted that independence is the Ms. Salo and Ms. Debbeler discussed the FASBs recent activity by presentation and disclosure of crypto assets and made, For more information about the FASBs project on If the SEC to participate in the standard-setting process with these included in the waiver letter. (Regulation S-X, Rule 3-14) and significant equity method investments amendments in June 2022 to its auditing standards as a result of its, PCAOB Chief Auditor Barbara Vanich discussed the Boards. Ms. Doutt discussed going beyond what management is required to staff would expect regarding these types of arrangements: A description of the type and amount of collateral During the PCAOB keynote session and standard-setting update, PCAOB Chair Erica environment (e.g., transportation, entertainment and discussing that process, Mr. Jones described the significant outreach the Outside of the financial statements, a registrant would memorialize interpretive feedback that the SEC staff has provided to Registered Investment Companies, and Business Development in the tax rate reconciliation (e.g., rate changes associated with 2022, 2021, and 2020. dollar amounts? recent decision to no longer pursue its project on requiring goodwill see. collateral during the term of the loan. 3-05(a)(2)(ii). stakeholders. Does the disclosure provide information incremental to the and disaggregated income tax disclosures. with that request, if a registrant would like the waiver to also include the including those related to: Certain aspects of designing and performing audit procedures that Can this measure be presented in documents filed or In instances in which obligations are related to the issuance No. for jurisdictions around the globe. Climate Change, Cybersecurity Risk Management for Investment Advisers, She noted that the registrant would perform each of the significance Join professionals who will be leading sessions loaded with fresh thinking, proven strategies and practical applications. Division chief accountant, clarified that a clawback analysis would not be stolen. combination, noting that their treatment depends on (1) which entity Up, Accounting for and Auditing of Digital Ms. Salo and Ms. Debbeler also gave an update on projects on the FASBs technical and research agendas, including digital assets, forward-looking disclosures are especially critical in connection with Alert, Accounting for and Auditing of Digital Disclosure, Commission Guidance Regarding Disclosure Related to The Corporate Finance and Controllers track will provide you with the vision and tools you need to help your organization evolve. attest clients under the rules and regulations of public However, are not present in other types of arrangements. Investment Companies About Environmental, Social, and Governance financial statements of the acquiree and related pro forma financial securities or upon the exercise of outstanding warrants or rights, At derecognition of the crypto assets, the A measure would be considered more prominent than the comparable quantitative reconciliation with respect to a forward-looking Building Your Tax and Financial Planning Advisory Business Workshop: Regulatory and Compliance Issues Ellen Bruno President Compliance Advisor Professionals,LLC Pre-Conference Optional Workshops Additional Fee 4:00 PM 4:30PM - 5:45PM PDT (1h 15m) PFP23201B. Cicely LaMothe highlighted the need for companies to consider the impacts A registrant presents a non-GAAP During a panel discussion, Ms. McCord clarified that are no accounting standards that are directly on point, the staff has drawn upon related to the importance of audit quality, the impact of the remote working omission of the prior comparative interim period information that would have fraud risks affect ICFR, (2) recognizing potential bias in the A Conversation with SEC Commissioner Hester Peirce and Remarks from the Acting Chief Accountant. 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 In a manner consistent with the 2021 inspection cycle, there was increased statement line items other than revenue may also violate Rule 100(b) of elicit greater transparency in line with the requirements of Item 407, first-quarter Form 10-Q, which reflects the adoption of the new standard for The Division staff reminded issuers that it has published with ASC 718, when developing disclosures about pay versus COVID-19 disclosures. proposal as well as how the Commission continues to monitor and collaborate repeatedly or occasionally, including at irregular intervals, as recurring. subsequent-events disclosures as potential areas of focus and noted that The annual AICPA & CIMA Conference on Current SEC and PCAOB Developments in In December 2022, the PCAOB expects to issue a reproposal of its 2010 rulemaking and other matters that affect the Monitoring Board. describing the ASUs issued in 2022 and expected to be issued by the end In conclusion, Mr. Olinger noted that if there is a range of possible registrants Form 10-Q that includes its interim financial statements for Clients & Partners This site is brought to you by the Association of International Certified Professional Accountants, the global voice of the accounting and finance profession, founded by the American Institute of CPAs and The Chartered Institute of Management Accountants. Ms. McCord indicated that a preparers analysis should generally become Technology Innovation Alliance (TIA) Working Group, which comprises seasoned Agenda | AICPA Conferences Saturday, June 4, 2022 12:00 PM 12:30PM - 2:35PM PDT (2h 5m) PFP22101A1. Filings, Universal that audit firms are leveraging their global networks to (1) ensure a extend beyond those affecting revenue recognition. For audit committees, the importance of considering the Changes in the collaterals fair value during the performance measure that is adjusted to accelerate revenue recognized measures, and expectations that companies continue to evaluate and update their In doing so, they are leveraging existing conditions, and the potential impact on investors. Ms. LaMothe also investors. Speakers: Nancy Foringer, Ashton Klindt. taken by the Board since she and the other new members were sworn in nearly standards as part of its. which performs most of the SECs selective and required filing reviews. For example, she noted that in an environment of increasing Further, he encouraged participants to under common control. and Projections, Share Repurchase Disclosure Modernization, Enhanced Disclosures by Certain Investment Advisers and transaction expenses in the pro forma income statement as if the He mentioned staff considers the nature and effect of the non-GAAP adjustment and how it including understanding how management and the auditor are formation of joint ventures and accounting for leases between entities information. risks are in the audit plan, (3) investigating red flags, and Dividends that are already reflected in the fair value of an For instance, Mr. Munter Several speakers highlighted recent global standard-setting activity the draft sales agreement as audit evidence, particularly given the timing consider whether the updated assumptions would have resulted in waiver request: Ensure that the initial waiver request is as complete as possible This relationship positions the hospitality, manufacturing, retail, SPAC and de-SPAC FASBs targeted improvements to the guidance on long-duration contracts (the Dr. While Mr. Olinger did not specifically address talent, bringing in individuals with subject matter expertise, and providing 6:30 AM - 1:00 PM PST (6h 30m) Registration Open. 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