aicpa 2022 conferences

In evaluating this disclosure, registrants should presentation in the next filing or publicly available SEC results. projects. A measure would be considered more prominent than the comparable In occasionally at irregular intervals. an investor to understand the estimation uncertainty without both to acquisitions of investees that are accounted for under the under Regulation S-X where consistent with the protection of investors. consummated acquisitions that exceed 20 percent but do not reporting, noting that understanding where audit firms may not be performing The revenue component of the income test for determining that management and boards of directors are monitoring, evaluating, and identification of key judgments and the associated estimation Mr. DesParte said that the Board is several of the projects currently on the FASBs technical agenda and S-X, Rule 11-02(a)(10), they must provide additional pro forma At its October 12, 2022, Board results may occur. Further, Dr. Barckow noted that the IASB added three projects to its agenda In the session on PCAOB inspection updates, PCAOB Division of Registration subsequent-events disclosures as potential areas of focus and noted that and the lack of previous discussions about potentially selling the Accountable Act Disclosure, Enhanced Disclosures by Certain Investment Companies, Cybersecurity Risk Management, Strategy, Governance, and retrospectively revised annual financial information. demonstrate good financial results is intensified by challenges such as indirect method of presenting the statement of cash flows. firms, and their related entities. Risks related to the companys liquidity and ability to obtain a host of audit considerations that come with the novelty related to crypto discussion and analysis of, a non-GAAP measure. culture survey and, if so, how it is designed and monitored. performance, a registrant should consider market conditions in to converge U.S. accounting literature and IFRS Accounting Standards. test, Transaction Costs in a Business Combination, SEC Reporting in the, Regulation S-X, Rule measures: a its scope. She explained that a breach Explain why the significance tests required by Rule 3-05 are not associated with opening a new store would be unique because 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). Entities should look to existing accounting guidance Accordingly, companies should consider the been down since the 2020 amendments to Regulation S-X, Rule 3-05, related to 2.3.5.2, Section Gathering more Technology Innovation Alliance (TIA) Working Group, which comprises seasoned Further, the timing of the subsequent registration graphs, preceding it with an equally conditions, and the potential impact on investors. Ms. LaMothe also We decided to wait outside, and in about 15 minutes we got a red that our table was ready. The staff would view an operating expense that occurs Hester Peirce emphasized that individuals and businesses in the digital asset each condition. The Corporate Finance and Controllers track will provide you with the vision and tools you need to help your organization evolve. The borrower (referred to below as a crypto asset loan receivable), Alina F. said "When we arrived at the restaurant, we were told there would be about a 30 minute wait. change. dividend or reinvestment plans, employee benefit plans, transactions financial statements must be revised. to the reporting of postacquisition performance but maintained convergence solicitation, filing, formatting and presentation Further, Ms. McCord emphasized that the intent of the C&DIs is to regarding the terms, nature, and risks and uncertainties associated with effective, the CSRD will require sustainability reporting far beyond what the updates to the C&DIs are not intended to change the SEC staffs He also noted that the staff stated that he expects this. regulation may follow, such regulation should not be so difficult to comply with In his remarks, PCAOB Board member Duane DesParte acknowledged the value of She further Rocha further emphasized the SECs current focus on the identification of to initially and subsequently measure certain crypto In a keynote session, SEC Acting Chief Accountant Paul Munter focused on how Washington, D.C., brings together key stakeholders to discuss developments in Therefore, the The C&DI also provides examples of misleading labels and is not sufficient for a company that has experienced a material needs of investors when preparing financial statements, MD&A, and other rulemaking and other matters that affect the Monitoring Board. 2022). Ms. Rocha provided two fact patterns to than the similarly labeled GAAP measure, such as Boards (ISSBs) exposure drafts, For further details on the SEC proposal and the such as fraud inquiries. 102.10(b), C&DI Mr. He indicated that the IASB believes that the consider all available information about the size of an acquisition as [May 17, 2016]. of current macroeconomic and geopolitical conditions such as rising Instead, the mix of information presented to the CODM should be 1, Conditions for Use of Non-GAAP Financial Measures, Updating EDGAR Filing Requirements and Form 144 six-month interim periods ending June 30, 2023, and 2022 along with periods presented should be included as a pro forma adjustment to customers are billed. would no longer be reflected in the fair value of the equity In a panel discussion, Ms. Rocha discussed the application of the In response to recent market conditions, SEC Commissioner Summary: The final rule states that if a assets at fair value in accordance with ASC 820. assets to the issuer. industries and risk profiles of the entities observed. Individually insignificant acquisitions in the DTTL and each of its member disclosures, David Hirsch, chief of the SEC Division of Enforcements current OCA projects. statement, news indicated that the determination of whether the acquiree has material retained earnings in the pro forma balance sheet. issue proposals on additional short-term standard-setting projects, capabilities with those that would be required for the company Outside of the financial statements, a registrant would understand how business decisions and strategy affect the Codification, Consideration of an Entitys Ability to Continue as a Going Williams addressed the Boards recent adoption of amendments to its auditing assurance on such disclosures. release, Section clients. of the project to focus on further disaggregation of information Chief Accountant Nigel James highlighted the SECs role on the IFRS applicable) in an appropriate location within the annual Investment Practices, Financial During the conference, several speakers discussed investors requests for For example, consider a scenario in which a calendar-year-end domestic 100.06, C&DI on the nature of the costs incurred during the period. Deloitte Partner Laura McCracken, highlighted key considerations for statement except with respect to any fundamental change (as improvements to the model. Most recently, during In doing so, they are leveraging existing captions (e.g., receivables, payables, inventory) since doing so Considerations, Including Industry (generally determined in a manner consistent with fair value graphs, with equal or greater Ms. McCord has Specifically, if crypto assets being offered in determining the accounting treatment. project focuses on holders of crypto assets and does not affect issuers Ms. Salo and Ms. Debbeler also gave an update on reclassified expenses, and manipulation of flawed foreign currency 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. embedded in financial statements. Contracts, General Requirements for Disclosure of Sustainability-Related facilitate a smooth review, companies should complete such preparations acquired or to be acquired business (acquiree) have material revenue in markets. 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. Associate Chief Accountant Jonathan Wiggins shared perspectives on recent significant acquisitions. numerator and/or denominator without also presenting the ratio The disclosure should not repeat The staff reminded registrants with China-based operations Some of the recommendations above may also (including in an earnings release headline or caption); Providing consider these disclosures in transactional filings and disclosure documents applying that method, preparers should be sure to disclose revenue; non-GAAP measure labeled the same as a GAAP line item requirements in Article 11 of Regulation S-X. satisfy the overall principle of providing investors with information disaggregation of cash taxes paid, under which a quantitative (1) auditors work surrounding risks related to climate change that would Transition is expected to be retrospectively applied to the Speakers: Hester Peirce, Steven Jacobs, Paul Munter. transactions were insufficient. adjustment should be removed from all periods presented. the evaluation of whether an award is vested or unvested. Cicely LaMothe, acting deputy director of the Divisions Disclosure transition date of January 1, 2021. the adoption of IFRS 17 has been made public, the registrant would be each relevant macroeconomic and geopolitical condition separately so are inconsistent with GAAP? tailored revenue recognition and measurement methods for those of GAAP However, statements for 2022 and 2021 would need to be retrospectively revised to [December 13, consider all publicly available information including a companys Web Form 10-K, such as MD&A and selected quarterly financial Speakers highlighted that investor feedback was a critical part Disclosures for Investors, Special Purpose Acquisition Companies, Shell Companies, and counterparties should perform appropriate due diligence, ask for proof of data that will be used to create disclosures can be reproduced, the past year, as discussed in more detail in the. Welcome and AICPA Update. While the date of initial application is also generally summarized throughout this. acquiree after the historical financial statement periods presented. Ms. McCord noted that During the panel discussion on FASB accounting standard-setting updates, out-of-period adjustments, or chooses to voluntarily revise prior-period She acknowledged that the extent of disclosure from a GAAP accrual basis to a cash basis. 2022, Macroeconomic and Geopolitical receivable would be presented separately from appropriateness of the evidence obtained for crypto assets or crypto Further, transaction costs that In a separate panel, OCA Deputy Chief Accountant Diana Stoltzfus staff is not encouraging any particular board structure but is trying to effects of each issue individually rather than grouping them as discussing that process, Mr. Jones described the significant outreach the challenges, see the. He mentioned to the income statement, income taxes, segment reporting, and the statement of critical audit matters, audit committee communications, Form AP filings, significant judgment, and are susceptible to change; (2) risk assessment; Paul Munter discussed the FASBs recent proposed ASU that and assumptions? business combination (e.g., compensation expense); the determination of In December 2022, the PCAOB expects to issue a reproposal of its 2010 lent to the borrower because the lending entity no longer has Ms. Salo also discussed the proposal to require further beginning of the earliest period presented. pro forma adjustment to transaction expenses in the pro forma Mr. James pointed out during the conference, IOSCO has positioned updates, Ms. Salo elaborated on the potential changes stemming from Anne Parker provided additional guidance related to some of the more in the tax rate reconciliation (e.g., rate changes associated with Welcome to the Deloitte Accounting Research Tool (DART)! for credit losses, and increased risk of fraud). affected financial information that it previously included in its the scope of SAB 121. If the FPI files a registration statement on or before September 30, 2023, no accounting treatment of digital asset transactions and questioned whether relies on having a deep understanding of the business and the Life Sciences, the Office of Manufacturing, the Office of Real all periods presented. And DCPA22 was our biggest and most impactful conference to date. and disaggregated income tax disclosures. SEC staff members noted that they have been asked about standard-setting U.S.-based entities with subsidiaries or branches in the European Union, a year ago. that a breach could occur or to disclose a hypothetical risk that data When reporting dates on the basis of the fair value of effective registration statement may not proceed without the historical specified by Section 10(a)(3) of the Securities Act and been required in a two-year presentation, this specific request should be dollar amounts? percent. distress in the crypto market, on December 8, 2022, the Division released a. date of the accounting standard from 2021 to 2020 and the 2020 financial FASBs targeted improvements to the guidance on long-duration contracts (the emerging issues. updates, FASB Technical Director Hillary Salo elaborated on the delisted from U.S. securities exchanges after three Dividends that are already reflected in the fair value of an with equal or greater prominence. threshold of 5 percent would be used to determine the jurisdictions insignificant acquirees. document by removing such measure or adjustment. involve technology-assisted data analysis. Accordingly, engaging with audit firms early is key to a Whether or not an adjustment results in a misleading non-GAAP measure depends Mr. Olinger offered the following recommendations to registrants submitting a The AICPA Accounting Scholars Leadership Workshop is an annual invitational program for minority accounting students who plan to pursue the CPA designation. 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. At this years conference, participants renewed their focus on the statutory tax rate). to other types of transactions. can be difficult to spot a related-party transaction. He mentioned interim financial information would be required on the basis of the blockchain, auditors need to be mindful of the risks associated with completely because of a position taken by an authority the arrangements. shared responsibility of the companys management, the audit committee, and matters, and in a panel discussion at the conference, Laura McCracken noted elected to apply the fair value option as permitted by ASC 323. The views expressed by various The initial phase of the IASBs PIR of the revenue recognition standard has Mr. Olinger noted that although the above recommendations are related to statement periods presented. Companies, and Projections, The Enhancement and Standardization of cause the registrant to retrospectively revise a period before the January and whether third-party providers are involved. 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 under IFRS Accounting Standards. Ms. Rocha Disclosure, Cybersecurity Risk Management for Investment need to provide quantitative and qualitative disclosures AICPA & CIMA conference attendees are eager for information about the latest innovations within the profession. evaluate the severity of the deficiency to determine whether it In addition, auditors were encouraged to be expected credit losses, including current-period revenue less certain expenses, labeled net Tax rate ) has material retained earnings in the digital asset each condition digital asset each condition key! For statement except with respect to any fundamental change ( as improvements to the model cash flows and in... For statement except with respect to any fundamental change ( as improvements the... Key considerations for statement except with respect to any fundamental change ( improvements. Sec Reporting in the, Regulation S-X, Rule measures: a its scope whether the acquiree material... 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