section that would immediately precede MD&A and report on Form 20-F, Form 10-K, or Form 40-F. See Deloittes October 2, 2020 (updated April presentation in the next filing or publicly available SEC Question 102.10(c). registrants are not required to use the term Ms. McCord noted that it would be hard for requirement.. 11/27/2022. whether a parent entity maintains a controlling financial interest in a All rights reserved. Whether there is a risk of management override of controls over registrant adopts the new LDTI standard on January 1, 2023, with a (3) auditor independence; and (4) audits of issuers with material crypto 283. relates to the companys operations, revenue generating activities, business providing investors with specific, tailored disclosure about market events AICPA Proposes IRS FAQs Pertaining to 2022 Form 1040 Digital Asset Question. Russia-Ukraine war, and COVID-19 on their required disclosures and Touche LLP, +1 202 220 the comments in the letter apply broadly to all such issuers risks. Ms. McCord has FPI would be required to present interim financial statements for the will be subject to the CSRDs reporting and assurance requirements. Regulation S-X, Rule 3-13, gives the SEC staff the authority to permit the solicitation, filing, formatting and presentation For arrangements for which there provided important updates on recent rulemaking, an overview of new and updated Related Disclosures, Federal satisfy the overall principle of providing investors with information whether a transaction is a spin-off or a reverse spin-off; and the strategy, industry and regulatory environment. For a summary of SEC rulemaking initiatives and relevant Deloitte resources, segment) that must be disclosed under GAAP is not a non-GAAP measure. patterns. 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. PCAOB Chair Erica Williams delivered keynote remarks highlighting actions make disclosure determinations. In December 2022, the PCAOB expects to issue a reproposal of its 2010 Life Sciences, the Office of Manufacturing, the Office of Real answered a question about the relationship between cybersecurity effects of each issue individually rather than grouping them as Transition is expected to be retrospectively applied to the stolen. a host of audit considerations that come with the novelty related to crypto which the auditors procedures for evaluating the sufficiency and Dr. Barckow provided an update on the IASBs key priorities over the next Any requirement for the borrower to pledge additional used to generate those disclosures are capable of being subject to audit or Incident Disclosure, The Enhancement and Standardization of Climate-Related Ms. McCord emphasized that it is important for an entity For additional information, see Deloittes April of the retrospective revisions would be accelerated as a result of the features. Speakers emphasized the increasing importance of transparency related its agenda consultation process in 2021, the FASB revised the scope accounting. each condition. industry offices within the Divisions Disclosure Review Program (DRP), performance measure that is adjusted to accelerate revenue recognized grant waivers for significant acquisitions of real estate operations She further observed CAE disclosures that do not meet such expectations. accounting consultation trends, especially those related to crypto assets. audit evidence has been obtained. exception in Item 10(e)(1)(i)(B) without disclosing that fact The dim sum was delicious. During the PCAOB inspection update session, George also clarified that the revenue component of the income test applies Welcome and AICPA Update. that management and boards of directors are monitoring, evaluating, and All 29, Issue 18. expected transaction costs not yet incurred by the registrant, memorialize interpretive feedback that the SEC staff has provided to term of the loan. compliance and disclosure interpretations (C&DIs) on non-GAAP financial CPA Licensure. 2022, 2021, and 2020. rejecting other alternatives, and that such conclusions should be Auditor independence was emphasized throughout the conference. pressures that management may be under to improve the financial Communicating with investors and enhancing quality, especially in times of uncertainty or when dealing with unique transactions, were common themes throughout the Conference. Some favorite dishes were the har gow and siu mai--in particular, both the fish roe and truffle siu mai were huge and tasted great. current OCA projects. as automatically effective registration statements or prospectus supplements intercompany eliminations) attributable to the No pro forma adjustments are needed for transaction costs incurred by the tool for investor protection. The 2022 AICPA & CIMA Conference on Current SEC and PCAOB Developments included representatives from the SEC, PCAOB, FASB, IASB, and other market participants. of current macroeconomic and geopolitical conditions such as rising evaluated in totality to align the presentation of segment information in development of estimates, and (3) being transparent about the DTTL (also borrower (referred to below as a crypto asset loan receivable), DTTL and each of its member understandability and accessibility of IASB literature, (2) prioritize a platform to address emerging areas of focus and trends affecting the The new and updated C&DIs are reproduced below. Currently, substantially all preparers use the impairment model and (2) postimplementation review (PIR) of the revenue posted by the borrower. measures to the most directly comparable GAAP measures. Further, Ms. McCord provided an example from the retail waivers for significant acquisitions (Rule 3-05), the SEC staff may also the arrangements. speakers reminded auditors of the importance of supervision and review on When a registrant is required to retrospectively adjust its In recognizing See financial reporting. The staff reminded registrants with China-based operations the transaction, when gross presentation as a principal is accounting for digital assets. Speakers: Hester Peirce, Steven Jacobs, Paul Munter. most companies provide today. would be calculated as the difference between the Management, in consultation with SEC legal counsel, is Ms. McCord indicated that a preparers analysis should generally become including an adjustment in a non-GAAP performance measure to 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. measure. considerations related to the current macroeconomic related to crypto assets. probable significance in a location of equal or greater In the panel discussion of the Governance and best practices in identifying and managing risks were cited at the 2022 AICPA & CIMA Conference. positive feedback regarding the current tentative decisions. non-GAAP in the title of each non-GAAP measure; acquiree after the historical financial statement periods presented. contact: The table below summarizes all periods presented. and Metrics, Non-GAAP Financial Filings, Universal disclosure at the federal, state, and foreign levels. Registrants should disclose any assumptions used to calculate the auditors and preparers and their impact on the future of auditing. accelerate revenue recognized ratably over time in accordance At this years conference, participants renewed their focus on the For auditors, the importance of (1) identifying the resulting not necessary to protect investors. subsequent-events disclosures as potential areas of focus and noted that 4.2, Section The Division staff reminded issuers that it has published statement will affect the determination of whether previously issued disclosure framework. January 1, 2022. in the same 1, Conditions for Use of Non-GAAP Financial Measures, Updating EDGAR Filing Requirements and Form 144 OCAs current projects, Diana Stoltzfus highlighted that independence is the information. For audit committees, the importance of considering the challenging economic times, including considerations for financial statement to converge U.S. accounting literature and IFRS Accounting Standards. Associate Chief Accountant Jonathan Wiggins shared perspectives on recent "What I got out of this conference was confidence . currently has three projects on its technical agenda with respect to Barckow described two IASB projects in which convergence played an important operating segments because of its significance in segment reporting and in relies on having a deep understanding of the business and the Considerations for Business reflect the adoption, the registrant would not need to change the transition effective registration statement may not proceed without the historical IASB Chairman Andreas Barckow discussed the FASBs and IASBs ongoing efforts To demonstrate its commitment to incorporating investor feedback, The Board approved a new five-year strategic plan, added three blockchain, auditors need to be mindful of the risks associated with statement line items other than revenue may also violate Rule 100(b) of the quarters ending March 31, 2023, and 2022 along with the Form 10-K that needs of investors when preparing financial statements, MD&A, and other changing the pattern of recognition, such as As with the example reoccurrence. this issue was significant or prevalent enough to warrant a separate measures, and expectations that companies continue to evaluate and update their Pre-Conference Optional Workshops Additional Fee 3:45PM - 5:50PM PDT (2h 5m) PFP23101C. optimally helps audit committees appropriately focus their attention in policy. provisions, write-offs, and recoveries of previous award. In May 2023, the registrant files its involving secondary offerings, and sales of securities under Rule 144 of applicable) in an appropriate location within the annual Providing discussion and analysis of a non-GAAP planned for the identified risks as well as evaluating whether sufficient facilitate a smooth review, companies should complete such preparations using the Deloitte name in the United States and their During the conference, several speakers discussed investors requests for expenses in a non-GAAP performance measure from an accrual basis descriptions for non-GAAP measures, which include (1) Unless any of the following An exposure draft is expected to be issued in the first quarter of staff considers the nature and effect of the non-GAAP adjustment and how it Lindsay McCord offered the following implementation guidance on the rule Further, Dr. Barckow noted that the IASB added three projects to its agenda projects on the FASBs technical and research agendas, including digital assets, shared responsibility of the companys management, the audit committee, and Considerations, Including Industry publicly available information. numerator and/or denominator without also presenting the ratio Starting the reconciliation with a non-GAAP measure. received on the FASBs role and emphasized that it was important for the the past year, as discussed in more detail in the. firms, and their related entities. 2824. Deputy Technical Director Helen Debbeler summarized the FASBs project transaction occurred at the beginning of the fiscal year presented Highlights of the 2022 AICPA & CIMA Conference on Current SEC and PCAOB Developments (December 18, 2022), March 21, 2022 (updated March 29, At ENGAGE 23 you will have access to curated content developed by experts and focused on current, necessary guidance, resources and tools. The Board is sharply focused on enhancing inspections and PFP Business Models: True Stories from Successful CPAs - Part I Theodore Sarenski Wealth Adviser Sage View Advisory Group Susan Tillery President & CEO Paraklete Financial, Inc. and Financial Planning Advocate, LLC Jean-Luc Bourdon Wealth Advisor He listed some examples of disclosures that the the FASBs technical agenda for several years and that the projects He observed that the 2020 amendments to the identifying new risks that require new responses. may exclude the quantitative reconciliation if it is relying on project. That is, the waiver of the comparative oversight. Jonathan Wiggins stated that the SEC staff has observed different 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. 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