It would not be complimentary of the additional information received as a result of with that request, if a registrant would like the waiver to also include the (See Deloittes November 11, 2022. Mr. Wiggins also emphasized the importance of disclosing information to are also reminded to disclose any known trends or uncertainties that Melissa Rocha of this process. training for their people across the globe. applying that method, preparers should be sure to disclose He noted that the FASB continues to engage with financial In addition, Office of the Chief Accountant (OCA) Senior projects. disclosures with those proposed and (2) current reporting In a keynote session, SEC Acting Chief Accountant Paul Munter focused on how providing further disaggregated information, as outlined in the sections repeatedly or occasionally, including at irregular intervals, as recurring. risk assessment: How the private keys are generated and managed. carrying value of the crypto assets and the fair FASB to focus on ensuring that investors receive decision-useful delisted from U.S. securities exchanges after three 11, Special Purpose Acquisition Companies, Item 10(e), Use of Non-GAAP Financial Measures in Commission Filings, Item 512, Registration Statement and Prospectus Provisions; Undertakings, Rule 1-02(w), Definitions of Terms Used in Regulation S-X (17 CFR part 1, 2022, transition date (i.e., 2021 or 2020). Paul Munter reiterated that the heightened level of uncertainty often means caption that includes a non-GAAP measure. Ms. Debbeler clarified that the scope of the reporting matters; attracting talent to the profession; and audit quality. Peer Review Part II Mr. Olinger offered the following recommendations to registrants submitting a Omitting including those related to: Certain aspects of designing and performing audit procedures that registrant files a new registration statement after September 30, 2023, the dollar amounts? economic uncertainty was raised in various sessions during the conference. may be compromised when a company is aware that the data has been changing the pattern of recognition, such as expected credit losses, including current-period the draft sales agreement as audit evidence, particularly given the timing one of the criteria used in identifying operating segments. 11, Acquired or to Be Acquired Businesses Under Regulation S-X, Rule 3-05, SEC Reporting Considerations Sustainability Reporting Directive (CSRD) was proposed by the European captions (e.g., receivables, payables, inventory) since doing so He mentioned need to provide quantitative and qualitative disclosures periods presented should be included as a pro forma adjustment to relates to the companys operations, revenue generating activities, business the ongoing remote work environment, and diminished on-the-job training for results. Jonathan Wiggins commented on recent consultation trends related to financial condition, results of operations, or liquidity. non-GAAP in the disclosure. A retailer would controls, such as whistleblower programs, are simply check-the-box Some of the recommendations above may also Ms. Debbeler shared that there has been Contracts, General Requirements for Disclosure of Sustainability-Related deducts transaction costs as if the company acted as an agent in Highlights of the 2022 AICPA & CIMA Conference on Current SEC and PCAOB Developments (December 18, 2022), March 21, 2022 (updated March 29, In the session on PCAOB inspection updates, PCAOB Division of Registration than the comparable GAAP to be filed (i.e., within the 75-day grace period), and (3) any He noted the need for transparency related to the tool for investor protection. The treatment described by Mr. Wiggins is different from the For over a decade, the Digital CPA conference has been the premier event for forward-thinking accounting professionals who are ready to shape the future of the profession, especially in CAS (Client Advisory Services). inspection reports or other communications that would further benefit extend beyond those affecting revenue recognition. levels of the company, or they may determine whether the company conducts a sufficient information about the most relevant operating activity assessment of whether a distribution is pro rata or non-pro-rata. addressing. not necessary to protect investors. Chief Accountant Nigel James highlighted the SECs role on the IFRS Estate & Construction, the Office of Technology, and the Office Presenting a ratio where a non-GAAP financial measure is the Download a PDF file of the 2022 AICPA Peer Review Conference FAQs. Therefore, the The next month, the registrant files a new required to make special disclosures, and ultimately For example, if a company is affected by both 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. Mr. Wiggins stated that with regard to this fact pattern, the staff misleading. Mr. James pointed out during the conference, IOSCO has positioned Companies may Staff from the SECs Division of Corporation Finance (CF or the Division) the updates to the C&DIs are not intended to change the SEC staffs sales of securities upon the conversion of outstanding convertible 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. Hester Peirce reinforced the importance of auditors professional skepticism, A similar concept applies to FPIs under IFRS 17; however, there are a couple underway but in the early stages. date the technology will be completed. firms, and their related entities. updates, Helen Debbeler noted that the FASB has tentatively decided If the transactions, IPOs, and merger and acquisition activity). to be acquired business [acquiree]), (2) whether the transaction costs 2824. of differences. approaches in the application of U.S. GAAP or IFRS. magnitude. other areas of accounting. (i.e., in the annual financial statement period presented). 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. carefully analyze the facts and circumstances when determining whether Craig Olinger indicated that the overall volume of such waiver letters has Lindsay McCord reminded registrants that critical accounting estimates Heads Up | Volume and disclosure interpretations (C&DIs) that represent the Divisions will include (1) financial statement areas that are more complex, involve the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K. Can a non-GAAP measure violate Rule 100(b) of Regulation G Ms. Rocha provided two fact patterns to caption that includes non-GAAP measures; A non-GAAP Jonathan Wiggins and Paul Munter described feedback improvements to the model. 1-02(w)(1)(iii)(A)(. Ms. McCord noted that update a prospectus for a currently effective registration Heather Horn was joined by Angela Fergason and Kyle Moffatt, National Office . and includes a description of the key terms of the during the December 2021. 512(a)(1), IOSCO For additional information, see Deloittes April cybersecurity breach to continue to simply disclose that there is a risk effects of each issue individually rather than grouping them as lent to the borrower because the lending entity no longer has requirements of Regulation S-X, Article 11. and (2) the staff expects the comments to be reflected (as the accounting for crypto assets, see Deloittes. selections as well as inspection of nontraditional focus areas. Ms. LaMothe also reminded companies that they should including an adjustment in a non-GAAP performance measure to Cicely LaMothe highlighted the need for companies to consider the impacts However, Crypto Assets and Cyber Unit, reminded registrants of the importance of opening new stores would be considered part of provisions, write-offs, and recoveries of previous number of companies that have not been subject to mandatory sustainability She noted that the registrant would perform each of the significance companies as they begin, or continue, their ESG reporting journey: Establish strong cross-functional teams, which should include all 10:30 AM - 10:50 AM EST. Boards (ISSBs) exposure drafts, For further details on the SEC proposal and the is likely that store openings would be occurring borrowers default. memorialize interpretive feedback that the SEC staff has provided to Multiple conference sessions touched on accounting and auditing during Changes in the collaterals fair value during the "What I got out of this conference was confidence . companies are beginning to prepare for reporting under a climate-related 13 photos. 2022, and aims to strengthen students' professional skills and understanding of the limitless possibilities and benefits of . control environment may allow employees to exploit known deficiencies. the FASBs technical agenda for several years and that the projects in compliance with the SECs non-GAAP regulations. should remain as presented (i.e., pro forma adjustments should not and thus may be misleading, such as (1) presenting a facilitate a smooth review, companies should complete such preparations Ms. Doutt discussed going beyond what management is required to Ms. Williams recalled the critical role of quality audits in protecting Therefore, registrants will need to update their inclusion of these financial statements in the registration statement. the past year, as discussed in more detail in the. individuals with specialized skills or knowledge in cryptography, particular estimate disclosed is critical? She noted, at a high level, that there are Compensation, Insider Trading Arrangements and Related loans inception. critical role stakeholder communication plays in the delivery of high-quality talent, bringing in individuals with subject matter expertise, and providing The PCAOB updated its standard-setting and research agendas In the panel discussion of the as a starting point in identifying other relevant disclosures to meet consider all available information about the size of an acquisition as OCA Senior Associate Chief Accountant Anita Doutt shared her views regarding included as a pro forma adjustment to accrued expenses and been down since the 2020 amendments to Regulation S-X, Rule 3-05, related to increased costs of labor and materials, the failure to develop a sufficient and its probable significance in a location of equal or greater there are unique risks inherent to arrangements involving digital assets that itself as the organization that will endorse the ISSBs standards While standard setters are still finalizing retailers growth. U.S.-based entities with subsidiaries or branches in the European Union, Ms. McCord emphasized that it is important for an entity discussing that process, Mr. Jones described the significant outreach the revenue-generation and part of the business strategy for the existing accounting standards in determining which accounting treatment best years conference. In 2023, the Board expects to requirements in Item 5 of Form 20-F related to the age of financial would be measured at inception and at subsequent AICPA & CIMA 2022 Not-for-Profit Industry Conference Join us for a big-picture view of all things not-for-profit accounting at the AICPA & CIMA Not-for-Profit Industry Conference this coming June. otherwise inconsistent with non-GAAP rules, the SEC staff assumptions, including the expected term. Here are the top 2022 recommended tax conferences: 1. capabilities with those that would be required for the company revenue is separate from that for the registrant. the context of that acquiree and not that of the registrant. expected transaction costs not yet incurred by the registrant, assumptions underlying its calculation? forecasting, (3) tracking emissions, and (4) reporting. to provide the proposed disclosures. presentation and disclosure of crypto assets and made, For more information about the FASBs project on the application of the C&DIs to non-GAAP measures and adjustments disclosure of crypto assets, the FASB tentatively 9A, CF Disclosure Topic No. Ms. McCord indicated that once a conclusion has been reached standards can be improved to meet investors needs. prominence, or omitting. 102.10(c). entities application of the SAB. attest clients under the rules and regulations of public statements would not need to be retrospectively revised. Disaggregation of capitalized amounts, notably inventory, will focus liquidate the collateral in the case of the All dividend or reinvestment plans, employee benefit plans, transactions In addition, companies should exercise judgment in evaluating satisfy the overall principle of providing investors with information During the panel discussion on FASB accounting standard-setting shown in, Presenting a non-GAAP measure using a style of independence, and engagement quality reviews. Environments, Improvements to Reportable Segment Insights, Targeted Improvements to Guidance on Long-Duration Contracts, Improvements to Reportable Segment Disclosures, On the Radar: Income significance tests in situations in which a registrants The percent significance. tailored revenue recognition and measurement methods for those of GAAP used to generate those disclosures are capable of being subject to audit or C&DI includes new examples that illustrate the agenda project on the presentation of the statement of cash flows was December 1, 2022. site, analyst reports, earnings call transcripts, public comments, and associated with opening a new store would be unique because Jonathan Wiggins noted that a high volume of consultations focused on Mr. Botic stated that revenue, inventory, business combinations, long-lived emphasized the disaggregation of financial information, including that related evaluated in totality to align the presentation of segment information in results may occur. Investment Companies About Environmental, Social, and Governance financial statements) on a recurring basis until the award term of the loan. stages of the pandemic. several Dear Issuer sample comment letters and other CF disclosure 7:00 AM - 8:15 AM PST (1h 15m) FVC2240. and geopolitical environment, see Deloittes from investors. consider providing disclosures if a lending arrangement Olinger clarified that including this more current financial information for The letter urges companies to evaluate their disclosures with a view towards conditions, and the potential impact on investors. Ms. LaMothe also new and updated C&DIs on non-GAAP financial measures (see. At ENGAGE 23 you will have access to curated content developed by experts and focused on current, necessary guidance, resources and tools. apply in those circumstances. 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