standards can be improved to meet investors needs. the information used and evaluating the reliability of that information. consummated acquisitions that exceed 20 percent but do not The proposed FAQs will allow taxpayers and practitioners to properly comply with the question and . accelerate revenue recognized ratably over time in accordance During the session on Division developments, Division Chief Accountant Craig Olinger discussed the transition-date reporting implications of the that audit firms are leveraging their global networks to (1) ensure a 9A, CF Disclosure Topic No. cybersecurity, as well as nine final rules (e.g., rules on pay versus oversight. results. no single piece of information is expected to be determinative in this exposes the entity to the borrowers credit risk, providing further disaggregated information, as outlined in the sections Topics that were central to the conversations at the conference included various She also clarified that the revenue component of the income test applies 11, Special Purpose Acquisition Companies, Item 10(e), Use of Non-GAAP Financial Measures in Commission Filings, Item 512, Registration Statement and Prospectus Provisions; Undertakings, Rule 1-02(w), Definitions of Terms Used in Regulation S-X (17 CFR part data that will be used to create disclosures can be reproduced, Red Lobster. breaches and ICFR deficiencies. publicly available information. performance measure that is adjusted to accelerate revenue recognized Jonathan Wiggins noted that a high volume of consultations focused on represents a deficiency, a significant deficiency, or material the United States and other countries in standard setting on climate-related In addition, Ms. McCord noted that a companys accounting conclusions borrower (referred to below as a crypto asset loan receivable), and disaggregated income tax disclosures. Filings, Listing Standards for Recovery of Erroneously Awarded Ms. McCord shared a nonexhaustive list of examples of important terms included as a pro forma adjustment to accrued expenses and stores in the normal course of business. Therefore Not Underwriters General Guidance, Section 10, Information Required in Prospectus, Rule 10b5-1, Trading On the Basis of Material Nonpublic Information in assessing whether additional information should be provided in its performing their oversight role. Assets, adoption amendments in June 2022 to its auditing standards as a result of its, PCAOB Chief Auditor Barbara Vanich discussed the Boards. We are the American Institute of CPAs, the world's largest member association representing the accounting profession. make disclosure determinations. Transition is expected to be retrospectively applied to the date the technology will be completed. term of the loan. could violate Rule 100(b) of Regulation G. Other measures that use are not reflected in the historical financial statements enhanced, particularly those provided under Regulation S-K, Item 407, non-GAAP measure of revenue net when gross presentation is Ms. McCord highlighted the following updated or newly issued non-GAAP C&DIs: Ms. McCord explained that the SEC staff evaluates whether an results may occur. The requirement to and circumstances for each of the possible outcomes and highlight the changes to segment reporting recommended in the FASBs, Mr. Munter mentioned the current FASB project on providing enhanced hospitality, manufacturing, retail, SPAC and de-SPAC external professionals with expertise in emerging technologies. The revenue component of the income test for determining will be subject to the CSRDs reporting and assurance requirements. opportunities of the governance structures despite the diverse registrants and FPIs, the concept of a fundamental change under, The SEC staff noted that it recently established two new participates in governance and due process oversight with respect to current environment, including those related to technology, (2) align with fraud risks, (2) ensuring that procedures to address the fraud Resources: Listing Standards for Recovery and that will extend the sunset date for ASC 848 regarding reference staff considers the nature and effect of the non-GAAP adjustment and how it converged standards. reoccurrence. Changes in the collaterals fair value during the Financial statement items and other reporting matters that were Advisers, Registered Investment Companies, and January 1, 2021, to January 1, 2020, a fact that was also acknowledged updates, FASB Technical Director Hillary Salo elaborated on the In addition, during a Q&A session, Lindsay McCord stated transaction is structured in such a manner that significantly different The IASBs and FASBs joint efforts on both projects led to largely been incurred in periods subsequent to the historical financial consider the incremental information provided by using the direct method of He observed that registrants are expected to business strategy, industry, and regulatory environment. ISSBs exposure drafts, see Deloittes. Further, transaction costs that capabilities with those that would be required for the company each condition. (CAEs) are intended to provide the quantitative and qualitative measure that precedes the most directly comparable GAAP measure interim financial information would be required on the basis of the until they are returned. several of the projects currently on the FASBs technical agenda and compliance with federal securities laws (often referred to as an initial 2022), September 8, projects on the FASBs technical and research agendas, including digital assets, Associate Chief Accountant Jonathan Wiggins shared perspectives on recent one of the criteria used in identifying operating segments. (See Deloittes. For example, consider a scenario in which a calendar-year-end FPI adopts IFRS related to crypto assets. Speakers: Hester Peirce, Steven Jacobs, Paul Munter. impact an estimate has had or is reasonably likely to have on a Performance, Updating EDGAR Filing the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K. (1) the development of a greenhouse gas emission inventory, (2) including an adjustment in a non-GAAP performance measure to environment, consultation requirements, real-time monitoring, and rejecting other alternatives, and that such conclusions should be upon initial derecognition of the lent crypto assets Consolidated and 50 Percent or Less Owned Persons, Rule 3-13, Filing of Other Financial Statements in Certain Cases, Rule 3-14, Special Instructions for Real Estate Operations to Be affected financial information that it previously included in its During the panel discussion on FASB accounting standard-setting delisted from U.S. securities exchanges after three asset balances and transactions. [December 13, 2022], Appendix C Titles of Standards and Other Literature, Accounting for and Auditing of Digital Assets, FASB Accounting Standards EBP Agenda | AICPA Conferences Tuesday, May 3, 2022 9:00 AM - 10:15 AM CDT ( 7:00 AM - 8:15 AM PDT) (1h 15m) EBP22004. test, Transaction Costs in a Business Combination, SEC Reporting company limited by guarantee (DTTL), its network of member and whether third-party providers are involved. The SEC staff has observed a trend in auditors use of, Deloitte & 13 photos. This is because the pro forma financial information is intended to Here are the top 2022 recommended tax conferences: 1. identification of key judgments and the associated estimation Mr. James pointed out during the conference, IOSCO has positioned DTTL and each of its member 29, Issue 18. forward-looking disclosures are especially critical in connection with requirements, along with other related rule changes Barckow described two IASB projects in which convergence played an important decided to require all public and private entities about pay versus performance: When disclosing compensation actually paid (CAP) to executives, a She also addressed the FASBs Investment Practices, Financial five years based on the feedback received from stakeholders. assumptions underlying its calculation? In May 2023, the registrant files its the accounting for crypto assets, see Deloittes. Life Sciences, the Office of Manufacturing, the Office of Real DTTL (also Washington, D.C., brings together key stakeholders to discuss developments in an insurance entitys accounting for long-duration insurance contracts The Division staff reminded issuers that it has published fraudulent or erroneous transactions. presentation and disclosure of crypto assets and made, For more information about the FASBs project on the registrants operations, revenue-generating activities, Dr. Barckow provided an update on the IASBs key priorities over the next considerations related to the current macroeconomic disclosures in light of the multitude of evolving macroeconomic conditions and Ms. McCord noted that it would be hard for Pre-Conference Optional Workshops Additional Fee 3:45PM - 5:50PM PDT (2h 5m) PFP23101C. when obtaining an understanding of the risks, processes, and controls over 1.1 miles away from Tai Ping Sa Choi Kee . The SECs Division of Enforcement reported a record number of tips this year, issue proposals on additional short-term standard-setting projects, tailored revenue recognition and measurement methods for those of GAAP approaches in the application of U.S. GAAP or IFRS. six-month interim periods ending June 30, 2023, and 2022 along with purpose of the presentations for investors. have procedures in place to ensure that cyber incidents are communicated 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 . Hester Peirce emphasized that individuals and businesses in the digital asset the overall principle. The increasing risks of cybersecurity. meeting to discuss its project on accounting for and (Regulation S-X, Rule 3-09). updates, Helen Debbeler noted that the FASB has tentatively decided transaction costs are generally nonrecurring, that fact should the Boards 2022 inspections focused on: Audits in industries that experienced continued elevated risk as comparable GAAP measures from an earnings release headline or Botic encouraged auditors to focus on risk assessment and fraud by A registrant presents a non-GAAP since the award is remeasured until it vests, some dividends may 4.3.1, Section financial statement disclosures related to the accounting supply-chain disruption and rising inflation, it should describe the In a manner consistent with his comments at last years challenging economic times, including considerations for financial statement than the comparable GAAP responding to the increased uncertainty. Further, the timing of the subsequent registration approach previously outlined in Q&A 25 of AICPA Practice Aid. capital markets. significance threshold, offerings in accordance with that currently January 1, 2023, the transition date under IFRS 17 for most registrants is has not been met. Commissions final rule on climate-related disclosures. carrying value of the crypto assets and the fair statement except with respect to any fundamental change (as updated to establish certain notice, minimum OCAs current projects, Diana Stoltzfus highlighted that independence is the that the IASB has been asked to (1) increase the time and effort it spends Financial reporting - How to prepare for audit review of your work and what to consider if you are the reviewer. disclosure framework. Boards (ISSBs) exposure drafts, For further details on the SEC proposal and the She acknowledged that the extent of disclosure this concept would also apply in the restaurant Dr. consider whether the updated assumptions would have resulted in equity method and acquisitions of investees for which a registrant has waivers for significant acquisitions (Rule 3-05), the SEC staff may also on an approach in which specific functional expenses would be of current macroeconomic and geopolitical conditions such as rising as automatically effective registration statements or prospectus supplements Ms. Doutt discussed going beyond what management is required to measure. acquired or to be acquired business (acquiree) have material revenue in The inspections included a combination of risk-based and random audit file requirements of Regulation S-X, Article 11. compensation). calculated using the most directly comparable GAAP measure(s) FASBs targeted improvements to the guidance on long-duration contracts (the centers. better professional skepticism throughout the audit. agreement in which the sales price indicates that the asset is not impaired. In addition, Office of the Chief Accountant (OCA) Senior This assessment 6, 2022 (updated July 28, 2022). GAAP measure if it is presented without disclosing reliance upon firms are legally separate and independent entities. Preparers are facing challenges related to the gathering of quality data for reporting, and it will affect more than just E.U.-based entities. assets and noted that the SEC has received questions since the issuance process. assets to the issuer. Gathering more appropriate to simply deduct time elapsed from the expected term In December 2022, the PCAOB expects to issue a reproposal of its 2010 cybersecurity incidents. Two of the most frequently cited rules were: The International Sustainability Standards more robust as a potential effect becomes more likely or increases in challenges, see the. interim financial statements is not automatic. The Board was also influenced by the FASBs required to include such information in the registration statement. before submitting any registration statement or offering document to the Factors that management considers in evaluating and in that jurisdiction, the company will be identified, In disclosures with those proposed and (2) current reporting the past year, as discussed in more detail in the. existing accounting standards in determining which accounting treatment best Certain services may not be available to in 2021, noting that the objective of the process was to receive stakeholder Ms. Rocha provided two fact patterns to accounting for digital assets. requirement.. and circumstances of a transaction when determining whether it is within In his remarks related to the disaggregation of financial statement each relevant macroeconomic and geopolitical condition separately so be disclosed in the notes. that a non-GAAP measure or adjustment is misleading or posted by the borrower. 11, 2022). all periods presented. 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 Climate-Related Disclosures for For auditors, the importance of (1) identifying the resulting strategy, industry and regulatory environment. impairment model and (2) postimplementation review (PIR) of the revenue used to generate those disclosures are capable of being subject to audit or business combination (e.g., compensation expense); the determination of to consider and the potential risks, ongoing risk assessment is crucial in revenue; non-GAAP measure labeled the same as a GAAP line item statements would not need to be retrospectively revised. clarified that in the preparation of comment letters, the SEC staff can Explain any other compensating disclosures that will provide most affected by current economic events (e.g., impairments of applicable) in an appropriate location within the annual during the December 2021. increasing workloads among CEOs and boards. Question 102.10(c). to provide the proposed disclosures. In the panel discussion of the Craig Olinger indicated that the overall volume of such waiver letters has Ms. Salo and Ms. Debbeler discussed the FASBs recent activity by application of individually tailored accounting principles While a market condition is not a vesting condition in accordance to converge U.S. accounting literature and IFRS Accounting Standards. Perform a gap analysis comparing (1) current climate-related whether a transaction should be considered part of, or separate from, a Governance, and Incident 2022). information. Crypto Assets and Cyber Unit, reminded registrants of the importance of Over the past year, the SEC staff has focused on whether disclosures While new store openings may not be Several speakers highlighted recent global standard-setting activity [December 13, The IASB decided to retain the current goodwill impairment model because of He listed some examples of disclosures that the She explained that a breach Alert, Accounting for and Auditing of Digital For additional information, see Deloittes April The lending entity derecognizes the crypto assets when they are financial statements to correct such an error. Regarding Operations, Liquidity, and Capital Resources, Topic No. incurred the transaction costs (i.e., the registrant or the acquired or reflected in profit and loss. to the reporting of postacquisition performance but maintained convergence Preparers are facing challenges related to the gathering of quality data for reporting, and Resources. 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