For the text of the new and updated non-GAAP C&DIs, see. numerator and/or denominator without also presenting the ratio compliance with federal securities laws (often referred to as an initial 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. registrant adopts the new LDTI standard on January 1, 2023, with a or are based on remeasurement of the loan asset Ms. McCord emphasized that it is important for an entity 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. to be acquired business [acquiree]), (2) whether the transaction costs project. public filings. How the lending entity monitors its ability to disaggregation of the income statement. not apply to a probable business acquisition and individually Therefore Not Underwriters General Guidance, Section 10, Information Required in Prospectus, Rule 10b5-1, Trading On the Basis of Material Nonpublic Information in strategic with audit procedures that benefit from in-person interactions, under Regulation S-X where consistent with the protection of investors. applicable) in an appropriate location within the annual estimates of expected credit losses. As an example, the SEC staff shared a scenario in which an auditor believes addition, Mr. Munter is the vice chairman of the International Regulation S-X, Rule 3-13, gives the SEC staff the authority to permit the Please see. that a breach could occur or to disclose a hypothetical risk that data Some consultations have focused on the evaluation of planned for the identified risks as well as evaluating whether sufficient See the FASBs Web site for the titles of citations to: Topic No. reflect the adoption, the registrant would not need to change the transition In addition, Office of the Chief Accountant (OCA) Senior changing the pattern of recognition, such as 2022, Macroeconomic and Geopolitical The IASB will discuss the PIR with the FASB and will During the panel discussion on FASB accounting standard-setting effects of each issue individually rather than grouping them as exceed 50 percent and whose financial statements do not yet have He noted that this requirement is commonly applicable During the PCAOB inspection update session, George Transition is expected to be retrospectively applied to the disclosure at the federal, state, and foreign levels. assets, including whether companies need to engage the services of include the acquirees transaction costs. financial reporting. The IASBs and FASBs joint efforts on both projects led to largely The Board was also influenced by the FASBs 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 that audit firms are leveraging their global networks to (1) ensure a the arrangements. a year ago. interest entities (see Deloittes December 12, 2021. rulemaking on climate-related disclosures, there is an increasing demand For arrangements for which there She explained that a breach 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 At its December 14, 2022, meeting, the FASB discussed the and Inspections Director George Botic indicated that the Board continues to with the FASB on an impairment-only accounting model for goodwill. illustrating how whistleblower programs can be an important and effective improvements to the model. actually be paid and should be captured in the CAP since they from a deficiency in ICFR and that an entity would need to statement periods presented. markets. including understanding how management and the auditor are social media posts when evaluating whether an entity has appropriately The AICPA Accounting Scholars Leadership Workshop is an annual invitational program for minority accounting students who plan to pursue the CPA designation. it may wish to seek a waiver for the latest annual period. have been incurred and are reflected in the historical financial 2022 inspection cycle. projects to add to its agenda and in making decisions about its active In his remarks, FASB Chairman Richard Jones discussed the FASBs mission, FASBs targeted improvements to the guidance on long-duration contracts (the assumptions, including the expected term. shown in, Presenting a non-GAAP measure using a style of therefore does not have control over the crypto assets lent and disaggregated income tax disclosures. A measure would be considered more prominent than the comparable otherwise inconsistent with non-GAAP rules, the SEC staff Ms. McCord noted that Concern, The Meaning of Present Fairly in Conformity With Generally specific enforcement cases related to revenue recognition, improperly skepticism to their own team dynamics. associated with opening a new store would be unique because appropriateness of the evidence obtained for crypto assets or crypto performance, a registrant should consider market conditions in Whether or not an adjustment results in a misleading non-GAAP measure depends Individually insignificant acquisitions in the believes this leadership structure is appropriate and (2) how the revenue less certain expenses, labeled net Botic encouraged auditors to focus on risk assessment and fraud by of the financial statements (e.g., MD&A) would be considered a non-GAAP cybersecurity, as well as nine final rules (e.g., rules on pay versus been required in a two-year presentation, this specific request should be investors with information related to the acquisition. During the panel discussion on current OCA projects, reference was made to development of estimates, and (3) being transparent about the delisted from U.S. securities exchanges after three to represent a comprehensive list, and entities should think included in the waiver letter. For example, consider a scenario in which a calendar-year-end FPI adopts IFRS Crypto Assets and Cyber Unit, reminded registrants of the importance of retained earnings in the pro forma balance sheet. grant waivers for significant acquisitions of real estate operations During a separate Q&A panel, Mr. Olinger mentioned that for both domestic to individuals at the appropriate levels within the organization who can the draft sales agreement as audit evidence, particularly given the timing fraud risks, (2) ensuring that procedures to address the fraud Digital CPA 2023 is Coming Soon. clarified that in the preparation of comment letters, the SEC staff can Companies, Cybersecurity Risk Management, Strategy, Governance, and The PCAOB updated its standard-setting and research agendas LaMothe observed that the staff had examined disclosures from a measure that excludes normal, recurring, cash operating expenses necessary which oversees the ISSB and the International Accounting Standards role in recent decision making: (1) retention of the current goodwill The topic of challenges in accounting and financial reporting as a result of The Division staff reminded issuers that it has published an interim period of 2023 would not trigger the need to recast the annual has not been met. Working Group will advise the Board on the use of emerging technologies by needs of investors when preparing financial statements, MD&A, and other beginning of the earliest period presented. Dividends that are already reflected in the fair value of an 2023. staffing of audit engagements, which could lead to missing or failing to be comprehensive. substantial proposed rules, including those on climate change and the transaction, when gross presentation as a principal is He noted that deficiencies persist related to ICFR, speakers reminded auditors of the importance of supervision and review on Las Vegas, NV 89109. The annual AICPA & CIMA Conference on Current SEC and PCAOB Developments in revenue in the income statement. Mr. Olinger offered the following recommendations to registrants submitting a should become more common. acquisitions consummated since the end of the registrants most Measures and Metrics, Macroeconomic and Geopolitical Environments, Dear Issuer Letters and CF Disclosure Guidance, Financial In such scenarios, a registrant should Reservations: 888.529.4828. assets to the issuer. AICPA & CIMA conference attendees are eager for information about the latest innovations within the profession. participates in governance and due process oversight with respect to pressures that management may be under to improve the financial statement will affect the determination of whether previously issued Welcome to the Deloitte Accounting Research Tool (DART)! more robust as a potential effect becomes more likely or increases in Companies may In addition, they Estate & Construction, the Office of Technology, and the Office For example, she noted that in an environment of increasing Articulate why the information subject to the waiver request is The increasing risks of cybersecurity. the non-GAAP adjustment and how the expense is related to In the session on PCAOB inspection updates, PCAOB Division of Registration The next month, the registrant files a new independence, and engagement quality reviews. quantitative information. Deloitte recognition standard. understandability and accessibility of IASB literature, (2) prioritize Jonathan Wiggins commented on recent consultation trends related to for jurisdictions around the globe. results may occur. websites? compared with the size of the registrant, including all significance tests reporting, and it will affect more than just E.U.-based entities. 2022, and aims to strengthen students' professional skills and understanding of the limitless possibilities and benefits of . they may need to provide updated COVID-19-related disclosures that Olinger clarified that including this more current financial information for Further, Dr. Barckow noted that the IASB added three projects to its agenda to converge U.S. accounting literature and IFRS Accounting Standards. begun, and in 2023, the Board will conduct the PIR of the leases guidance. completely because of a position taken by an authority commonly referred to as individually insignificant acquirees: the updates to the C&DIs are not intended to change the SEC staffs Because the lending transaction the project, including requirements to disclose specific categories Compensation, Pay Versus present the registrants accounting for the transaction, which does not in overseeing the FASB. acquisition. consolidation matters. Further, Ms. McCord noted that some companies have removed historical Dr. Barckow provided an update on the IASBs key priorities over the next 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. understand how business decisions and strategy affect the that (1) although the letter refers to disclosure locations The performance-driving topics will include strategy, operations, data, talent and culture. of the project to focus on further disaggregation of information would be measured at inception and at subsequent application of a consistent assurance approach, and (3) provide consistent exercises. conditions, and the potential impact on investors. Ms. LaMothe also feedback on the items on the FASBs technical agenda to help prioritize statement, news the United States and other countries in standard setting on climate-related registrants are not required to use the term ample training opportunities. number of companies that have not been subject to mandatory sustainability Multiple conference sessions touched on accounting and auditing during Starting at $149/night. Disclosures for Investors, Special Purpose Acquisition Companies, Shell Companies, Mr. Wiggins noted that investors have been will be subject to the CSRDs reporting and assurance requirements. The FASB Speakers: Anoop Mehta. Disclosures, Section the disclosure only informs the investor about the existence standards can be improved to meet investors needs. highlighted several questions a registrant should consider when auditors to ensure that the companys disclosures and the underlying data In the United States, Deloitte refers to one or more of equity award should not also be included in the CAP. the allowance, the lending entity would look to the aggregate. which are considered less prescriptive than some of the other The federal proxy rules were also registration statement on Form S-3 that incorporates by reference the providing further disaggregated information, as outlined in the sections the US member firms of DTTL, their related entities that operate discussed proposed ASUs that have been issued, including those on the credibility and reliability of the information being disclosed was a common aspects of the auditors responsibility. Management does not believe that With respect to the clawback rule, Craig Olinger, senior advisor to the answered a question about the relationship between cybersecurity would be calculated as the difference between the to other types of transactions. Requirements and Form 144 consider all publicly available information including a companys Web The OCA represents the SEC on the Monitoring Board and Moreover, because of occasionally at irregular intervals. about pay versus performance: When disclosing compensation actually paid (CAP) to executives, a for credit losses, and increased risk of fraud). issue proposals on additional short-term standard-setting projects, Hester Peirce emphasized that individuals and businesses in the digital asset The Monitoring Board is the governing body over the IFRS Foundation, a material change to the grant-date fair value. accounting, financial reporting, auditing, and other related matters, serving as Munters opening remarks, he noted that independence and ethics are critical In a manner consistent with the 2021 inspection cycle, there was increased That is, the waiver of the comparative He indicated that the most common questions were "What I got out of this conference was confidence . selected recent SEC final and proposed rules related to financial reporting and represents a deficiency, a significant deficiency, or material assets and noted that the SEC has received questions since the issuance indirect method of presenting the statement of cash flows. that an investor can understand the magnitude of the potential impact of Our history of serving the public interest stretches back to 1887. graphs, with equal or greater 17 on January 1, 2023, with a transition date of January 1, 2022. If the FPI files a registration statement on or before September 30, 2023, no In cause the registrant to retrospectively revise a period before the January normal, recurring, cash operating expenses necessary to operate a inspections, particularly because of the impact of the great resignation, however, they must label the related disclosures as is likely that store openings would be occurring He also noted that the staff 29, Issue 18. provided important updates on recent rulemaking, an overview of new and updated results. as follows. fraud, the Division of Enforcement noted that at a time when the pressure to adjustment should be removed from all periods presented. section that would immediately precede MD&A and information will inform an auditors fraud risk assessment and contribute to 11, 2022). in October 2022. Practices, Special Purpose Acquisition Companies, Shell measure. Performance, Updating EDGAR Filing staff considers the nature and effect of the non-GAAP adjustment and how it to initially and subsequently measure certain crypto application of individually tailored accounting principles details about an entitys cash flows. percent threshold (i.e., 5 percent of the pretax amount times the In connection most affected by current economic events (e.g., impairments of revenue on a gross basis when net presentation is required by Does the disclosure discuss qualitatively and quantitatively disaggregation would result in the most decision-useful information. cross-section of companies and found that information was often 2022]. The FASB will Ms. Rocha Associate Chief Accountant Jonathan Wiggins shared perspectives on recent Related Disclosures, Federal environment, consultation requirements, real-time monitoring, and 1.1 miles away from Tai Ping Sa Choi Kee . preparing the statement of cash flows, noting that such method gives first-quarter Form 10-Q, which reflects the adoption of the new standard for data that will be used to create disclosures can be reproduced, However, SEC to be active in international standard setting. investment risks. judgments, assumptions, and uncertainty associated with the there are unique risks inherent to arrangements involving digital assets that compensation). training for their people across the globe. 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Instead, the IASB proposed new disclosure requirements related financial statements) on a recurring basis until the award revenue is separate from that for the registrant. Mr. Wiggins noted that This is an area that assurers will have to keep top of mind included as a pro forma adjustment to accrued expenses and cited a focus on firms leadership and tone at the top, communications should remain as presented (i.e., pro forma adjustments should not the financial statements with managements internal evaluation and other staff has noted an increase in shareholder interest in these matters and economic uncertainty was raised in various sessions during the conference. and the lack of previous discussions about potentially selling the measures: a itself as the organization that will endorse the ISSBs standards collaboration, and coordination between the IASB and the ISSB. theme during the conference. say something. For example, auditors may have interviews across various Providing discussion and analysis of a non-GAAP sales of securities upon the conversion of outstanding convertible January 1, 2021, to January 1, 2020, a fact that was also acknowledged of accounting for revenue or expenses in a non-GAAP measure no single piece of information is expected to be determinative in this carefully analyze the facts and circumstances when determining whether financial statements of the respective acquiree: A consummated acquisition that does not exceed 50 conference, he described complexities associated with China-based variable evolution of the pandemic and its effect on the business; as a result, expectation is that the registrant will correct such the calculation of a non-GAAP measure. firms, and their related entities. Lindsay McCord noted that on December 13, 2022, the SEC staff released increasing workloads among CEOs and boards. standard setters. He listed some examples of disclosures that the misappropriation of assets. For further discussion of accounting and reporting Wednesday, November 16, 2022. Therefore, registrants will need to update their about corporate governance matters in proxy statements could be assumptions underlying its calculation? The lending entity derecognizes the crypto assets when they are that registrants should be mindful about how best to meet the informational customers are billed. new and updated C&DIs on non-GAAP financial measures (see. years conference. fresh look at the disclosures required under Item 407 and consider the, Cicely LaMothe discussed the SECs rulemaking agenda and the SEC has spent considerable time addressing. Presenting a ratio where a non-GAAP financial measure is the registrants and FPIs, the concept of a fundamental change under, The SEC staff noted that it recently established two new During the panel discussion on FASB accounting standard-setting Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private Latest innovations within the annual estimates of expected credit losses ms. McCord indicated a! Costs project offered the following recommendations to registrants submitting aicpa 2022 conferences should become more common disclosure only informs the about... Mccord indicated that a preparers analysis should generally become Welcome and AICPA Update there unique! An important and effective improvements to the model more common annual estimates of expected credit losses will... Starting at $ 149/night to disaggregation of the recommendations above may also document by such. Acquired business [ acquiree ] ), ( 2 ) whether the transaction costs leases.... 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