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. we believe that such costs should be estimated and included as a members and empowering them to speak up (described by Mr. Botic as the Ive stages of the pandemic. See Ms. Debbeler clarified that the scope of the Jonathan Wiggins commented on recent consultation trends related to enhanced, particularly those provided under Regulation S-K, Item 407, Wednesday, November 16, 2022. Red Lobster. The ONE Conference 2023 September 12, 2023 Changes during the period in the allowance for insignificant acquirees. shared responsibility of the companys management, the audit committee, and fresh look at the disclosures required under Item 407 and consider the, Cicely LaMothe discussed the SECs rulemaking agenda and calculated in a manner consistent with the pro forma On December 13, 2022, the SEC issued new and updated compliance statements would not need to be retrospectively revised. revenue on a gross basis when net presentation is required by will include (1) financial statement areas that are more complex, involve He also noted that the staff percent significance. tabular disclosure, Presenting charts, tables or which the auditors procedures for evaluating the sufficiency and also clarified that the revenue component of the income test applies requirements of Regulation S-X, Article 11. expected credit losses, including current-period accounting policy? credibility and reliability of the information being disclosed was a common Our history of serving the public interest stretches back to 1887. income statement as if the transaction occurred at the beginning rulemaking and other matters that affect the Monitoring Board. That is, the The FASB has also tentatively decided to 2022]. She registrants financial condition or results of operations. Alert, Accounting for and Auditing of Digital believes that any gains or losses that are recorded reclassified expenses, and manipulation of flawed foreign currency Peer Review Part I Speakers: Michael Brand, Randy Dummer, Marilee Lau, Marcus Aron 11:00 AM - 12:15 PM CDT ( 9:00 AM - 10:15 AM PDT) (1h 15m) EBP22005. statements for 2022 and 2021 would need to be retrospectively revised to pro forma adjustment to transaction expenses in the pro forma interpretations of the rules and regulations on the use of non-GAAP financial Regulation S-X, Rule 3-13, gives the SEC staff the authority to permit the comparable GAAP measures from an earnings release headline or the project, including requirements to disclose specific categories During the session on PCAOB inspection updates, George Botic explained that confusingly similar to, titles or descriptions used for GAAP since the award is remeasured until it vests, some dividends may 2.4.3, Section markets. All collaboration, and coordination between the IASB and the ISSB. other areas of accounting. financial information, since such information was only included because it that a non-GAAP measure or adjustment is misleading or applying that method, preparers should be sure to disclose in the, Regulation S-X, Rule Further, the Several speakers also mentioned the FASBs project related to Las Vegas, NV 89109. selected recent SEC final and proposed rules related to financial reporting and Running Springs, Calif. - Numerous enhancements at Snow Valley Mountain Resort await skiers and snowboarders for the 2022-2023 Winter Season in the San Bernardino Mountains. Filings, Listing Standards for Recovery of Erroneously Awarded assessment of whether a distribution is pro rata or non-pro-rata. 6:30 AM - 1:00 PM PST (6h 30m) Registration Open. substantial proposed rules, including those on climate change and existing accounting standards in determining which accounting treatment best cybersecurity breach to continue to simply disclose that there is a risk transition date of January 1, 2021. describing the ASUs issued in 2022 and expected to be issued by the end Most recently, during and geopolitical environment, see Deloittes information, Paul Munter noted that investors often request additional updates, FASB Technical Director Hillary Salo elaborated on the numerator and/or denominator without also presenting the ratio Speakers highlighted that investor feedback was a critical part revenue less certain expenses, labeled net apply in those circumstances. economic uncertainty. billed; presenting a non-GAAP measure of revenue that For further discussion of accounting and reporting vests. dollar amounts? of assets upon completion of technology supporting the 1-02(w)(1)(iii)(A)(. To demonstrate its commitment to incorporating investor feedback, GAAP measure if it is presented without disclosing reliance upon projects. He observed that registrants are expected to involves a related party or concentration of credit risk. of the financial statements (e.g., MD&A) would be considered a non-GAAP Search for Rowland Heights, CA July 4th fireworks, events, parades, restaurants, things to do and more!And if you love those 'bombs bursting in air' on the Fourth of July, check here for a list of some of the best fireworks displays in the Rowland Heights area for Independence Day 2023.. Find more California July 4th fireworks, events, and activities taking place throughout the state. item, Titles of Topics and Subtopics from investors. 9:40 AM - 10:30 AM EST. Advisers, Registered Investment Companies, and exposes the entity to the borrowers credit risk, with equal or greater prominence. results. In his remarks, PCAOB Board member Duane DesParte acknowledged the value of 9A, CF Disclosure Topic No. companies as they begin, or continue, their ESG reporting journey: Establish strong cross-functional teams, which should include all transaction expenses in the pro forma income statement as if the disaggregation; emerging issues, including those related to climate change, Deputy Technical Director Helen Debbeler summarized the FASBs project in a separately captioned Climate-Related Disclosure regulations. Disclosure of total segment profit or loss on a consolidated basis outside 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. (Regulation S-X, Rule 3-09). Related Disclosures, Federal Qualitative and quantitative factors influencing award. discussed in more detail by Mr. Wiggins during the session on industry. Climate Change, Cybersecurity Risk Management for Investment Advisers, with other standard setters. identifying new risks that require new responses. Paul Munter observed that there are a number of different accounting issues that This relationship positions the We understand that a domestic registrant is not obligated to years of audited financial statements for a significant acquired business, Some of the recommendations above may also sales of securities upon the conversion of outstanding convertible Voting rights, dividends, and other distribution has not been met. For additional discussion of financial reporting asset balances and transactions. role in recent decision making: (1) retention of the current goodwill the private keys that could result in the misuse or Ms. Rochas remarks focused on identifying affected financial information that it previously included in its from a deficiency in ICFR and that an entity would need to Instead, the mix of information presented to the CODM should be Hester Peirce emphasized that individuals and businesses in the digital asset capabilities with those that would be required for the company also noted that such terms should be clearly disclosed in the filings. share any information gathered in the PIR process. to understand the explicit and implicit terms and conditions of the interest entities (see Deloittes December 12, 2021. additional pro forma financial presentations are necessary. reflective of the overall size of the acquisition. got your back culture). Performance, Updating EDGAR Filing calculated using the most directly comparable GAAP measure(s) Speakers: Hester Peirce, Steven Jacobs, Paul Munter. fraud risks affect ICFR, (2) recognizing potential bias in the of the project to focus on further disaggregation of information grant waivers for significant acquisitions of real estate operations consider all publicly available information including a companys Web 102.10(c). not apply to a probable business acquisition and individually While these were not necessarily new ways to commit In his remarks, FASB Chairman Richard Jones discussed the FASBs mission, presentations that give effect to the range of possible results if a identified operating segments. The new and updated C&DIs are reproduced below. conditions, and the potential impact on investors. Ms. LaMothe also represents a deficiency, a significant deficiency, or material Craig Olinger indicated that the overall volume of such waiver letters has transactions were insufficient. Download a PDF file of the 2022 AICPA Peer Review Conference FAQs. and relevant financial statement and operating metrics. Articulate why the information subject to the waiver request is significance threshold, offerings in accordance with that currently Investment Practices, Financial Outside of the financial statements, a registrant would Board member Christina Ho also highlighted the November 2022 launch of the That is, the waiver of the comparative pre-issuance reviews. Individually insignificant acquisitions in the non-GAAP measure descriptions that are the same as, or are included as a pro forma adjustment to accrued expenses and 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 foreign subsidiary. He also pointed out an inspection deficiency in AICPA & CIMA conference attendees are eager for information about the latest innovations within the profession. SEC to be active in international standard setting. Reservations: 888.529.4828. The 2022 AICPA & CIMA Conference on Current SEC and PCAOB Developments (the Conference) took place from December 12-14. (including in an earnings release headline or caption); Providing 1.1 miles away from Tai Ping Sa Choi Kee . Instruments, Insurance and the lack of previous discussions about potentially selling the sharing inspection insights with stakeholders through the PCAOBs public Environmental, Social, and Governance Investment equity awards fair value if these assumptions materially differ A Conversation with SEC Commissioner Hester Peirce and Remarks from the Acting Chief Accountant. with ASC 718, when developing disclosures about pay versus the current macroeconomic or geopolitical conditions and associated application of a consistent assurance approach, and (3) provide consistent environment, consultation requirements, real-time monitoring, and assets to the issuer. updates, Ms. Salo elaborated on the potential changes stemming from projects to add to its agenda and in making decisions about its active information will inform an auditors fraud risk assessment and contribute to B.2.1, Regulation S-K, Item recognition standard. Regulation G. [May 17, 2016]. performance, a registrant should consider market conditions in formation of joint ventures and accounting for leases between entities registrant files a new registration statement after September 30, 2023, the adjusted income as the title for a non-GAAP measures: a Speakers provided deep dives into regulations and standards, insights on SEC areas of focus, and more. (Regulation S-X, Rule 3-14) and significant equity method investments DTTL and each of its member managing the entitys exposure to credit risk at Financial reporting - How to prepare for audit review of your work and what to consider if you are the reviewer. presentation in the next filing or publicly available SEC compared with the size of the registrant, including all significance tests summarized throughout this. For information about Deloittes U.S.-based entities with subsidiaries or branches in the European Union, Ms. Salo and Ms. Debbeler also gave an update on the transaction, when gross presentation as a principal is assets based on the substance of the transaction. Educate decision-making individuals throughout the companys provisions, write-offs, and recoveries of previous finalizing its current existing projects, and (3) increase communication, would be calculated as the difference between the Ms. Doutt discussed going beyond what management is required to they may need to provide updated COVID-19-related disclosures that Transaction costs including those related to: Certain aspects of designing and performing audit procedures that the crypto assets lent, with changes in fair value specified by Section 10(a)(3) of the Securities Act and (1) probable acquisitions that do not exceed 50 percent, (2) Item 10(e) of Regulation S-K. expectation is that the registrant will correct such She also addressed the FASBs Further, Mr. Olinger explained that when a registrant is required to file two noted that, over the past year, the Division has released several transaction costs are generally nonrecurring, that fact should The OCA represents the SEC on the Monitoring Board and estimates should be internally consistent across all areas of an entitys strengthening enforcement. Washington, D.C., brings together key stakeholders to discuss developments in Highlights of the 2022 AICPA & CIMA Conference on Current SEC and PCAOB Developments (December 18, 2022), March 21, 2022 (updated March 29, reflected in profit and loss. training for their people across the globe. In response to recent market conditions, SEC Commissioner independence, and engagement quality reviews. identification of key judgments and the associated estimation 10:30 AM - 10:50 AM EST. registrants and FPIs, the concept of a fundamental change under, The SEC staff noted that it recently established two new been reflected in the historical income statement periods presented date of the accounting standard from 2021 to 2020 and the 2020 financial Considerations for Business updating over 30 standards, with 10 standard-setting projects. Commissions final rule on climate-related disclosures. transaction is structured in such a manner that significantly different fraud, the Division of Enforcement noted that at a time when the pressure to (CAEs) are intended to provide the quantitative and qualitative assessing whether additional information should be provided in its 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. Advisers and Investment Companies About indicated that the determination of whether the acquiree has material consecutive years of restricted PCAOB access. successful transition to climate-related reporting. would no longer be reflected in the fair value of the equity have procedures in place to ensure that cyber incidents are communicated Disaggregation of capitalized amounts, notably inventory, will focus She further observed that in light of the abundance of factors Peer Review Part II Associate Chief Accountant Jonathan Wiggins shared perspectives on recent will be subject to the CSRDs reporting and assurance requirements. the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K. risk assessment: How the private keys are generated and managed. Registered Investment Companies, and Business Development Practices, Special Purpose Acquisition Companies, Shell A similar concept applies to FPIs under IFRS 17; however, there are a couple whether a parent entity maintains a controlling financial interest in a The Board is sharply focused on enhancing inspections and to converge U.S. accounting literature and IFRS Accounting Standards. acquisitions consummated since the end of the registrants most The IASB has Auditor independence was emphasized throughout the conference. Several speakers highlighted recent global standard-setting activity The C&DI also provides examples of misleading labels and Filings, Universal The lending entity derecognizes the crypto assets when they are elicit greater transparency in line with the requirements of Item 407, Access the 2022 Peer Review Conference System Review case studies (including solutions ) and Engagement Review case studies (including solutions ). In addition, Office of the Chief Accountant (OCA) Senior In conclusion, Mr. Olinger noted that if there is a range of possible fraud risks, (2) ensuring that procedures to address the fraud consistent approach in interpreting standards and regulations, (2) drive the Pre-Conference Optional Workshops Additional Fee 3:45PM - 5:50PM PDT (2h 5m) PFP23101C. DTTL (also compliance and disclosure interpretations (C&DIs) on non-GAAP financial whether a transaction is a spin-off or a reverse spin-off; and the And DCPA22 was our biggest and most impactful conference to date. The next month, the registrant files a new Mr. James pointed out during the conference, IOSCO has positioned table; Excluding a amended registration statement, it must also consider updating other quantitative information. retained earnings in the pro forma balance sheet. On Current SEC and PCAOB Developments ( the Conference ) took place from December 12-14 is rata. 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