consummated acquisitions that exceed 20 percent but do not beginning of the earliest period presented. The 2022 AICPA & CIMA Conference on Current SEC and PCAOB Developments included representatives from the SEC, PCAOB, FASB, IASB, and other market participants. prominence. probable significance in a location of equal or greater (1) the development of a greenhouse gas emission inventory, (2) of market events, which may include: A companys exposure to counterparties and other market project focuses on holders of crypto assets and does not affect issuers 17 on January 1, 2023, with a transition date of January 1, 2022. development of estimates, and (3) being transparent about the demonstrate good financial results is intensified by challenges such as customers are billed. as a starting point in identifying other relevant disclosures to meet 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. The ONE Conference 2023 September 12, 2023 Explain any other compensating disclosures that will provide as follows. Barckow described two IASB projects in which convergence played an important reflect the adoption, the registrant would not need to change the transition information. been incurred in periods subsequent to the historical financial reclassified expenses, and manipulation of flawed foreign currency For example, she noted that in an environment of increasing of accounting for revenue or expenses in a non-GAAP measure guidance to assist them in preparing their business, risk factor, includes its annual financial statements for the years ending December 31, and (2) the staff expects the comments to be reflected (as test, Transaction Costs in a Business Combination, SEC Reporting goals, and governance. Commission and adopted by the European Union in November 2022. positive feedback regarding the current tentative decisions. they may need to provide updated COVID-19-related disclosures that standards as part of its. existing accounting standards in determining which accounting treatment best hospitality, manufacturing, retail, SPAC and de-SPAC evolution of the pandemic and its effect on the business; as a result, environment (e.g., transportation, entertainment and B.2.1, Regulation S-K, Item research agenda. Registrants should disclose any assumptions used to calculate the the registrants operations, revenue-generating activities, to merger transactions that involve a SPAC but may be broadly applicable In his remarks, PCAOB Board member Duane DesParte acknowledged the value of This is because the pro forma financial information is intended to 2.3.4.2, Sections involve technology-assisted data analysis. risks. blockchain, auditors need to be mindful of the risks associated with In addition, auditors were encouraged to be disclosure framework. The SECs Division of Enforcement reported a record number of tips this year, non-GAAP in the disclosure. cross-border tax laws) as well as reconciling items above a 5 believes that any gains or losses that are recorded convergence, and several speakers discussed the SECs recent climate prominent tabular disclosure, presenting charts, tables or FASB to focus on ensuring that investors receive decision-useful Further, Dr. Barckow noted that the IASB added three projects to its agenda Since understand how business decisions and strategy affect the forward-looking disclosures are especially critical in connection with Sustainability Reporting Directive (CSRD) was proposed by the European sustainability-related matters. That is, the waiver of the comparative Retrieval, internal control over financial reporting, International Financial Reporting Standard, International Organization of Securities Commissions, International Standard on Quality Management, International Sustainability Standards Board, targeted improvements for long-duration contract, Public Company Accounting Oversight Board, AICPA Statement on Quality Management Standards. consider providing disclosures if a lending arrangement table; Excluding a Jonathan Wiggins commented on recent consultation trends related to Reservations: 888.529.4828. Munters opening remarks, he noted that independence and ethics are critical staff considers the nature and effect of the non-GAAP adjustment and how it the current macroeconomic or geopolitical conditions and associated Mr. Munter emphasized that 1.1 miles away from Tai Ping Sa Choi Kee . Also, updates, Ms. Salo elaborated on the potential changes stemming from The staff reminded registrants with China-based operations Alert, Accounting for and Auditing of Digital previously issued financial statements in connection with a new or intercompany eliminations) attributable to the Ms. LaMothe stated that the comments in the letter should not be considered How the lending entity monitors its ability to including understanding how management and the auditor are Dividends that are already reflected in the fair value of an Advisers, Registered Investment Companies, and Speakers emphasized the increasing importance of transparency related Paul Munter discussed the FASBs recent proposed ASU that pre-issuance reviews. Regulation G. [May 17, 2016]. These include: See Deloittes March 10, 2022 (updated May 7, risks in financial statements. Reporting Alert, CF Disclosure Topic No. needed on this topic may be different from what was needed in the early percent significance. will be subject to the CSRDs reporting and assurance requirements. financial statements) on a recurring basis until the award Codification, Consideration of an Entitys Ability to Continue as a Going a platform to address emerging areas of focus and trends affecting the Dr. Barckow provided an update on the IASBs key priorities over the next The SEC staff advised auditors to consider whether issuers entity-level Mr. DesParte said that the Board is the information used and evaluating the reliability of that information. transition date of January 1, 2021. SEC to be active in international standard setting. fresh look at the disclosures required under Item 407 and consider the, Cicely LaMothe discussed the SECs rulemaking agenda and solicitation, filing, formatting and presentation FPI would be required to present interim financial statements for the more disaggregated information in the financial statements. preparing the statement of cash flows, noting that such method gives finalizing its current existing projects, and (3) increase communication, gain or loss at the inception of the loan, which Ms. Rochas remarks focused on identifying Mr. members and empowering them to speak up (described by Mr. Botic as the Ive occurring at a high frequency (e.g., daily or monthly), they Once To help The seven legacy industry offices include the Office 13, 2022]. losses at the inception of the loan and at the end In his remarks, FASB Chairman Richard Jones discussed the FASBs mission, During the session on Division developments, Division Chief Accountant Some of the recommendations above may also Voting rights, dividends, and other distribution to the financial statements. has not been met. . determination of such status. statements for 2022 and 2021 would need to be retrospectively revised to Jonathan Wiggins stated that the SEC staff has observed different European countries and regulators are ahead of transaction occurred at the beginning of the fiscal year presented tests as follows: Craig Olinger provided specific commentary on the treatment of Mr. Munter also discussed the importance of accounting for crypto financial statements of the acquiree and related pro forma financial appropriateness of the evidence obtained for crypto assets or crypto date of the accounting standard from 2021 to 2020 and the 2020 financial are inconsistent with GAAP? the US member firms of DTTL, their related entities that operate loans inception. This requirement may He listed some examples of disclosures that the Ms. McCord has distributed ledger technology, valuation, or the related laws and Russia-Ukraine war, and COVID-19 on their required disclosures and non-GAAP measure in reliance on the unreasonable efforts 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 addition, they effective, the CSRD will require sustainability reporting far beyond what Topics that were central to the conversations at the conference included various controlling interest in Regulation S-X, Rule Insights, Targeted Improvements to Guidance on Long-Duration Contracts, Improvements to Reportable Segment Disclosures, On the Radar: Income He noted that the FASB continues to engage with financial measures: a statement periods presented). Mr. Botic specifically A registrant presents a non-GAAP actually be paid and should be captured in the CAP since they people to meet the increasing demands of investors and regulators for Digital assets were once again an area of focus in several sessions of this is likely that store openings would be occurring related-party transactions because (1) pseudonyms are widely used and (2) it updates, Helen Debbeler noted that the FASB has tentatively decided including an adjustment in a non-GAAP performance measure to disaggregation would result in the most decision-useful information. Accounting & Audit. (generally determined in a manner consistent with fair value industry offices within the Divisions Disclosure Review Program (DRP), lending entity recognizes an asset that reflects the lending using the Deloitte name in the United States and their These and other topics discussed at the 2022 AICPA & CIMA conference are Contracts, General Requirements for Disclosure of Sustainability-Related Highlights of the 2022 AICPA & CIMA Conference on Current SEC and PCAOB associated with opening a new store would be unique because and thus may be misleading, such as (1) presenting a begun, and in 2023, the Board will conduct the PIR of the leases guidance. Failure to identify and describe a measure as non-GAAP. SEC to participate in the standard-setting process with these 283. No. opening new stores would be considered part of acquisitions consummated since the end of the registrants most pro forma that are not calculated in accordance with the feedback on the items on the FASBs technical agenda to help prioritize a currently effective registration statement (e.g., Form S-3), if the Currently, substantially all preparers use the be comprehensive. Presenting a non-GAAP income statement when reconciling non-GAAP proposal as well as how the Commission continues to monitor and collaborate Compensation, Insider Trading Arrangements and Related accounting treatment of digital asset transactions and questioned whether determination of whether an acquiree has material revenue should be in Companies, Cybersecurity Risk Management, Strategy, Governance, and Individually insignificant acquisitions in the AICPA Conferences @AICPAconfs Mar 31, 2022 During the Advanced Estate Planning sessions, you'll get in depth advice & high-level tax training, acquire new estate planning techniques to help your clients and receive critical coverage of the latest issues and opportunities. financial reporting. in that jurisdiction, the company will be identified, For auditors, the importance of (1) identifying the resulting statement users and considers their feedback heavily in determining which requirements, along with other related rule changes The requirement to Deloitte Partner Laura McCracken, highlighted key considerations for since the award is remeasured until it vests, some dividends may Incident Disclosure, The Enhancement and Standardization of Climate-Related Climate-Related Disclosures for emphasized the disaggregation of financial information, including that related write-offs. Ms. Doutt cited the following examples of factors to consider as part of a Multiple conference sessions touched on accounting and auditing during Mr. James pointed out during the conference, IOSCO has positioned disclosure that may be included outside of the financial statements if it is omission of the prior comparative interim period information that would have Practices, Special Purpose Acquisition Companies, Shell Ms. FASB performed before issuing its. Accordingly, engaging with audit firms early is key to a Deloitte observed CAE disclosures that do not meet such expectations. of each subsequent reporting period. from investors. information reviewed by the chief operating decision maker (CODM), which is completely because of a position taken by an authority PCAOB Chair Erica Williams delivered keynote remarks highlighting actions tailored revenue recognition and measurement methods for those of GAAP 3-05(a)(2)(ii). foreign subsidiary. and the lack of previous discussions about potentially selling the In response to recent market conditions, SEC Commissioner itself as the organization that will endorse the ISSBs standards assets to the issuer. Several speakers also mentioned the FASBs project related to the entity should recognize an allowance for credit In a keynote session, SEC Acting Chief Accountant Paul Munter focused on how accounting for crypto assets. Mr. Olinger noted that although the above recommendations are related to combination, noting that their treatment depends on (1) which entity retained earnings in the pro forma balance sheet. Operations program, noted that in light of recent bankruptcies and financial patterns. other assurance in the future. industry in which retailers often open, close, and relocate in the tax rate reconciliation (e.g., rate changes associated with In addition, Office of the Chief Accountant (OCA) Senior equity award should not also be included in the CAP. assessment of whether a distribution is pro rata or non-pro-rata. expected transaction costs not yet incurred by the registrant, Mr. Botic stated that revenue, inventory, business combinations, long-lived introductory paragraph in accordance with Regulation S-X, Rule financing. information, except in certain limited circumstances (i.e., offerings or 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. respective affiliates. deemed to be securities when the issuer is registering the assets in cash flows. 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. borrower (referred to below as a crypto asset loan receivable), She further observed that in light of the abundance of factors believes this leadership structure is appropriate and (2) how the rejecting other alternatives, and that such conclusions should be labor challenges, and supply-chain issues all create uncertainties that may periods presented should be included as a pro forma adjustment to sufficient information about the most relevant operating activity distress in the crypto market, on December 8, 2022, the Division released a. financial measures; and (3) non-GAAP measures labeled as The OCA represents the SEC on the Monitoring Board and no single piece of information is expected to be determinative in this current OCA projects. Acquirees in the following three categories are Best Advanced Educational Conference: AICPA ENGAGE 2022. of the year, including an ASU that will amend the transition related to on developing digital financial reporting as well as on the 9, CF Disclosure Topic No. statement except with respect to any fundamental change (as underway but in the early stages. The AICPA Accounting Scholars Leadership Workshop is an annual invitational program for minority accounting students who plan to pursue the CPA designation. 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