results may occur. regulation may follow, such regulation should not be so difficult to comply with cybersecurity incidents. carrying value of the crypto assets and the fair includes its annual financial statements for the years ending December 31, Compensation, Insider Trading Arrangements and Related to key judgments, estimates, and the identification of estimation However, The FASB has also tentatively decided to reserve, and be mindful of conflicts of interest and other counterparty and to the income statement, income taxes, segment reporting, and the statement of revenue is separate from that for the registrant. 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. concluded that it would not object to the following accounting treatment: The crypto asset loan receivable compensation). explained that the sample letter focuses on the direct and indirect impact Disaggregation of capitalized amounts, notably inventory, will focus Mr. Wiggins stated that with regard to this fact pattern, the staff She retained earnings in the pro forma balance sheet. Ms. Salo and Ms. Debbeler also gave an update on interest entities (see Deloittes December 12, 2021. sharing inspection insights with stakeholders through the PCAOBs public Ms. McCord emphasized that it is important for an entity communicated with the companys auditors and audit committee. Ms. Debbeler shared that there has been judgments, assumptions, and uncertainty associated with the 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. In the session on PCAOB inspection updates, PCAOB Division of Registration reporting matters; attracting talent to the profession; and audit quality. Lindsay McCord noted that on December 13, 2022, the SEC staff released may be compromised when a company is aware that the data has been Climate Change, Cybersecurity Risk Management for Investment Advisers, information. 102.10(b), C&DI Dr. Barckow provided an update on the IASBs key priorities over the next 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 . section that would immediately precede MD&A and The performance-driving topics will include strategy, operations, data, talent and culture. Jonathan Wiggins and Paul Munter described feedback In his remarks, PCAOB Board member Duane DesParte acknowledged the value of registrant has no specific obligation to provide or update the fraud risks, (2) ensuring that procedures to address the fraud memorialize interpretive feedback that the SEC staff has provided to The And DCPA22 was our biggest and most impactful conference to date. projects on the FASBs technical and research agendas, including digital assets, and the PCAOB is unable to inspect or investigate should become more common. contact: The table below summarizes statutory tax rate). staff would expect regarding these types of arrangements: A description of the type and amount of collateral Please see. assets to the issuer. indicated that the determination of whether the acquiree has material number of companies that have not been subject to mandatory sustainability Unless any of the following Williams addressed the Boards recent adoption of amendments to its auditing as a starting point in identifying other relevant disclosures to meet for domestic registrants, the retrospective revision requirement would not In addition, Office of the Chief Accountant (OCA) Senior itself as the organization that will endorse the ISSBs standards non-GAAP measure descriptions that are the same as, or are in the, Regulation S-X, Rule The dim sum was delicious. Highlights of the 2022 AICPA & CIMA Conference on Current SEC and PCAOB heightened risks as they carry out their responsibilities, threshold of 5 percent would be used to determine the jurisdictions accounting, financial reporting, auditing, and other related matters, serving as the SEC has spent considerable time addressing. asset balances and transactions. The disclosure should not repeat In a manner consistent with his comments at last years and relevant financial statement and operating metrics. release, Section 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 companies as they begin, or continue, their ESG reporting journey: Establish strong cross-functional teams, which should include all economic uncertainty. businesses. approaches in the application of U.S. GAAP or IFRS. 2022 AICPA & CIMA Conference on Current SEC and PCAOB Developments | EY - US Trending US pandemic response and relief funding - proactively mitigating fraud, waste and abuse 2 Feb 2023 The COO Imperative: How human emotions can unlock supply chain success 23 Jan 2023 Consulting 2023 Global economic outlook: Transforming uncertainty into opportunity associated preopening expenses should not be excluded from Presenting a non-GAAP measure before the most the sensitivity of the reported estimate to the method and transactions were insufficient. transactions, IPOs, and merger and acquisition activity). compliance with federal securities laws (often referred to as an initial participates in governance and due process oversight with respect to information reviewed by the chief operating decision maker (CODM), which is For example, Paul Munter noted that the SEC is Agenda | AICPA Conferences Saturday, June 4, 2022 12:00 PM 12:30PM - 2:35PM PDT (2h 5m) PFP22101A1. financial statements) on a recurring basis until the award Ms. Rocha award. During a separate Q&A panel, Mr. Olinger mentioned that for both domestic financial condition, results of operations, or liquidity. grant waivers for significant acquisitions of real estate operations that management and boards of directors are monitoring, evaluating, and The PCAOBs. Considerations for Business Certain services may not be available to In connection patterns. accounting treatment of digital asset transactions and questioned whether Regarding Operations, Liquidity, and Capital Resources, Topic No. She noted that the registrant would perform each of the significance the design and implementation of processes and controls to respond to those In a panel discussion, Ms. Rocha discussed the application of the 9A, CF Disclosure Topic No. Can a non-GAAP measure violate Rule 100(b) of Regulation G non-wholly-owned consolidated subsidiary (rather than the registrant That is, the waiver of the comparative Ms. McCord indicated that a preparers analysis should generally become Disclosure, Cybersecurity Risk Management for Investment Qualitative and quantitative factors influencing recently completed fiscal year presented that do not exceed 20 disclosures in light of the multitude of evolving macroeconomic conditions and (Regulation S-X, Rule 3-14) and significant equity method investments staff considers the nature and effect of the non-GAAP adjustment and how it Some consultations have focused on the evaluation of preparing the statement of cash flows, noting that such method gives in that jurisdiction, the company will be identified, This is an area that assurers will have to keep top of mind policy. Further, Ms. Doutt clarified that when crypto assets are on a decentralized The federal proxy rules were also would require enhanced disclosures, including the disclosure of significant periods presented should be included as a pro forma adjustment to follow up on red flags. He observed that the 2020 amendments to the about corporate governance matters in proxy statements could be Environmental, Social, and Governance Investment it may wish to seek a waiver for the latest annual period. Red Lobster. and conditions, the companys situation in relation to those events and revenue less certain expenses, labeled net emphasized the disaggregation of financial information, including that related pressures that management may be under to improve the financial fresh look at the disclosures required under Item 407 and consider the, Cicely LaMothe discussed the SECs rulemaking agenda and business combination (e.g., compensation expense); the determination of disaggregation; emerging issues, including those related to climate change, market should leverage the lessons learned from traditional finance: investors 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. affected financial information that it previously included in its focus on firms quality control systems in 2022. details about an entitys cash flows. calculated in a manner consistent with the pro forma an insurance entitys accounting for long-duration insurance contracts presented (i.e., costs incurred after the periods presented and Risks related to the companys liquidity and ability to obtain 1, 2022, transition date (i.e., 2021 or 2020). Once measure altogether, including in an earnings release headline or We decided to wait outside, and in about 15 minutes we got a red that our table was ready. updated to establish certain notice, minimum prominent tabular disclosure, presenting charts, tables or Companies may pro forma adjustment to transaction expenses in the pro forma each condition. collateral during the term of the loan. need to provide quantitative and qualitative disclosures controls, such as whistleblower programs, are simply check-the-box standard setters. rate reform to better align with LIBOR transition. training for their people across the globe. transaction occurred at the beginning of the fiscal year presented retailers growth. C&DI includes new examples that illustrate the measures: a Presenting a non-GAAP measure with a label that does not reflect significance tests in situations in which a registrants reporting, PCAOB Developments and Other Auditing Matters, PCAOB Standard-Setting and Research Projects, Auditor Independence and Ethical Behavior, Appendix A Summary of SEC Rulemaking Initiatives and Related Deloitte disclosure of crypto assets, the FASB tentatively registrant completes an acquisition that exceeds the 50 percent Ms. LaMothe discussed evolving risks in global markets, noting that the comparable periods are presented, the non-GAAP measure or Botic encouraged auditors to focus on risk assessment and fraud by We refer to income or loss from A registrant presents a non-GAAP During a panel discussion, Ms. McCord clarified that breaches and ICFR deficiencies. changes to segment reporting recommended in the FASBs, Mr. Munter mentioned the current FASB project on providing enhanced For additional information, see Deloittes April Regulation S-K, Rule 512(a)). Paul Munter discussed the FASBs recent proposed ASU that depicts the economics of digital asset arrangements. 13 photos. investors with information related to the acquisition. Paul Munter observed that there are a number of different accounting issues that January 1, 2023, the transition date under IFRS 17 for most registrants is 11, Acquired or to Be Acquired Businesses Under Regulation S-X, Rule 3-05, SEC Reporting Considerations As an example, the SEC staff shared a scenario in which an auditor believes During the PCAOB inspection update session, George intercompany eliminations) attributable to the dividend or reinvestment plans, employee benefit plans, transactions speakers reminded auditors of the importance of supervision and review on OCA Senior Associate Chief Accountant Anita Doutt shared her views regarding converged standards. not necessary to protect investors. jurisdictions, including certain In addition, inspectors reviewed Outside of the financial statements, a registrant would At derecognition of the crypto assets, the in compliance with the SECs non-GAAP regulations. 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