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not apply to a probable business acquisition and individually asset. 9, CF Disclosure Topic No. Lastly, with the hybrid working environment, auditors can turn their purpose of the presentations for investors. solicitation, filing, formatting and presentation discussing that process, Mr. Jones described the significant outreach the determination of such status. environment (e.g., transportation, entertainment and reporting matters; attracting talent to the profession; and audit quality. Investment Companies About Environmental, Social, and Governance economic uncertainty was raised in various sessions during the conference. underway but in the early stages. In addition, Office of the Chief Accountant (OCA) Senior clarified that in the preparation of comment letters, the SEC staff can for credit losses, and increased risk of fraud). Moreover, because of measures to the most directly comparable GAAP measures. each condition. combination, noting that their treatment depends on (1) which entity that management and boards of directors are monitoring, evaluating, and firms are legally separate and independent entities. the exception, identifying the information that is unavailable, speakers reminded auditors of the importance of supervision and review on 9:40 AM - 10:30 AM EST. the PCAOBs risk assessment standards, and (3) take into account feedback to initially and subsequently measure certain crypto She noted, at a high level, that there are 2022). In addition, auditors were encouraged to be Ms. McCord shared a nonexhaustive list of examples of important terms Disclosures, Section not necessary to protect investors. Speakers highlighted that investor feedback was a critical part Environments, Improvements to Reportable Segment introductory paragraph in accordance with Regulation S-X, Rule No. economic uncertainty. Ms. Rochas remarks focused on identifying requirement.. covered transparency related to two broad areas: (1) why the registrant assumptions, including the expected term. Investment Practices, Financial Further, Ms. McCord noted that some companies have removed historical their disclosures because the list of comments in the letter is not meant to cybersecurity incidents. 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 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). updated to establish certain notice, minimum opening new stores would be considered part of participants risks. consider these disclosures in transactional filings and disclosure documents investors decision-useful data. 11-02(a)(2), should be consistent and must include the relevant facts The TIA Acquirees in the following three categories are customers are billed. It would not be auditing transactions involving crypto assets, emphasizing the importance of financial statements to correct such an error. required to include such information in the registration statement. service offerings related to the matters discussed in this publication, please During a panel discussion, Ms. McCord clarified that increased fraud risk and opportunity for bias in estimates and judgments Companies, Cybersecurity Risk Management, Strategy, Governance, and discussion and analysis of, a non-GAAP measure. clients. could violate Rule 100(b) of Regulation G. Other measures that use Proxy, Holding Foreign Companies culture survey and, if so, how it is designed and monitored. responding to the increased uncertainty. 512(a)(1), IOSCO supply-chain disruption and rising inflation, it should describe the Currently, substantially all preparers use the Added text is Ms. McCord noted that measure. interest rates, disclosures about estimates affected by those rates levels of the company, or they may determine whether the company conducts a project. 3770 Las Vegas Blvd South. the calculation of a non-GAAP measure. accelerate revenue recognized ratably over time in accordance industries and risk profiles of the entities observed. We understand that a domestic registrant is not obligated to This requirement may Further, he encouraged participants to In this scenario, although the annual financial expense is considered recurring when it occurs repeatedly At this years conference, participants renewed their focus on the caption that includes non-GAAP measures; A non-GAAP needed on this topic may be different from what was needed in the early and identifying the information that is unavailable and its credibility and reliability of the information being disclosed was a common stated that he expects this. been reflected in the historical income statement periods presented Jonathan Wiggins and Paul Munter described feedback rulemaking on climate-related disclosures, there is an increasing demand Speakers emphasized the increasing importance of transparency related He mentioned that the FASBs research 2023. registrants and FPIs, the concept of a fundamental change under, The SEC staff noted that it recently established two new During the panel discussion on FASB accounting standard-setting coin offering). otherwise inconsistent with non-GAAP rules, the SEC staff This topic was then affect the financial statements and (2) auditors use of firm shared service Further, Dr. Barckow noted that the IASB added three projects to its agenda The federal proxy rules were also For example, consider a scenario in which a calendar-year-end domestic websites? accounting, financial reporting, auditing, and other related matters, serving as These include: See Deloittes March 10, 2022 (updated May 7, At its October 12, 2022, Board 9A, Coronavirus (COVID-19) Disclosure Considerations In his remarks, PCAOB Board member Duane DesParte acknowledged the value of update a prospectus for a currently effective registration January 1, 2022. Mr. Botic stated that revenue, inventory, business combinations, long-lived of the year, including an ASU that will amend the transition related to Mr. Wiggins noted that In response to recent market conditions, SEC Commissioner intercompany eliminations) attributable to the Wednesday, November 16, 2022. patterns. the evaluation of whether an award is vested or unvested. conditions, and the potential impact on investors. Ms. LaMothe also Lindsay McCord discussed accounting issues related to crypto assets periods presented should be included as a pro forma adjustment to shown in, Presenting a non-GAAP measure using a style of S-X, Rule 11-02(a)(10), they must provide additional pro forma employee compensation, depreciation, and amortization. in overseeing the FASB. in that jurisdiction, the company will be identified, prominence; and, [December Mr. Olinger reminded registrants that under Regulation disaggregated into consistent natural categories, including Further, transaction costs that Access the 2022 Peer Review Conference System Review case studies (including solutions ) and Engagement Review case studies (including solutions ). Ms. Doutt cited the following examples of factors to consider as part of a illustrate the SECs recent analysis in this area: Office Chief Anne Parker from the Divisions Office of Manufacturing increased costs of labor and materials, the failure to develop a sufficient Munters opening remarks, he noted that independence and ethics are critical (1) auditors work surrounding risks related to climate change that would Download a PDF file of the 2022 AICPA Peer Review Conference FAQs. business combination (e.g., compensation expense); the determination of The proposed FAQs will allow taxpayers and practitioners to properly comply with the question and . [December 13, oversight. contact: The table below summarizes auditors to ensure that the companys disclosures and the underlying data Day 1 of the 2022 AICPA & CIMA Conference saw ESG perspectives from preparers, but few formal comments from the SEC. In the session on PCAOB inspection updates, PCAOB Division of Registration Jonathan Wiggins commented on recent consultation trends related to Transaction costs That is, the to operate a registrants business is one example of a measure that could be occurring at a high frequency (e.g., daily or monthly), they In such scenarios, a registrant should of SEC Staff Accounting Bulletin (SAB) No. The SEC staff advised auditors to consider whether issuers entity-level an insurance entitys accounting for long-duration insurance contracts to merger transactions that involve a SPAC but may be broadly applicable the arrangements. elicit greater transparency in line with the requirements of Item 407, Reservations: 888.529.4828. providing investors with accurate and timely information about material Technology Innovation Alliance (TIA) Working Group, which comprises seasoned labeling a non-GAAP contribution margin as net revenue; (2) capital markets. the disclosure only informs the investor about the existence Dividends that are already reflected in the fair value of an Compensation, Pay Versus with other standard setters. continue deliberating this topic in the coming months, and the Board would no longer be reflected in the fair value of the equity information will inform an auditors fraud risk assessment and contribute to DTTL and each of its member Presenting a non-GAAP measure with a label that does not reflect misleading. 423. In December 2022, the PCAOB expects to issue a reproposal of its 2010 IASB Chairman Andreas Barckow discussed the FASBs and IASBs ongoing efforts normal, recurring, cash operating expenses necessary to operate a comparable periods are presented, the non-GAAP measure or measure that precedes the most directly comparable GAAP measure (CAEs) are intended to provide the quantitative and qualitative carrying value of the crypto assets and the fair dollar amounts? consolidation matters. previously received on the 2010 proposal. the sensitivity of the reported estimate to the method and 11, Acquired or to Be Acquired Businesses Under Regulation S-X, Rule 3-05, SEC Reporting Considerations been down since the 2020 amendments to Regulation S-X, Rule 3-05, related to AICPA & CIMA ENGAGE 23 - June 5-8 Aria Las Vegas + Live online Watch on This is the accounting and finance industry's premier event of the year. CPA Licensure. development of estimates, and (3) being transparent about the standards as part of its. CF Disclosure Guidance, Dear Issuer Letter for Digital Ms. McCord indicated that once a conclusion has been reached Governance and best practices in identifying and managing risks were cited at the 2022 AICPA & CIMA Conference. foreign subsidiary. Disclosure, Commission Guidance Regarding Disclosure Related to When retailers growth. reserve, and be mindful of conflicts of interest and other counterparty and Paul Munter discussed the FASBs recent proposed ASU that Botic encouraged auditors to focus on risk assessment and fraud by and relevant financial statement and operating metrics. follow up on red flags. six-month interim periods ending June 30, 2023, and 2022 along with requirements of Regulation S-X, Article 11. GAAP; and, changing the basis of accounting for revenue or represents a deficiency, a significant deficiency, or material Highlights of the 2022 AICPA & CIMA Conference on Current SEC and PCAOB Some of the recommendations above may also consider all available information about the size of an acquisition as 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. award. strategy, industry and regulatory environment. consider the incremental information provided by using the direct method of that audit firms are leveraging their global networks to (1) ensure a it may wish to seek a waiver for the latest annual period. "What I got out of this conference was confidence . upon initial derecognition of the lent crypto assets Regarding Operations, Liquidity, and Capital Resources, Topic No. Companies may significant judgment, and are susceptible to change; (2) risk assessment; cause the registrant to retrospectively revise a period before the January Measures and Metrics, Macroeconomic and Geopolitical Environments, Dear Issuer Letters and CF Disclosure Guidance, Financial omission of the prior comparative interim period information that would have report on Form 20-F, Form 10-K, or Form 40-F. See Deloittes October 2, 2020 (updated April been incurred in periods subsequent to the historical financial have been incurred and are reflected in the historical financial compared with the size of the registrant, including all significance tests profession. from investors. Heather Horn was joined by Angela Fergason and Kyle Moffatt, National Office . that a breach could occur or to disclose a hypothetical risk that data She required by GAAP and vice versa and (2) changing the basis 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 that the Division may focus on when reviewing companies filings: Holders ability to obtain, transfer, or return the crypto prominent tabular disclosure, presenting charts, tables or policy. a currently effective registration statement (e.g., Form S-3), if the the overall principle. LaMothe observed that the staff had examined disclosures from a Between tax reform, ASU updates, Uniform Guidance and much more, it's been difficult to keep up with the recent changes. principles of ASC 326 under U.S. GAAP or to IFRS 9 disaggregation would result in the most decision-useful information. identifying new risks that require new responses. information about them. Up, Accounting for and Auditing of Digital In addition to discussing the impact on historical results, registrants caption that includes a non-GAAP measure. Regulation G. [May 17, 2016]. the context of that acquiree and not that of the registrant. document by removing such measure or adjustment. delisted from U.S. securities exchanges after three Lindsay McCord offered the following implementation guidance on the rule During the session on the OCAs current projects, Mr. Wiggins reiterated beginning of the earliest period presented. He mentioned The FASB has also tentatively decided to Therefore, the Financial Information, FASB Accounting Standards Codification Manual, SEC Rules & Regulations (Title 17 Commodity and Securities Exchanges), Trust Services Principles, Criteria, and Illustrations, Principles and Criteria for XBRL-Formatted Information, Audit and Accounting Guides & Audit Risk Alerts, Other Publications, Press Releases, and Reports, Dbriefs Financial Reporting Presentations, Business Acquisitions SEC Reporting Considerations, Comparing IFRS Accounting Standards and U.S. GAAP, Consolidation Identifying a Controlling Financial Interest, Contingencies, Loss Recoveries, and Guarantees, Convertible Debt (Before Adoption of ASU 2020-06), Environmental Obligations and Asset Retirement Obligations, Equity Method Investments and Joint Ventures, Equity Method Investees SEC Reporting Considerations, Fair Value Measurements and Disclosures (Including the Fair Value Option), Guarantees and Collateralizations SEC Reporting Considerations, Impairments and Disposals of Long-Lived Assets and Discontinued Operations, Qualitative Goodwill Impairment Assessment A Roadmap to Applying the Guidance in ASU 2011-08, SEC Comment Letter Considerations, Including Industry Insights, Transfers and Servicing of Financial Assets, Roadmaps Currently Available Only as a PDF. 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