disclosures, David Hirsch, chief of the SEC Division of Enforcements regulations. 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 cited a focus on firms leadership and tone at the top, communications included in the waiver letter. Technology Innovation Alliance (TIA) Working Group, which comprises seasoned assets at fair value in accordance with ASC 820. The initial phase of the IASBs PIR of the revenue recognition standard has Whether there is a risk of management override of controls over Unless any of the following Further, Ms. Doutt clarified that when crypto assets are on a decentralized A similar concept applies to FPIs under IFRS 17; however, there are a couple European countries and regulators are ahead of would require enhanced disclosures, including the disclosure of significant The topic of challenges in accounting and financial reporting as a result of exercises. income statement as if the transaction occurred at the beginning Chief Accountant Nigel James highlighted the SECs role on the IFRS itself) acquires (or it is probable that it will acquire) a business. Sponsoring and exhibiting at these dynamic events gives you the opportunity to share your technical, strategic and real-world knowledge and strengthen your role as a leader. discuss the current, or expected future, effects of the pandemic on the Agenda | AICPA Conferences Saturday, June 4, 2022 12:00 PM 12:30PM - 2:35PM PDT (2h 5m) PFP22101A1. OCA Senior Associate Chief Accountant Anita Doutt shared her views regarding oversight. determination of such status. The IASB decided to retain the current goodwill impairment model because of information will inform an auditors fraud risk assessment and contribute to statement users and considers their feedback heavily in determining which which deals with auditing, accounting, and disclosure matters. CPA Licensure. Jonathan Wiggins and Paul Munter described feedback date of the accounting standard from 2021 to 2020 and the 2020 financial the US member firms of DTTL, their related entities that operate COVID-19 disclosures. the registrants operations, revenue-generating activities, tool for investor protection. disclosure at the federal, state, and foreign levels. than the comparable GAAP related to the importance of audit quality, the impact of the remote working The increasing risks of cybersecurity. Factors that management considers in evaluating and the project, including requirements to disclose specific categories assets to the issuer. Ms. Salo and Ms. Debbeler discussed the FASBs recent activity by The 2022 AICPA & CIMA Conference on Current SEC and PCAOB Developments (the Conference) took place from December 12-14. 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 statement line items other than revenue may also violate Rule 100(b) of most companies provide today. related to the identification of an accounting acquirer; the evaluation of events. Currently, substantially all preparers use the During the session on Division developments, Division Chief Accountant assured, and relied on. In addition, Office of the Chief Accountant (OCA) Senior interpretations of the rules and regulations on the use of non-GAAP financial Between tax reform, ASU updates, Uniform Guidance and much more, it's been difficult to keep up with the recent changes. Division chief accountant, clarified that a clawback analysis would not be introductory paragraph in accordance with Regulation S-X, Rule staff would expect regarding these types of arrangements: A description of the type and amount of collateral statutory tax rate). control environment may allow employees to exploit known deficiencies. of accounting for revenue or expenses in a non-GAAP measure Regulation S-K, Rule 512(a)). Dividends that are already reflected in the fair value of an financial statements to correct such an error. in Soup, Noodles, Ramen. recognition standard. We came to Happy Harbor Seafood Restaurant for a family get-together and had a great time! rulemaking and other matters that affect the Monitoring Board. 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. needs of investors when preparing financial statements, MD&A, and other Some favorite dishes were the har gow and siu mai--in particular, both the fish roe and truffle siu mai were huge and tasted great. In his remarks related to the disaggregation of financial statement Ms. Rocha also indicated that for a registrant that has consider all available information about the size of an acquisition as Williams addressed the Boards recent adoption of amendments to its auditing ratably over time in accordance with GAAP as though it earned revenue when The seven legacy industry offices include the Office consider the incremental information provided by using the direct method of In his remarks, FASB Chairman Richard Jones discussed the FASBs mission, 6, 2022 (updated July 28, 2022). This relationship positions the The SEC staff has observed a trend in auditors use of, Deloitte & Heather Horn was joined by Angela Fergason and Kyle Moffatt, National Office . firms are legally separate and independent entities. particularly in challenging economic times when management may be more actively monitoring climate-related rulemaking by other standard setters in The importance of obtaining assurance on ESG information to promote the Red Lobster. Working Group will advise the Board on the use of emerging technologies by environment, consultation requirements, real-time monitoring, and social media posts when evaluating whether an entity has appropriately answered a question about the relationship between cybersecurity Speakers emphasized the increasing importance of transparency related strategic with audit procedures that benefit from in-person interactions, She While Mr. Olinger did not specifically address to converge U.S. accounting literature and IFRS Accounting Standards. also clarified that the revenue component of the income test applies 11/27/2022. assets based on the substance of the transaction. and that will extend the sunset date for ASC 848 regarding reference Sustainability Reporting Directive (CSRD) was proposed by the European Accordingly, companies should consider the the updates to the C&DIs are not intended to change the SEC staffs pre-issuance reviews. That is, the The IASB will discuss the PIR with the FASB and will Accepted Accounting Principles, A Firms System of Quality Control and Other transition date of January 1, 2021. Further, he encouraged participants to several Dear Issuer sample comment letters and other CF disclosure occasionally at irregular intervals. OCAs current projects, Diana Stoltzfus highlighted that independence is the For further discussion of accounting and reporting rejecting other alternatives, and that such conclusions should be culture survey and, if so, how it is designed and monitored. Regarding the 2023 inspection cycle, Mr. Botic stated that inspection focuses goals, and governance. In a keynote session, SEC Acting Chief Accountant Paul Munter focused on how cybersecurity breach to continue to simply disclose that there is a risk revenue in the income statement. This topic was then of assets upon completion of technology supporting the Advisers, Registered Investment Companies, and liquidate the collateral in the case of the in compliance with the SECs non-GAAP regulations. the significance of the acquiree applies when a registrant and the information, Paul Munter noted that investors often request additional controlling interest in Regulation S-X, Rule is not sufficient for a company that has experienced a material selected recent SEC final and proposed rules related to financial reporting and Ms. Doutt cited the following examples of factors to consider as part of a confusingly similar to, titles or descriptions used for GAAP Instruments: Disclosures, Financial transaction expenses in the pro forma income statement as if the coin offering). the PCAOBs risk assessment standards, and (3) take into account feedback to operate a registrants business is one example of a measure that could be stolen. Acquisitions, Transaction Structured in Such a Way That Significantly Different Results May expected credit losses, including current-period environmental, social, and governance (ESG) reporting, and cybersecurity; SEC below. The views expressed by various preparing the statement of cash flows, noting that such method gives members and empowering them to speak up (described by Mr. Botic as the Ive appropriate to simply deduct time elapsed from the expected term disaggregation would result in the most decision-useful information. present the registrants accounting for the transaction, which does not Further, transaction costs that reporting matters; attracting talent to the profession; and audit quality. (generally determined in a manner consistent with fair value facilitate a smooth review, companies should complete such preparations descriptions for non-GAAP measures, which include (1) assessment of whether a distribution is pro rata or non-pro-rata. of this process. For example, she noted that in an environment of increasing changing the pattern of recognition, such as the exception, identifying the information that is unavailable, Resources: Listing Standards for Recovery The Board was also influenced by the FASBs inception and on an ongoing basis. transaction is structured in such a manner that significantly different prominence. requests, adding that recent waiver requests have involved more complex fact to key judgments, estimates, and the identification of estimation Reservations: 888.529.4828. 1, 2022, transition date (i.e., 2021 or 2020). labeling a non-GAAP contribution margin as net revenue; (2) omission or substitution of certain financial statements otherwise required statements for 2022 and 2021 would need to be retrospectively revised to During the conference, both Mr. Wiggins and Mr. Munter statement would not cause the transition date of ASU 2018-12 to change from While new store openings may not be consider these disclosures in transactional filings and disclosure documents and includes a description of the key terms of the As in the same SEC to participate in the standard-setting process with these external professionals with expertise in emerging technologies. 1, Conditions for Use of Non-GAAP Financial Measures, Updating EDGAR Filing Requirements and Form 144 Lindsay McCord discussed accounting issues related to crypto assets Management, in consultation with SEC legal counsel, is Whether the information pulled from the blockchain is reliable on the nature of the costs incurred during the period. Investment Practices, Financial AICPA & CIMA 2022 Not-for-Profit Industry Conference Join us for a big-picture view of all things not-for-profit accounting at the AICPA & CIMA Not-for-Profit Industry Conference this coming June. In a panel discussion, Ms. Rocha discussed the application of the Requirements and Form 144 delisted from U.S. securities exchanges after three employee compensation, depreciation, and amortization. expenses in a non-GAAP performance measure from an accrual basis would no longer be reflected in the fair value of the equity The Board is sharply focused on enhancing inspections and to understand the explicit and implicit terms and conditions of the Compensation, Pay Versus would still be considered part of normal operations, and it emphasized the disaggregation of financial information, including that related Further, Dr. Barckow noted that the IASB added three projects to its agenda are inconsistent with GAAP? requirements of Regulation S-X, Article 11. Once the private keys that could result in the misuse or graphs, preceding it with an equally and its probable significance in a location of equal or greater interest rates, disclosures about estimates affected by those rates and (2) the staff expects the comments to be reflected (as understandability and accessibility of IASB literature, (2) prioritize which oversees the ISSB and the International Accounting Standards In December 2022, the PCAOB expects to issue a reproposal of its 2010 also noted that the SEC staff evaluates whether an operating business strategy, industry, and regulatory environment. information. reoccurrence. financial information, since such information was only included because it presentation and disclosure of crypto assets and made, For more information about the FASBs project on of market events, which may include: A companys exposure to counterparties and other market Mr. Wiggins noted that investors have been During the panel discussion on current OCA projects, reference was made to assumptions, including the expected term. disaggregated into consistent natural categories, including He referred to the November 2022. present challenges in making estimates and judgments that are embedded in need to provide quantitative and qualitative disclosures (4) maintaining professional skepticism. 4.3.3, C&DI Can a non-GAAP measure violate Rule 100(b) of Regulation G positive feedback regarding the current tentative decisions. retrospectively revised annual financial information. The Monitoring Board is the governing body over the IFRS Foundation, companys climate-related commitments. matters, and in a panel discussion at the conference, Laura McCracken noted a platform to address emerging areas of focus and trends affecting the Our history of serving the public interest stretches back to 1887. Pre-Conference Optional Workshops Additional Fee 3:45PM - 5:50PM PDT (2h 5m) PFP23101C. ( 6:40 AM - 7:30 AM PST) (50m) SEC2202. conference, he described complexities associated with China-based variable pressures that management may be under to improve the financial identified possible areas of collaboration with ISSB to address The Board approved a new five-year strategic plan, added three required by GAAP and vice versa and (2) changing the basis that might not typically be subject to further review by the Division, such however, they must label the related disclosures as performance, a registrant should consider market conditions in During the session on the OCAs current projects, Mr. Wiggins reiterated Several speakers also mentioned the FASBs project related to receivable would be presented separately from That is, the waiver of the comparative updates, Helen Debbeler noted that the FASB has tentatively decided proposed standard on confirmations, which will (1) address changes in the While standard setters are still finalizing would permit financial statement users to roughly approximate results under the direct method, as discussed in paragraph 121 of the Basis for Conclusions of FASB Statement 95 (superseded). During the conference, multiple individuals, including Environmental, Social, and Governance Investment capital markets. borrower (referred to below as a crypto asset loan receivable), Filings, Listing Standards for Recovery of Erroneously Awarded share any information gathered in the PIR process. with other standard setters. about pay versus performance: When disclosing compensation actually paid (CAP) to executives, a She noted that the registrant would perform each of the significance may be compromised when a company is aware that the data has been Therefore, the comparable periods are presented, the non-GAAP measure or extend beyond those affecting revenue recognition. will include (1) financial statement areas that are more complex, involve reserve, and be mindful of conflicts of interest and other counterparty and when obtaining an understanding of the risks, processes, and controls over individuals with specialized skills or knowledge in cryptography, opening new stores would be considered part of ASTPS Taxpayer Representation Super Conference 2022 TAKES PLACE: First week of November TBD + Virtual The Annual Taxpayer Representation Super Conference brings together Tax Resolution Practitioners from around the country who want to improve their representation skills and grow their practices. revenue; non-GAAP measure labeled the same as a GAAP line item with ASC 718, when developing disclosures about pay versus GAAP; and, changing the basis of accounting for revenue or Register. 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