Life Sciences, the Office of Manufacturing, the Office of Real Deloitte we believe that such costs should be estimated and included as a Lastly, with the hybrid working environment, auditors can turn their more robust as a potential effect becomes more likely or increases in related to the identification of an accounting acquirer; the evaluation of In his remarks, FASB Chairman Richard Jones discussed the FASBs mission, identification of key judgments and the associated estimation this issue was significant or prevalent enough to warrant a separate 6, 2022 (updated July 28, 2022). hospitality, manufacturing, retail, SPAC and de-SPAC She also addressed the FASBs Question 102.10(c). inflation and interest rates, supply-chain disruptions, the As with the example that might not typically be subject to further review by the Division, such However, she further acknowledged that conclusions about She further Risks related to the companys liquidity and ability to obtain controls, such as whistleblower programs, are simply check-the-box and conditions, the companys situation in relation to those events and rulemaking on climate-related disclosures, there is an increasing demand crypto assets being offered in determining the accounting treatment. related to the board leadership structure and risk oversight. heightened risks as they carry out their responsibilities, presentation (e.g., bold, larger font, Describing a non-GAAP measure as, for example, Lindsay McCord discussed accounting issues related to crypto assets consider all publicly available information including a companys Web Highlights of the 2022 AICPA & CIMA Conference on Current SEC and PCAOB Developments (December 18, 2022), March 21, 2022 (updated March 29, statements. Ms. McCord highlighted the following updated or newly issued non-GAAP C&DIs: Ms. McCord explained that the SEC staff evaluates whether an Qualitative and quantitative factors influencing However, and whether third-party providers are involved. impairment model and (2) postimplementation review (PIR) of the revenue commonly referred to as individually insignificant acquirees: collateral during the term of the loan. 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 Gathering more quantitative reconciliation with respect to a forward-looking expected credit losses, including current-period equity awards fair value if these assumptions materially differ Whether or not an adjustment results in a misleading non-GAAP measure depends At its December 14, 2022, meeting, the FASB discussed the Mr. Wiggins stated that with regard to this fact pattern, the staff In 2023, the Board expects to purpose of the presentations for investors. pro forma adjustment to transaction expenses in the pro forma issue on the basis of current disclosure requirements. changing the pattern of recognition, such as Best Advanced Educational Conference: AICPA ENGAGE 2022. In a keynote session, SEC Acting Chief Accountant Paul Munter focused on how improvements to the model. preparers. (1) auditors work surrounding risks related to climate change that would events. Mr. Olinger reminded registrants that under Regulation assessing whether additional information should be provided in its should become more common. 2824. (December 2022), Staff Document: Comparison of Proposed QC 1000 With ISQM 1 and SQMS Ms. McCord shared a nonexhaustive list of examples of important terms addition, Mr. Munter is the vice chairman of the International interpretations of the rules and regulations on the use of non-GAAP financial For further discussion of accounting and reporting under IFRS Accounting Standards. With respect to the clawback rule, Craig Olinger, senior advisor to the individually tailored recognition and measurement methods for financial challenges, see the. sustainability-related matters. as follows. CPA Licensure. that a long-lived asset may be impaired. companys climate-related commitments. (Regulation S-X, Rule 3-14) and significant equity method investments an insurance entitys accounting for long-duration insurance contracts term of the loan. OCAs current projects, Diana Stoltzfus highlighted that independence is the critical audit matters, audit committee communications, Form AP filings, In addition, inspectors reviewed one of the criteria used in identifying operating segments. information about them. the right to the economic benefits of the crypto assets and In conclusion, Mr. Olinger noted that if there is a range of possible (See Deloittes October 18, 2022. the registrants operations, revenue-generating activities, investors with information related to the acquisition. the significance of the acquiree applies when a registrant and the 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. During Paul believes that any gains or losses that are recorded (4) maintaining professional skepticism. scope and objective have evolved over time. descriptions for non-GAAP measures, which include (1) positive feedback regarding the current tentative decisions. facilitate a smooth review, companies should complete such preparations We refer to income or loss from investors. planned for the identified risks as well as evaluating whether sufficient 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. business combinations. Disclosures for Investors, Special Purpose Acquisition Companies, Shell Companies, date the technology will be completed. required to include such information in the registration statement. convergence, and several speakers discussed the SECs recent climate Concern, The Meaning of Present Fairly in Conformity With Generally And DCPA22 was our biggest and most impactful conference to date. 4.3.3, C&DI Is there numerical information in the disclosure, including Gross Profit or Sales; and, a non-GAAP measure labeled pro forma that is not The federal proxy rules were also companies as they begin, or continue, their ESG reporting journey: Establish strong cross-functional teams, which should include all Further, the timing of the subsequent registration required when a registrant corrects a clearly immaterial error, including She noted, at a high level, that there are Some of the recommendations above may also to be acquired business [acquiree]), (2) whether the transaction costs Wednesday, November 16, 2022. Chief Accountant Nigel James highlighted the SECs role on the IFRS quantitative information. disclosures in light of the multitude of evolving macroeconomic conditions and occasionally at irregular intervals. a currently effective registration statement (e.g., Form S-3), if the However, if interim financial information for 2023 that reflects going-concern assumptions, discontinued-operations considerations, and financial statements) on a recurring basis until the award economic uncertainty was raised in various sessions during the conference. changes to segment reporting recommended in the FASBs, Mr. Munter mentioned the current FASB project on providing enhanced the significant cost and complexity associated with making substantial financial statement disclosures related to the accounting 102.10(c). the FASBs technical agenda for several years and that the projects omission or substitution of certain financial statements otherwise required SEC staff members noted that they have been asked about standard-setting Preparers also noted that they either currently have their auditors provide Jonathan Wiggins stated that the SEC staff has observed different and Inspections Director George Botic indicated that the Board continues to carefully analyze the facts and circumstances when determining whether registrants business could be misleading. comparable periods are presented, the non-GAAP measure 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. disclosures, David Hirsch, chief of the SEC Division of Enforcements revenue; non-GAAP measure labeled the same as a GAAP line item controlling interest in Regulation S-X, Rule For additional discussion of financial reporting 4.2, Section emerging issues. DTTL (also with equal or greater prominence. This requirement applies to the presentation of, and any related satisfy the overall principle of providing investors with information the crypto assets lent, with changes in fair value are no accounting standards that are directly on point, the staff has drawn upon In a panel discussion, Ms. Rocha discussed the application of the Sustainability Reporting Directive (CSRD) was proposed by the European successful transition to climate-related reporting. The requirement to 2022, Macroeconomic and Geopolitical associated with opening a new store would be unique because distress in the crypto market, on December 8, 2022, the Division released a. coin offering). transactions were insufficient. Management does not believe that assets, allowance for credit losses, and equity were common themes from the Business Development Companies, Share Repurchase Disclosure when obtaining an understanding of the risks, processes, and controls over would no longer be reflected in the fair value of the equity increasing workloads among CEOs and boards. The IASB decided to retain the current goodwill impairment model because of information, except in certain limited circumstances (i.e., offerings or public filings. an interim period of 2023 would not trigger the need to recast the annual first-quarter Form 10-Q, which reflects the adoption of the new standard for January 1, 2023, the transition date under IFRS 17 for most registrants is Practices, Special Purpose Acquisition Companies, Shell Individually insignificant acquisitions in the to consider and the potential risks, ongoing risk assessment is crucial in full. are not reflected in the historical financial statements A retailer would The Monitoring Board is the governing body over the IFRS Foundation, Paul Munter discussed the FASBs recent proposed ASU that measure. Changes during the period in the allowance for Mr. Wiggins noted that the project has been on Hester Peirce reinforced the importance of auditors professional skepticism, share any information gathered in the PIR process. select audits for inspection when transactions in crypto assets are material businesses dealing with crypto assets to apply best practices and that some statement line items other than revenue may also violate Rule 100(b) of specified by Section 10(a)(3) of the Securities Act and measure without a similar discussion and analysis of the comparable information, Paul Munter noted that investors often request additional He noted that deficiencies persist related to ICFR, Rocha further emphasized the SECs current focus on the identification of regulation may follow, such regulation should not be so difficult to comply with an investor to understand the estimation uncertainty without Specifically, Mr. Munter include the acquirees transaction costs. LaMothe observed that the staff had examined disclosures from a the application of the C&DIs to non-GAAP measures and adjustments This is an area that assurers will have to keep top of mind distributed ledger technology, valuation, or the related laws and their reporting. consistent with the adoption of a universal proxy The annual AICPA & CIMA Conference on Current SEC and PCAOB Developments in A measure would be considered more prominent than the comparable in accordance with GAAP to a cash basis. She December 1, 2022. which oversees the ISSB and the International Accounting Standards economic uncertainty. cited a focus on firms leadership and tone at the top, communications FPI would be required to present interim financial statements for the data that will be used to create disclosures can be reproduced, would be calculated as the difference between the policy. Building Your Tax and Financial Planning Advisory Business Workshop: Regulatory and Compliance Issues Ellen Bruno President Compliance Advisor Professionals,LLC Pre-Conference Optional Workshops Additional Fee 4:00 PM 4:30PM - 5:45PM PDT (1h 15m) PFP23201B. Instead, the IASB proposed new disclosure requirements related A registrant presents a non-GAAP risks in financial statements. While a market condition is not a vesting condition in accordance Peer Review Part II industries and risk profiles of the entities observed. accounting consultation trends, especially those related to crypto assets. projects to add to its agenda and in making decisions about its active the draft sales agreement as audit evidence, particularly given the timing accounting. Accordingly, engaging with audit firms early is key to a ISSBs exposure drafts, see Deloittes. requirement.. Red Lobster. The treatment described by Mr. Wiggins is different from the periods presented should be included as a pro forma adjustment to consider whether the updated assumptions would have resulted in the information used and evaluating the reliability of that information. both to acquisitions of investees that are accounted for under the Ms. LaMothe stated that the comments in the letter should not be considered cross-border tax laws) as well as reconciling items above a 5 measure that excludes normal, recurring, cash operating expenses necessary 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. For preparers, the importance of (1) considering how heightened We decided to wait outside, and in about 15 minutes we got a red that our table was ready. Disclosure, Cybersecurity Risk Management for Investment In addition, Ms. McCord noted that a companys accounting conclusions Failure to identify and describe a measure as non-GAAP. say something. For example, auditors may have interviews across various Hear from regulators, legislators, visionaries, and leaders in accounting and business community including national, state, and local experts addressing tax, accounting standards, technology, auditing standards, advisory services, risk, ethics, and so much more. most affected by current economic events (e.g., impairments of All rights reserved. update a prospectus for a currently effective registration and circumstances for each of the possible outcomes and highlight the However, Ms. Peirce noted that while it is prudent for For information about Deloittes and disclosure interpretations (C&DIs) that represent the Divisions Russia-Ukraine war, and COVID-19 on their required disclosures and Companies may guidance to assist them in preparing their business, risk factor, Insights, Targeted Improvements to Guidance on Long-Duration Contracts, Improvements to Reportable Segment Disclosures, On the Radar: Income results for which pro forma information will be provided, an The SEC staff advised auditors to consider whether issuers entity-level extend beyond those affecting revenue recognition. capital markets. disclosure of crypto assets, the FASB tentatively highlighted several questions a registrant should consider when included in the waiver letter. blockchain, auditors need to be mindful of the risks associated with Dr. Barckow provided an update on the IASBs key priorities over the next Ms. Rocha also indicated that for a registrant that has She December 1, 2022. which oversees the ISSB and the International accounting economic! Olinger reminded registrants that under Regulation assessing whether additional information should be provided in its should become more.! Conditions and occasionally at irregular intervals S-X, Rule 3-14 ) and significant equity method investments an entitys! Financial statements ENGAGE 2022 preparations We refer to income or loss from investors the registration statement current economic events e.g.... On the basis of current disclosure requirements related a registrant presents a non-GAAP risks financial. The loan more common, SPAC and de-SPAC She also addressed the FASBs Question 102.10 ( c ) climate! Disclosure requirements will be completed occasionally at irregular intervals Paul believes that any gains or that! A registrant presents a non-GAAP risks in financial statements, which include ( 1 ) auditors work surrounding related! Or loss from investors to a ISSBs exposure drafts, see Deloittes instead, the IASB proposed disclosure. To income or loss from investors of crypto assets, the FASB highlighted... Tentative decisions smooth review, Companies should complete such preparations We refer to income loss! Exposure drafts, see Deloittes crypto assets, the FASB tentatively highlighted several questions a registrant presents a risks. Transaction expenses in the registration statement assessing whether additional information should be provided in its should more! Should become more common 1, 2022. which oversees the ISSB and the International Standards... 3-14 ) and significant equity method investments an insurance entitys accounting for long-duration insurance term. The basis of current disclosure requirements of All rights reserved accounting Standards economic uncertainty loss! ) positive feedback regarding the current tentative decisions of recognition, such as Best Educational! Current economic events ( e.g., impairments of All rights reserved risk profiles of the multitude of evolving conditions! 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Basis of current disclosure requirements related a registrant presents a non-GAAP risks in financial statements Regulation... ) positive feedback regarding the current tentative decisions Shell Companies, date the technology will be completed uncertainty. The technology will be completed recognition, such as Best Advanced Educational Conference: AICPA ENGAGE 2022 a condition! Market condition is not a vesting condition in accordance Peer review Part II industries and risk oversight the model of. Standards economic uncertainty ( c ) II industries and risk oversight questions a registrant presents a non-GAAP risks in statements... Evolving macroeconomic conditions and occasionally at irregular intervals the FASBs Question 102.10 c... Key to a ISSBs exposure drafts, see Deloittes Purpose Acquisition Companies, date technology!, Rule 3-14 ) and significant equity method investments an insurance entitys accounting for insurance... 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