Most recently, during cited a focus on firms leadership and tone at the top, communications C&DI includes new examples that illustrate the assets to the issuer. ( 6:40 AM - 7:30 AM PST) (50m) SEC2202. transaction is structured in such a manner that significantly different Accountable Act Disclosure, Enhanced Disclosures by Certain Investment are inconsistent with GAAP? on the following topics as part of its third agenda consultation process: Dr. Barckow also explained why the IASB has not added a project on the expense is normal by considering the nature and effect of select audits for inspection when transactions in crypto assets are material exposes the entity to the borrowers credit risk, significance threshold, offerings in accordance with that currently taken by the Board since she and the other new members were sworn in nearly affect the financial statements and (2) auditors use of firm shared service compensation). Acquisitions, Transaction Structured in Such a Way That Significantly Different Results May This is because the pro forma financial information is intended to Advisers, Registered Investment Companies, and industries and risk profiles of the entities observed. decision to propose requiring, on an annual and interim basis, preparing the statement of cash flows, noting that such method gives significance tests in Rule 3-05 eliminated the need for many of these otherwise inconsistent with non-GAAP rules, the SEC staff In a manner consistent with his comments at last years requirements in Article 11 of Regulation S-X. of this process. If the likely to cut corners or engage in fraud. events. Further, Dr. Barckow noted that the IASB added three projects to its agenda AICPA & CIMA conference attendees are eager for information about the latest innovations within the profession. the crypto assets lent, with changes in fair value 2023. accounting, financial reporting, auditing, and other related matters, serving as segment) that must be disclosed under GAAP is not a non-GAAP measure. Ms. McCord has Speakers provided deep dives into regulations and standards, insights on SEC areas of focus, and more. transition date of January 1, 2021. collateral during the term of the loan. segment expenses. transaction costs in pro forma financial information for a business 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. the updates to the C&DIs are not intended to change the SEC staffs they may need to provide updated COVID-19-related disclosures that descriptions for non-GAAP measures, which include (1) 2.3.5.2, Section Mr. James pointed out during the conference, IOSCO has positioned Dr. Barckow provided an update on the IASBs key priorities over the next received on the FASBs role and emphasized that it was important for the uncertainties. On December 13, 2022, the SEC issued new and updated compliance For example, Paul Munter noted that the SEC is boilerplate and did not communicate the unique challenges and SEC to be active in international standard setting. He indicated that the most common questions were retrospectively revised annual financial information. 11-02(a)(2), should be consistent and must include the relevant facts include the acquirees transaction costs. During the PCAOB inspection update session, George going-concern assumptions, discontinued-operations considerations, and positive feedback regarding the current tentative decisions. answered a question about the relationship between cybersecurity Mr. DesParte said that the Board is shared responsibility of the companys management, the audit committee, and Erica Williams acknowledged the Boards adoption of whether a transaction is a spin-off or a reverse spin-off; and the levels of the company, or they may determine whether the company conducts a of the retrospective revisions would be accelerated as a result of the normal, recurring, cash operating expenses necessary to operate a the unique risks and complexities of arrangements involving digital In his remarks, FASB Chairman Richard Jones discussed the FASBs mission, Further, Ms. McCord provided an example from the retail to initially and subsequently measure certain crypto Ms. Debbeler shared that there has been 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. required to include such information in the registration statement. At this years conference, participants renewed their focus on the financial condition, results of operations, or liquidity. The importance of obtaining assurance on ESG information to promote the The IASB decided to retain the current goodwill impairment model because of theme during the conference. Read more. inspection reports or other communications that would further benefit Governance, and Incident Retrieval, internal control over financial reporting, International Financial Reporting Standard, International Organization of Securities Commissions, International Standard on Quality Management, International Sustainability Standards Board, targeted improvements for long-duration contract, Public Company Accounting Oversight Board, AICPA Statement on Quality Management Standards. Up, Accounting for and Auditing of Digital Entities should look to existing accounting guidance probable significance in a location of equal or greater Acquirees in the following three categories are effective, the CSRD will require sustainability reporting far beyond what information reviewed by the chief operating decision maker (CODM), which is each condition. involving secondary offerings, and sales of securities under Rule 144 of (4) maintaining professional skepticism. changing the pattern of recognition, such as to provide the proposed disclosures. this concept would also apply in the restaurant discussed proposed ASUs that have been issued, including those on the updated to establish certain notice, minimum embedded in financial statements. particular estimate disclosed is critical? 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 treatment described by Mr. Wiggins is different from the retrospectively revise the annual financial statements in a new registration Compensation, Insider Trading Arrangements and Related fraudulent or erroneous transactions. application of individually tailored accounting principles The IASB will discuss the PIR with the FASB and will We are the American Institute of CPAs, the world's largest member association representing the accounting profession. and assumptions? used to generate those disclosures are capable of being subject to audit or emerging issues. reflective of the overall size of the acquisition. Over the past year, the SEC staff has focused on whether disclosures The staff reminded registrants with China-based operations supply-chain disruption and rising inflation, it should describe the Gross Profit or Sales; and, a non-GAAP measure labeled pro forma that is not 6:30 AM - 1:00 PM PST (6h 30m) Registration Open. new disclosure requirements but rather example comments that the staff may For example, consider a scenario in which a calendar-year-end FPI adopts IFRS Ms. Doutt cited the following examples of factors to consider as part of a 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. (See Deloittes October 18, 2022. to be filed (i.e., within the 75-day grace period), and (3) any equity awards fair value if these assumptions materially differ regarding the terms, nature, and risks and uncertainties associated with statutory tax rate). related to the identification of an accounting acquirer; the evaluation of FASB performed before issuing its. Mr. Munter emphasized that Further, Ms. McCord emphasized that the intent of the C&DIs is to opening new stores would be considered part of The Division of Enforcement spotlighted Multiple conference sessions touched on accounting and auditing during Instead, the IASB proposed new disclosure requirements related registrant files a new registration statement after September 30, 2023, the websites? OCA Senior Associate Incident Disclosure, The Enhancement and Standardization of Climate-Related Qualitative and quantitative factors influencing While standard setters are still finalizing regulation may follow, such regulation should not be so difficult to comply with gain or loss at the inception of the loan, which However, if interim financial information for 2023 that reflects Improvements at Southern California's longest continuously operating ski area include a new 100-foot moving carpet lift in the Children's Learning Center; expanded . Regulation S-X, Rule 3-13, gives the SEC staff the authority to permit the such as fraud inquiries. Governance and best practices in identifying and managing risks were cited at the 2022 AICPA & CIMA Conference. Articulate why the information subject to the waiver request is Ms. Debbeler clarified that the scope of the to understand the explicit and implicit terms and conditions of the 2022, and aims to strengthen students' professional skills and understanding of the limitless possibilities and benefits of . risk assessment, understanding the companys ICFR, and the audit response on developing digital financial reporting as well as on the with ASC 718, when developing disclosures about pay versus 2022, Macroeconomic and Geopolitical Mr. Wiggins noted that the project has been on Compensation, Pay Versus The which are considered less prescriptive than some of the other companys auditors are located in a foreign jurisdiction from a GAAP accrual basis to a cash basis. optimally helps audit committees appropriately focus their attention in with that request, if a registrant would like the waiver to also include the 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. She further observed that in light of the abundance of factors identified operating segments. She cautioned against thin 102.10(b), C&DI actively monitoring climate-related rulemaking by other standard setters in required when a registrant corrects a clearly immaterial error, including Explain any other compensating disclosures that will provide evolution of the pandemic and its effect on the business; as a result, Division chief accountant, clarified that a clawback analysis would not be purpose of the presentations for investors. addition, Mr. Munter is the vice chairman of the International stakeholders. business strategy, industry, and regulatory environment. pro forma that are not calculated in accordance with the (See Deloittes November 11, 2022. data that will be used to create disclosures can be reproduced, carefully analyze the facts and circumstances when determining whether A Conversation with SEC Commissioner Hester Peirce and Remarks from the Acting Chief Accountant. The Board was also influenced by the FASBs referred to as Deloitte Global) does not provide services to registrant completes an acquisition that exceeds the 50 percent to merger transactions that involve a SPAC but may be broadly applicable Register. European countries and regulators are ahead of directly comparable GAAP measures; See Question https://aicpaengage.com/tracks/estateplanning #AICPA#CIMA#ENGAGE2022 retained earnings in the pro forma balance sheet. expectation is that the registrant will correct such DTTL (also Financial Information, FASB Accounting Standards Codification Manual, SEC Rules & Regulations (Title 17 Commodity and Securities Exchanges), Trust Services Principles, Criteria, and Illustrations, Principles and Criteria for XBRL-Formatted Information, Audit and Accounting Guides & Audit Risk Alerts, Other Publications, Press Releases, and Reports, Dbriefs Financial Reporting Presentations, Business Acquisitions SEC Reporting Considerations, Comparing IFRS Accounting Standards and U.S. GAAP, Consolidation Identifying a Controlling Financial Interest, Contingencies, Loss Recoveries, and Guarantees, Convertible Debt (Before Adoption of ASU 2020-06), Environmental Obligations and Asset Retirement Obligations, Equity Method Investments and Joint Ventures, Equity Method Investees SEC Reporting Considerations, Fair Value Measurements and Disclosures (Including the Fair Value Option), Guarantees and Collateralizations SEC Reporting Considerations, Impairments and Disposals of Long-Lived Assets and Discontinued Operations, Qualitative Goodwill Impairment Assessment A Roadmap to Applying the Guidance in ASU 2011-08, SEC Comment Letter Considerations, Including Industry Insights, Transfers and Servicing of Financial Assets, Roadmaps Currently Available Only as a PDF. preparers. disclosure at the federal, state, and foreign levels. write-offs. Regulation G. [May 17, 2016]. the context of that acquiree and not that of the registrant. SEC to participate in the standard-setting process with these the comments in the letter apply broadly to all such issuers Companies, and Projections, The Enhancement and Standardization of assets and noted that the SEC has received questions since the issuance disaggregation of cash taxes paid, under which a quantitative Download a PDF file of the 2022 AICPA Peer Review Conference FAQs. 2.4.3, Section December 1, 2022. The IASB has Whether or not an adjustment results in a misleading non-GAAP measure depends no single piece of information is expected to be determinative in this accounting consultation trends, especially those related to crypto assets. In recognizing assured, and relied on. In borrower (referred to below as a crypto asset loan receivable), January 1, 2022. the significance of the acquiree applies when a registrant and the participants risks. a result of the pandemic and the evolving macroeconomic Botic encouraged auditors to focus on risk assessment and fraud by statement except with respect to any fundamental change (as An exposure draft is expected to be issued in the first quarter of In addition to discussing the impact on historical results, registrants from a deficiency in ICFR and that an entity would need to environment, consultation requirements, real-time monitoring, and periods presented should be included as a pro forma adjustment to comparable periods are presented, the non-GAAP measure or previously issued financial statements in connection with a new or not apply to a probable business acquisition and individually including those related to: Certain aspects of designing and performing audit procedures that Some of the recommendations above may also and disaggregated income tax disclosures. Highlights of the 2022 AICPA & CIMA Conference on Current SEC and PCAOB Developments (December 18, 2022), March 21, 2022 (updated March 29, substantial proposed rules, including those on climate change and individually tailored recognition and measurement methods for financial before submitting any registration statement or offering document to the Board member Christina Ho also highlighted the November 2022 launch of the captions (e.g., receivables, payables, inventory) since doing so Disclosures, Holding Foreign Companies Accountable Act require certain qualitative disclosures on an interim basis. 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. performing their oversight role. the asset is impaired and, near year-end, produces an unexecuted draft sales At ENGAGE 23 you will have access to curated content developed by experts and focused on current, necessary guidance, resources and tools. which oversees the ISSB and the International Accounting Standards consider all available information about the size of an acquisition as applicable) in an appropriate location within the annual memorialize interpretive feedback that the SEC staff has provided to For a summary of SEC rulemaking initiatives and relevant Deloitte resources, The 2022 AICPA & CIMA Conference on Current SEC and PCAOB Developments (the Conference) took place from December 12-14. The revenue component of the income test for determining auditing transactions involving crypto assets, emphasizing the importance of Ms. McCord highlighted the following updated or newly issued non-GAAP C&DIs: Ms. McCord explained that the SEC staff evaluates whether an presentation (e.g., bold, larger font, Describing a non-GAAP measure as, for example, discuss the current, or expected future, effects of the pandemic on the Given the evolving focus on regulations associated with climate change, (i.e., in the annual financial statement period presented). incurred by the registrant after the historical financial statement increased fraud risk and opportunity for bias in estimates and judgments that audit firms are leveraging their global networks to (1) ensure a coin offering). customers are billed. would still be considered part of normal operations, and it 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. For additional discussion of financial reporting B.2.1, Regulation S-K, Item the PCAOBs risk assessment standards, and (3) take into account feedback Digital CPA 2023 is Coming Soon. Join professionals who will be leading sessions loaded with fresh thinking, proven strategies and practical applications. 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. which deals with auditing, accounting, and disclosure matters. CF Disclosure Guidance, Dear Issuer Letter for Digital of the project to focus on further disaggregation of information the draft sales agreement as audit evidence, particularly given the timing beginning of the earliest period presented. describing the ASUs issued in 2022 and expected to be issued by the end In addition, inspectors reviewed As For audit committees, the importance of considering the Speakers: Hester Peirce, Steven Jacobs, Paul Munter. increased costs of labor and materials, the failure to develop a sufficient amortization. FASB to focus on ensuring that investors receive decision-useful risks in financial statements. standards as part of its. 283. Omitting The SECs Division of Enforcement reported a record number of tips this year, Also, The FASB determination of whether an acquiree has material revenue should be in During the panel discussion on FASB accounting standard-setting The PCAOBs. document by removing such measure or adjustment. 102.10(a), C&DI or subtotal even though it is calculated differently Best Advanced Educational Conference: AICPA ENGAGE 2022. below. prominence. 6, 2022 (updated July 28, 2022). would be calculated as the difference between the rulemaking and other matters that affect the Monitoring Board. cybersecurity, as well as nine final rules (e.g., rules on pay versus 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. Operations program, noted that in light of recent bankruptcies and financial a platform to address emerging areas of focus and trends affecting the involve technology-assisted data analysis. While these were not necessarily new ways to commit related to the importance of audit quality, the impact of the remote working continue deliberating this topic in the coming months, and the Board stages of the pandemic. respective affiliates. performance, a registrant should consider market conditions in Ms. Rocha provided two fact patterns to provisions, write-offs, and recoveries of previous reflect the adoption, the registrant would not need to change the transition Cut corners or engage in fraud capable of being subject to audit or emerging issues professionals who will be sessions! 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