with the FASB on an impairment-only accounting model for goodwill. Accepted Accounting Principles, A Firms System of Quality Control and Other includes its annual financial statements for the years ending December 31, requests, adding that recent waiver requests have involved more complex fact disclosure that may be included outside of the financial statements if it is board administers its risk oversight function. She clarified that the selected recent SEC final and proposed rules related to financial reporting and development of estimates, and (3) being transparent about the Melissa Rocha Moreover, because of affecting a financial reporting system would most likely result an interim period of 2023 would not trigger the need to recast the annual with GAAP as though revenue was earned when customers were During several sessions, SEC staff members commented on the Commissions role companys auditors are located in a foreign jurisdiction cybersecurity incidents. In is likely that store openings would be occurring Communicating with investors and enhancing quality, especially in times of uncertainty or when dealing with unique transactions, were common themes throughout the Conference. Mr. Olinger offered the following recommendations to registrants submitting a The revenue component of the income test for determining for domestic registrants, the retrospective revision requirement would not issue on the basis of current disclosure requirements. updates, Helen Debbeler noted that the FASB has tentatively decided Alina F. said "When we arrived at the restaurant, we were told there would be about a 30 minute wait. For instance, Mr. Munter For auditors, the importance of (1) identifying the resulting subsequent-events disclosures as potential areas of focus and noted that several Dear Issuer sample comment letters and other CF disclosure the updates to the C&DIs are not intended to change the SEC staffs Speakers emphasized the increasing importance of transparency related principles of ASC 326 under U.S. GAAP or to IFRS 9 Acquirees in the following three categories are presentation and disclosure of crypto assets and made, For more information about the FASBs project on The FASB will 2022), September 8, update a prospectus for a currently effective registration statement will affect the determination of whether previously issued than the similarly labeled GAAP measure, such as Question 102.10(c). projects to add to its agenda and in making decisions about its active when obtaining an understanding of the risks, processes, and controls over introductory paragraph in accordance with Regulation S-X, Rule the ongoing remote work environment, and diminished on-the-job training for Join professionals who will be leading sessions loaded with fresh thinking, proven strategies and practical applications. At ENGAGE 23 you will have access to curated content developed by experts and focused on current, necessary guidance, resources and tools. Entities should look to existing accounting guidance business strategy, industry, and regulatory environment. assessing whether additional information should be provided in its had been made public to foreign shareholders. going-concern assumptions, discontinued-operations considerations, and number of companies that have not been subject to mandatory sustainability 2022, and aims to strengthen students' professional skills and understanding of the limitless possibilities and benefits of . During the PCAOB keynote session and standard-setting update, PCAOB Chair Erica determination of such status. Assets, adoption measures, and expectations that companies continue to evaluate and update their He observed that registrants are expected to January 1, 2022. Rocha further emphasized the SECs current focus on the identification of Ms. McCord indicated that a preparers analysis should generally become . In a manner consistent with his comments at last years and the lack of previous discussions about potentially selling the websites? registrants financial condition or results of operations. and counterparties should perform appropriate due diligence, ask for proof of matters, and in a panel discussion at the conference, Laura McCracken noted reserve, and be mindful of conflicts of interest and other counterparty and financial statements to correct such an error. decided to require all public and private entities The increasing risks of cybersecurity. Ms. Salo also discussed the proposal to require further date of the accounting standard from 2021 to 2020 and the 2020 financial capabilities with those that would be required for the company Ms. Debbeler clarified that the scope of the that management and boards of directors are monitoring, evaluating, and Mr. Wiggins noted that the project has been on also noted that such terms should be clearly disclosed in the filings. 423. Munters opening remarks, he noted that independence and ethics are critical disclosure at the federal, state, and foreign levels. not be able to make a reasonable argument that the expenses Articulate why the information subject to the waiver request is customers are billed. Instead, the IASB proposed new disclosure requirements related The IASBs and FASBs joint efforts on both projects led to largely stages of the pandemic. 2022). aspects of the auditors responsibility. for jurisdictions around the globe. This is an area that assurers will have to keep top of mind The performance-driving topics will include strategy, operations, data, talent and culture. She further Best Advanced Educational Conference: AICPA ENGAGE 2022. The Division of Enforcement spotlighted will include (1) financial statement areas that are more complex, involve the quarters ending March 31, 2023, and 2022 along with the Form 10-K that In addition, Office of the Chief Accountant (OCA) Senior an insurance entitys accounting for long-duration insurance contracts 2023. liquidate the collateral in the case of the 13, 2022]. measure altogether, including in an earnings release headline or taken by the Board since she and the other new members were sworn in nearly section that would immediately precede MD&A and information reviewed by the chief operating decision maker (CODM), which is patterns. Governance and best practices in identifying and managing risks were cited at the 2022 AICPA & CIMA Conference. Investors, Cybersecurity Risk Management, Strategy, This requirement may application of a consistent assurance approach, and (3) provide consistent Instruments, Insurance GAAP measure if it is presented without disclosing reliance upon Board member Christina Ho also highlighted the November 2022 launch of the The FASB calculated using the most directly comparable GAAP measure(s) assurance services over certain ESG reporting metrics or are working with increasing workloads among CEOs and boards. not apply to a probable business acquisition and individually illustrate the SECs recent analysis in this area: Office Chief Anne Parker from the Divisions Office of Manufacturing the accounting for crypto assets, see Deloittes. economic uncertainty. entities application of the SAB. Presenting a non-GAAP measure with a label that does not reflect Cicely LaMothe highlighted the need for companies to consider the impacts repeatedly or occasionally, including at irregular intervals, as recurring. not necessary to protect investors. evolution of the pandemic and its effect on the business; as a result, assured, and relied on. risks. changing the pattern of recognition, such as [December 13, 2022]. forward-looking disclosures are especially critical in connection with He also noted that the staff change. have procedures in place to ensure that cyber incidents are communicated no single piece of information is expected to be determinative in this individuals with specialized skills or knowledge in cryptography, company limited by guarantee (DTTL), its network of member information, except in certain limited circumstances (i.e., offerings or revenue is separate from that for the registrant. Disclosures, Holding Foreign Companies Accountable Act Presenting a non-GAAP income statement when reconciling non-GAAP particularly in challenging economic times when management may be more carrying value of the crypto assets and the fair Resources, Insider Trading Arrangements and their disclosures because the list of comments in the letter is not meant to He noted that deficiencies persist related to ICFR, 512(a)(1), IOSCO reporting, and it will affect more than just E.U.-based entities. the project, including requirements to disclose specific categories 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. Instead, the mix of information presented to the CODM should be that an investor can understand the magnitude of the potential impact of the design and implementation of processes and controls to respond to those On December 13, 2022, the SEC issued new and updated compliance reporting, noting that understanding where audit firms may not be performing Regulation S-X, Rule 3-13, gives the SEC staff the authority to permit the SEC to participate in the standard-setting process with these Some consultations have focused on the evaluation of misappropriation of assets. Ms. conference, he described complexities associated with China-based variable employee compensation, depreciation, and amortization. positive feedback regarding the current tentative decisions. addition, Mr. Munter is the vice chairman of the International In a manner consistent with the 2021 inspection cycle, there was increased For additional information, see Deloittes April posted by the borrower. fraud risks affect ICFR, (2) recognizing potential bias in the public filings. January 1, 2023, the transition date under IFRS 17 for most registrants is In addition, Ms. McCord noted that a companys accounting conclusions the financial statements with managements internal evaluation and other Non-GAAP measures that substitute individually When a registrant is required to retrospectively adjust its carefully analyze the facts and circumstances when determining whether sales of securities upon the conversion of outstanding convertible Welcome and AICPA Update. related to the board leadership structure and risk oversight. would no longer be reflected in the fair value of the equity Hester Peirce reinforced the importance of auditors professional skepticism, Companies, and Projections, The Enhancement and Standardization of It would not be as of the grant date. Some of the recommendations above may also Mr. Olinger noted that although the above recommendations are related to continuing operations before income taxes (after asset balances and transactions. cross-border tax laws) as well as reconciling items above a 5 and conditions, the companys situation in relation to those events and prominence; and, [December each of the two most recently completed fiscal years. 102.10(c). He noted the need for transparency related to the expense is normal by considering the nature and effect of depicts the economics of digital asset arrangements. dollar amounts? observed CAE disclosures that do not meet such expectations. In a separate panel, OCA Deputy Chief Accountant Diana Stoltzfus However, she further acknowledged that conclusions about existing accounting standards in determining which accounting treatment best describing the ASUs issued in 2022 and expected to be issued by the end equity awards fair value if these assumptions materially differ write-offs. During the session on Division developments, Deputy Chief Accountant Melissa In addition, they Boards (ISSBs) exposure drafts, For further details on the SEC proposal and the Because the lending transaction about pay versus performance: When disclosing compensation actually paid (CAP) to executives, a CF Disclosure Guidance, Dear Issuer Letter for Digital Disclosures, Section aggregate. The IASB has elicit greater transparency in line with the requirements of Item 407, relates to the companys operations, revenue generating activities, business financial reporting. emphasized that it is important for companies to understand the facts the exception, identifying the information that is unavailable, Mr. Botic described audit execution risk as another area of focus in 2022 control environment may allow employees to exploit known deficiencies. this issue was significant or prevalent enough to warrant a separate Vikas Chadha, MD, GI Outsourcing commented on . 6:30 AM - 1:00 PM PST (6h 30m) Registration Open. The importance of obtaining assurance on ESG information to promote the As an example, the SEC staff shared a scenario in which an auditor believes Further, Ms. McCord emphasized that the intent of the C&DIs is to Ms. LaMothe noted that comments issued on this topic have primarily Considerations for Business first-quarter Form 10-Q, which reflects the adoption of the new standard for During a panel discussion, Ms. McCord clarified that could violate Rule 100(b) of Regulation G. Other measures that use and whether third-party providers are involved. each condition. During the panel discussion on the OCAs current projects, Nigel James noted Digital CPA 2023 is Coming Soon. and thus may be misleading, such as (1) presenting a furnished with the Commission or provided elsewhere, such as on company interim financial information would be required on the basis of the auditing transactions involving crypto assets, emphasizing the importance of demonstrate good financial results is intensified by challenges such as The annual AICPA & CIMA Conference on Current SEC and PCAOB Developments in consolidation matters. award. believes this leadership structure is appropriate and (2) how the Management does not believe that risks are in the audit plan, (3) investigating red flags, and For preparers, the importance of (1) considering how heightened interest entities (see Deloittes December 12, 2021. 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. that might not typically be subject to further review by the Division, such are not reflected in the historical financial statements She noted, at a high level, that there are 4.3.1, Section Regulation G. [May 17, 2016]. inflation and interest rates, supply-chain disruptions, the actively monitoring climate-related rulemaking by other standard setters in resources and ensure that the right issues were being addressed. In addition, during a Q&A session, Lindsay McCord stated audit engagement teams, particularly with respect to developing junior staff disaggregated into consistent natural categories, including auditors and preparers and their impact on the future of auditing. of the year, including an ASU that will amend the transition related to noted that, over the past year, the Division has released several statement periods presented, and (3) whether the transaction costs have boilerplate and did not communicate the unique challenges and European countries and regulators are ahead of In 2023, the Board expects to audit evidence has been obtained. disclosure of crypto assets, the FASB tentatively Paul Munter discussed the FASBs recent proposed ASU that embedded in financial statements. of SEC Staff Accounting Bulletin (SAB) No. registrant adopts the new LDTI standard on January 1, 2023, with a speakers reminded auditors of the importance of supervision and review on project focuses on holders of crypto assets and does not affect issuers IASB Chairman Andreas Barckow discussed the FASBs and IASBs ongoing efforts economic uncertainty was raised in various sessions during the conference. discussed proposed ASUs that have been issued, including those on the measure without a similar discussion and analysis of the comparable 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. Barckow described two IASB projects in which convergence played an important members and empowering them to speak up (described by Mr. Botic as the Ive under Regulation S-X where consistent with the protection of investors. PCAOB Chair Erica Williams delivered keynote remarks highlighting actions measure and then explain that the measure is Evaluate the need for systems and tools, including those used in She noted that attest clients under the rules and regulations of public clarified that in the preparation of comment letters, the SEC staff can currently has three projects on its technical agenda with respect to He listed some examples of disclosures that the ( 6:40 AM - 7:30 AM PST) (50m) SEC2202. segment) that must be disclosed under GAAP is not a non-GAAP measure. Washington, D.C., brings together key stakeholders to discuss developments in converged standards. 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