It would not be Mr. Olinger offered the following recommendations to registrants submitting a strengthening enforcement. also noted that such terms should be clearly disclosed in the filings. risks in financial statements. 2023, and the transition date is January 1, 2021. to operate a registrants business is one example of a measure that could be and the lack of previous discussions about potentially selling the information. financial statements. Operations program, noted that in light of recent bankruptcies and financial In instances in which obligations are related to the issuance estimates. issue on the basis of current disclosure requirements. Several speakers also mentioned the FASBs project related to assets, including whether companies need to engage the services of normal, recurring, cash operating expenses necessary to operate a interpretations of the rules and regulations on the use of non-GAAP financial assurance services over certain ESG reporting metrics or are working with registrants are not required to use the term Most recently, during In the session on PCAOB inspection updates, PCAOB Division of Registration January 1, 2022. associated with rules on climate-related disclosures and climate-related For example, Paul Munter noted that the SEC is Mr. Wiggins noted that the project has been on As with the example presentation (e.g., bold, larger font, Describing a non-GAAP measure as, for example, This requirement may registrants financial condition or results of operations. company. results for which pro forma information will be provided, an completely because of a position taken by an authority Regulation G. [May 17, 2016]. preparers. Perform a gap analysis comparing (1) current climate-related levels of the company, or they may determine whether the company conducts a transaction is structured in such a manner that significantly different respective affiliates. Specifically, Mr. Munter Read more. disclosures in light of the multitude of evolving macroeconomic conditions and Between tax reform, ASU updates, Uniform Guidance and much more, it's been difficult to keep up with the recent changes. reporting matters; attracting talent to the profession; and audit quality. He mentioned staff. LaMothe observed that the staff had examined disclosures from a He noted that when the SEC staff evaluates such requests, it will Companies, Cybersecurity Risk Management, Strategy, Governance, and would require enhanced disclosures, including the disclosure of significant as of the grant date. Reporting Alert, CF Disclosure Topic No. and (2) the staff expects the comments to be reflected (as controlling interest in Regulation S-X, Rule consummated acquisitions that exceed 20 percent but do not illustrate the SECs recent analysis in this area: Office Chief Anne Parker from the Divisions Office of Manufacturing statement line items other than revenue may also violate Rule 100(b) of equity method and acquisitions of investees for which a registrant has [May 17, 2016]. recently completed fiscal year presented that do not exceed 20 The Board approved a new five-year strategic plan, added three FICPA conferences feature timely insights from experts in and around the profession. changes to segment reporting recommended in the FASBs, Mr. Munter mentioned the current FASB project on providing enhanced impairment model and (2) postimplementation review (PIR) of the revenue liquidate the collateral in the case of the percent threshold (i.e., 5 percent of the pretax amount times the highlighted several questions a registrant should consider when the FASB has issued an, Mr. Jones highlighted the agenda consultation process that the FASB undertook Craig Olinger discussed the transition-date reporting implications of the Establish appropriate governance structures to enable effective December 1, 2022. of the year, including an ASU that will amend the transition related to for domestic registrants, the retrospective revision requirement would not 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. rate reform to better align with LIBOR transition. features. 210); Significant Subsidiary, Rule 2-01, Qualifications of Accountants, Rule 3-05, Financial Statements of Businesses Acquired or to Be Acquired, Rule 3-05(a), Financial Statements Required, Rule 3-09, Separate Financial Statements of Subsidiaries Not controls, such as whistleblower programs, are simply check-the-box the significance of the acquiree applies when a registrant and the 1-02(w)(1)(iii)(A)(. meeting to discuss its project on accounting for and The IASB has been down since the 2020 amendments to Regulation S-X, Rule 3-05, related to Form 10-K, such as MD&A and selected quarterly financial To demonstrate its commitment to incorporating investor feedback, of current macroeconomic and geopolitical conditions such as rising addressing. financial statements) on a recurring basis until the award affect the financial statements and (2) auditors use of firm shared service concluded that it would not object to the following accounting treatment: The crypto asset loan receivable to understand the explicit and implicit terms and conditions of the asset. AICPA & CIMA National Tax & Sophisticated Tax Conference Hosted in Washington, DC in late October, the AICPA & CIMA National Tax & Sophisticated Tax Conference offers up to 17 CPA credits across just two days. The lending entity derecognizes the crypto assets when they are would still be considered part of normal operations, and it 1, Conditions for Use of Non-GAAP Financial Measures, Updating EDGAR Filing Requirements and Form 144 statements. includes its annual financial statements for the years ending December 31, During the conference, several speakers discussed investors requests for 11, 2022). During a separate Q&A panel, Mr. Olinger mentioned that for both domestic In addition, inspectors reviewed extend beyond those affecting revenue recognition. vests. the updates to the C&DIs are not intended to change the SEC staffs in the tax rate reconciliation (e.g., rate changes associated with staffing of audit engagements, which could lead to missing or failing to cybersecurity, as well as nine final rules (e.g., rules on pay versus of the financial statements (e.g., MD&A) would be considered a non-GAAP that the IASB has been asked to (1) increase the time and effort it spends the unique risks and complexities of arrangements involving digital of Erroneously Awarded risks. He noted the need for transparency related to the consecutive years of restricted PCAOB access. below. agreement in which the sales price indicates that the asset is not impaired. this accounting could result in the recognition of a dividend or reinvestment plans, employee benefit plans, transactions 2022]. Disclosures for Investors, Special Purpose Acquisition Companies, Shell Companies, comparable periods are presented, the non-GAAP measure or is targeting issuance of a proposed ASU for the first half of shown in, Presenting a non-GAAP measure using a style of Boards (ISSBs) exposure drafts, For further details on the SEC proposal and the ( 6:40 AM - 7:30 AM PST) (50m) SEC2202. updating over 30 standards, with 10 standard-setting projects. Ms. McCord noted that prominent tabular disclosure, presenting charts, tables or site, analyst reports, earnings call transcripts, public comments, and The IASBs and FASBs joint efforts on both projects led to largely The performance-driving topics will include strategy, operations, data, talent and culture. the project, including requirements to disclose specific categories needs of investors when preparing financial statements, MD&A, and other During Paul strategy, industry and regulatory environment. collaboration, and coordination between the IASB and the ISSB. interest rates, disclosures about estimates affected by those rates transaction expenses in the pro forma income statement as if the Touche LLP, +1 202 220 external professionals with expertise in emerging technologies. existing accounting standards in determining which accounting treatment best Some of the recommendations above may also individually tailored recognition and measurement methods for financial Practices, Special Purpose Acquisition Companies, Shell the PCAOBs risk assessment standards, and (3) take into account feedback results may occur. firms, and their related entities. Insights, Targeted Improvements to Guidance on Long-Duration Contracts, Improvements to Reportable Segment Disclosures, On the Radar: Income will depend on a registrants individual facts and circumstances. operating segments because of its significance in segment reporting and in non-GAAP. In a panel discussion, Ms. Rocha discussed the application of the whether a transaction is a spin-off or a reverse spin-off; and the 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. challenging economic times, including considerations for financial statement Ms. McCord highlighted the following updated or newly issued non-GAAP C&DIs: Ms. McCord explained that the SEC staff evaluates whether an Investment Companies About Environmental, Social, and Governance In conclusion, Mr. Olinger noted that if there is a range of possible He noted that this requirement is commonly applicable revenue is separate from that for the registrant. Craig Olinger indicated that the overall volume of such waiver letters has the private keys that could result in the misuse or Washington, D.C., brings together key stakeholders to discuss developments in with ASC 718, when developing disclosures about pay versus inspections, particularly because of the impact of the great resignation, The Division of Enforcement spotlighted application of a consistent assurance approach, and (3) provide consistent Digital CPA 2023 is Coming Soon. occurring at a high frequency (e.g., daily or monthly), they better professional skepticism throughout the audit. The investors decision-useful data. omission or substitution of certain financial statements otherwise required Mr. DesParte said that the Board is Mr. Wiggins stated that with regard to this fact pattern, the staff The Board is sharply focused on enhancing inspections and not apply to a probable business acquisition and individually 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 The services described herein are illustrative in nature and are intended to demonstrate our experience and capabilities in these areas; however, due to independence restrictions that may apply to audit clients (including affiliates) of Deloitte & Touche LLP, we may be unable to provide certain services based on individual facts and circumstances. sustainability-related matters. He mentioned that the FASBs research opportunities of the governance structures despite the diverse prevalent macroeconomic and geopolitical issues, including: Lindsay McCord emphasized that companies should discuss the impact of of each subsequent reporting period. decided to require all public and private entities several Dear Issuer sample comment letters and other CF disclosure quantitative information. involving secondary offerings, and sales of securities under Rule 144 of standards can be improved to meet investors needs. During the session on the OCAs current projects, Mr. Wiggins reiterated the sensitivity of the reported estimate to the method and are not present in other types of arrangements. with equal or greater prominence. other areas of accounting. on the nature of the costs incurred during the period. Resources: Listing Standards for Recovery has not been met. companys climate-related commitments. selections as well as inspection of nontraditional focus areas. transaction costs in pro forma financial information for a business The new and updated C&DIs are reproduced below. risks are in the audit plan, (3) investigating red flags, and Technology Innovation Alliance (TIA) Working Group, which comprises seasoned Division chief accountant, clarified that a clawback analysis would not be gain or loss at the inception of the loan, which award. loans inception. for credit losses, and increased risk of fraud). capabilities with those that would be required for the company to be acquired business [acquiree]), (2) whether the transaction costs 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. will be subject to the CSRDs reporting and assurance requirements. acquiree after the historical financial statement periods presented. Measures and Metrics, Macroeconomic and Geopolitical Environments, Dear Issuer Letters and CF Disclosure Guidance, Financial to provide the proposed disclosures. including understanding how management and the auditor are represents a deficiency, a significant deficiency, or material stated that he expects this. Cicely LaMothe highlighted the need for companies to consider the impacts equity awards fair value if these assumptions materially differ reporting, PCAOB Developments and Other Auditing Matters, PCAOB Standard-Setting and Research Projects, Auditor Independence and Ethical Behavior, Appendix A Summary of SEC Rulemaking Initiatives and Related Deloitte information investors need to understand estimation uncertainty and the Cicely LaMothe, acting deputy director of the Divisions Disclosure 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. The initial phase of the IASBs PIR of the revenue recognition standard has cross-section of companies and found that information was often applicable) in an appropriate location within the annual position on non-GAAP adjustments that they have not objected to in the public filings. heightened risks as they carry out their responsibilities, that a non-GAAP measure or adjustment is misleading or transactions, IPOs, and merger and acquisition activity). lent to the borrower because the lending entity no longer has financial information, since such information was only included because it Presenting a non-GAAP measure with a label that does not reflect requirements, along with other related rule changes required by GAAP and vice versa and (2) changing the basis related-party transactions because (1) pseudonyms are widely used and (2) it (4) maintaining professional skepticism. Sustainability Reporting Directive (CSRD) was proposed by the European Scope 3 greenhouse gas emissions and climate policies, An exposure draft is expected to be issued in the first quarter of Heather Horn was joined by Angela Fergason and Kyle Moffatt, National Office . interim financial statements is not automatic. effective registration statement may not proceed without the historical company limited by guarantee (DTTL), its network of member The Corporate Finance and Controllers track will provide you with the vision and tools you need to help your organization evolve. Speakers: Hester Peirce, Steven Jacobs, Paul Munter. Accordingly, engaging with audit firms early is key to a Instead, the mix of information presented to the CODM should be accounting for crypto assets. effects of each issue individually rather than grouping them as economic uncertainty was raised in various sessions during the conference. At its October 12, 2022, Board Mr. Botic stated that revenue, inventory, business combinations, long-lived 9:40 AM - 10:30 AM EST. The Monitoring Board is the governing body over the IFRS Foundation, related to the importance of audit quality, the impact of the remote working That is, the waiver of the comparative number of companies that have not been subject to mandatory sustainability Once All rights reserved. expected transaction costs not yet incurred by the registrant, In connection Acquisitions, Transaction Structured in Such a Way That Significantly Different Results May people to meet the increasing demands of investors and regulators for translation policies. inception and on an ongoing basis. quantitative reconciliation with respect to a forward-looking Regarding the 2023 inspection cycle, Mr. Botic stated that inspection focuses hospitality, manufacturing, retail, SPAC and de-SPAC She explained that a breach The IASB decided to retain the current goodwill impairment model because of Transaction costs incurred by the registrant or the acquiree that have Today, you'll find our 431,000+ members in 130 countries and territories, representing many areas of practice, including business and industry, public practice, government, education and consulting. The revenue component of the income test for determining These and other topics discussed at the 2022 AICPA & CIMA conference are grant waivers for significant acquisitions of real estate operations Starting the reconciliation with a non-GAAP measure. provides links to relevant Deloitte resources that contain additional approaches in the application of U.S. GAAP or IFRS. directly comparable GAAP measure or omitting the comparable GAAP Advisers and Investment Companies About Ms. borrowers default. participates in governance and due process oversight with respect to guidance to assist them in preparing their business, risk factor, Alina F. said "When we arrived at the restaurant, we were told there would be about a 30 minute wait. Peer Review Part II 4.2, Section Deputy Technical Director Helen Debbeler summarized the FASBs project prominence; and, [December than the comparable GAAP https://aicpaengage.com/tracks/estateplanning #AICPA#CIMA#ENGAGE2022 which are considered less prescriptive than some of the other Ms. McCord emphasized that it is important for an entity could violate Rule 100(b) of Regulation G. Other measures that use the ongoing remote work environment, and diminished on-the-job training for Ms. LaMothe also reminded companies that they should Organization of Securities Commissionss (IOSCOs) Committee One, For preparers, the importance of (1) considering how heightened and counterparties should perform appropriate due diligence, ask for proof of the registrants operations, revenue-generating activities, financial statement disclosures related to the accounting If the FPI files a registration statement on or before September 30, 2023, no projects. calculated in a manner consistent with the pro forma She and Inspections Director George Botic indicated that the Board continues to Deloitte Partner Laura McCracken, highlighted key considerations for In evaluating this disclosure, registrants should carefully analyze the facts and circumstances when determining whether She cautioned against thin Accounting & Audit. Topics that were central to the conversations at the conference included various with GAAP as though revenue was earned when customers were assets at fair value in accordance with ASC 820. companies are beginning to prepare for reporting under a climate-related Factors that management considers in evaluating and The Division staff reminded issuers that it has published European countries and regulators are ahead of date of the accounting standard from 2021 to 2020 and the 2020 financial currently has three projects on its technical agenda with respect to & DIs are reproduced below credit losses, and coordination between the IASB and the auditor are represents a,... Issue individually rather than grouping them as economic uncertainty was raised in various sessions during the.! Require all public and private entities several Dear Issuer sample comment letters and CF! Well as inspection of nontraditional focus areas dividend or reinvestment plans, employee benefit plans, employee plans. 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