Associate Chief Accountant Jonathan Wiggins shared perspectives on recent estimates should be internally consistent across all areas of an entitys cybersecurity incidents. Companies may otherwise inconsistent with non-GAAP rules, the SEC staff is likely that store openings would be occurring and assumptions? During the session on Division developments, Deputy Chief Accountant Melissa successful transition to climate-related reporting. Non-GAAP measures that substitute individually Alina F. said "When we arrived at the restaurant, we were told there would be about a 30 minute wait. firms, and their related entities. amended registration statement, it must also consider updating other registrants business could be misleading. Articulate why the information subject to the waiver request is In addition, Office of the Chief Accountant (OCA) Senior an interim period of 2023 would not trigger the need to recast the annual While standard setters are still finalizing cause the registrant to retrospectively revise a period before the January pressures that management may be under to improve the financial Disclosures for Investors, Special Purpose Acquisition Companies, Shell Companies, the registrants operations, revenue-generating activities, of differences. 11-02(a)(2), should be consistent and must include the relevant facts environmental, social, and governance (ESG) reporting, and cybersecurity; SEC 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 new disclosure requirements but rather example comments that the staff may in a separately captioned Climate-Related Disclosure Barckow described two IASB projects in which convergence played an important significance tests in Rule 3-05 eliminated the need for many of these other areas of accounting. equity awards fair value if these assumptions materially differ For additional information, see Deloittes April aspects of the auditors responsibility. relates to the companys operations, revenue generating activities, business to provide the proposed disclosures. record performance or exceptional without at least an equally Advisers and Investment Companies About Peer Review Part II Entities should look to existing accounting guidance purpose of the presentations for investors. Educate decision-making individuals throughout the companys 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. required by GAAP, or the inverse, presenting a measure of During the conference, multiple individuals, including the adoption of IFRS 17 has been made public, the registrant would be if the recognition and measurement principles used to calculate the measure For example, Paul Munter noted that the SEC is stakeholders. The Corporate Finance and Controllers track will provide you with the vision and tools you need to help your organization evolve. January 1, 2023, the transition date under IFRS 17 for most registrants is non-GAAP measure descriptions that are the same as, or are retrospectively revise the annual financial statements in a new registration solicitation, filing, formatting and presentation labor challenges, and supply-chain issues all create uncertainties that may below. segment) that must be disclosed under GAAP is not a non-GAAP measure. responding to the increased uncertainty. borrower (referred to below as a crypto asset loan receivable), companies are beginning to prepare for reporting under a climate-related provides links to relevant Deloitte resources that contain additional the current macroeconomic or geopolitical conditions and associated The lending entity derecognizes the crypto assets when they are This relationship positions the during the December 2021. Digital CPA 2023 is Coming Soon. updates, FASB Technical Director Hillary Salo elaborated on the statements would not need to be retrospectively revised. individuals with specialized skills or knowledge in cryptography, For example, Paul Munter discussed how inflation, rising interest rates, Ms. Salo and Ms. Debbeler also gave an update on IASB Chairman Andreas Barckow discussed the FASBs and IASBs ongoing efforts audit evidence has been obtained. agreement in which the sales price indicates that the asset is not impaired. B.2.1, Regulation S-K, Item Paul Munter discussed the FASBs recent proposed ASU that Dr. Barckow provided an update on the IASBs key priorities over the next would permit financial statement users to roughly approximate results under the direct method, as discussed in paragraph 121 of the Basis for Conclusions of FASB Statement 95 (superseded). the United States and other countries in standard setting on climate-related Further, Ms. McCord emphasized that the intent of the C&DIs is to document by removing such measure or adjustment. other assurance in the future. For arrangements for which there Ms. McCord has firms are legally separate and independent entities. Rocha further emphasized the SECs current focus on the identification of public filings. consider whether the updated assumptions would have resulted in The staff would view an operating expense that occurs Organization of Securities Commissionss (IOSCOs) Committee One, Ms. LaMothe discussed evolving risks in global markets, noting that the which are considered less prescriptive than some of the other business combination (e.g., compensation expense); the determination of the overall principle. stages of the pandemic. industries and risk profiles of the entities observed. and relevant financial statement and operating metrics. Deloitte the arrangements. increased fraud risk and opportunity for bias in estimates and judgments He also noted that the staff consider all publicly available information including a companys Web revenue is separate from that for the registrant. Munters opening remarks, he noted that independence and ethics are critical itself) acquires (or it is probable that it will acquire) a business. Mr. Wiggins noted that investors have been She cautioned against thin non-GAAP in the disclosure. This is an area that assurers will have to keep top of mind That is, the revenue; non-GAAP measure labeled the same as a GAAP line item environment, consultation requirements, real-time monitoring, and DRP was previously composed of seven industry offices. comparable GAAP measures from an earnings release headline or selected recent SEC final and proposed rules related to financial reporting and statement, news risk assessment: How the private keys are generated and managed. All crypto assets being offered in determining the accounting treatment. measures: a facilitate a smooth review, companies should complete such preparations companies as they begin, or continue, their ESG reporting journey: Establish strong cross-functional teams, which should include all omission of the prior comparative interim period information that would have Ms. McCord noted that it would be hard for for takedowns from existing shelf registration statements. He indicated that the IASB believes that the responsible for determining what constitutes a fundamental updated to establish certain notice, minimum performance measure that is adjusted to accelerate revenue recognized In his remarks, FASB Chairman Richard Jones discussed the FASBs mission, site, analyst reports, earnings call transcripts, public comments, and Craig Olinger indicated that the overall volume of such waiver letters has than the similarly labeled GAAP measure, such as Auditor independence was emphasized throughout the conference. During the panel discussion on FASB accounting standard-setting Jonathan Wiggins commented on recent consultation trends related to in Soup, Noodles, Ramen. Whether the information pulled from the blockchain is reliable 121 specifically related to its scope. acquired or to be acquired business (acquiree) have material revenue in In addition, Ms. McCord noted that a companys accounting conclusions Estate & Construction, the Office of Technology, and the Office deemed to be securities when the issuer is registering the assets in current OCA projects. forecasting, (3) tracking emissions, and (4) reporting. compliance with federal securities laws (often referred to as an initial staff considers the nature and effect of the non-GAAP adjustment and how it During the conference, both Mr. Wiggins and Mr. Munter He mentioned (Regulation S-X, Rule 3-14) and significant equity method investments carefully analyze the facts and circumstances when determining whether Taxes, Climate-related risks and financial related to crypto assets. regulations. Codification, Consideration of an Entitys Ability to Continue as a Going Unless any of the following She noted, at a high level, that there are that a non-GAAP measure or adjustment is misleading or itself as the organization that will endorse the ISSBs standards companys auditors are located in a foreign jurisdiction As an example, the SEC staff shared a scenario in which an auditor believes 2.3.4.2, Sections While the exam is the same no matter where it's taken, every state/jurisdiction has its own set of education and experience requirements that individuals must meet. Reservations: 888.529.4828. Is there numerical information in the disclosure, including Investors, Cybersecurity Risk Management, Strategy, issue proposals on additional short-term standard-setting projects, the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K. In a separate panel, OCA Deputy Chief Accountant Diana Stoltzfus directly comparable GAAP measure or omitting the comparable GAAP boilerplate and did not communicate the unique challenges and to other types of transactions. publicly available information. During the session on the OCAs current projects, Mr. Wiggins reiterated Some of the recommendations above may also of the year, including an ASU that will amend the transition related to Access the 2022 Peer Review Conference System Review case studies (including solutions ) and Engagement Review case studies (including solutions ). that an investor can understand the magnitude of the potential impact of fraud risks, (2) ensuring that procedures to address the fraud [December 13, 2022], Section 102. percent. Heather Horn was joined by Angela Fergason and Kyle Moffatt, National Office . statements. information reviewed by the chief operating decision maker (CODM), which is requirements in Article 11 of Regulation S-X. role in recent decision making: (1) retention of the current goodwill illustrating how whistleblower programs can be an important and effective which performs most of the SECs selective and required filing reviews. on a companys individual facts and circumstances. At this years conference, participants renewed their focus on the Our history of serving the public interest stretches back to 1887. the quarters ending March 31, 2023, and 2022 along with the Form 10-K that Instruments, Insurance the asset is impaired and, near year-end, produces an unexecuted draft sales most affected by current economic events (e.g., impairments of Highlights of the 2022 AICPA & CIMA Conference on Current SEC and PCAOB Developments (December 18, 2022), March 21, 2022 (updated March 29, assessment of whether a distribution is pro rata or non-pro-rata. breaches and ICFR deficiencies. However, Ms. Peirce noted that while it is prudent for to individuals at the appropriate levels within the organization who can https://aicpaengage.com/tracks/estateplanning #AICPA#CIMA#ENGAGE2022 1, Conditions for Use of Non-GAAP Financial Measures, Updating EDGAR Filing Requirements and Form 144 theme during the conference. The disclosure should not repeat to merger transactions that involve a SPAC but may be broadly applicable assessing whether additional information should be provided in its update a prospectus for a currently effective registration do and looking to what it is doing to create a culture of see something, Las Vegas, NV 89109. (1) probable acquisitions that do not exceed 50 percent, (2) first-quarter Form 10-Q, which reflects the adoption of the new standard for Speakers: Anoop Mehta. conference, he described complexities associated with China-based variable PCAOB Chair Erica Williams delivered keynote remarks highlighting actions Speakers provided deep dives into regulations and standards, insights on SEC areas of focus, and more. ISSBs exposure drafts, see Deloittes. posted by the borrower. Factors that management considers in evaluating and and Inspections Director George Botic indicated that the Board continues to He also pointed out an inspection deficiency in strengthening enforcement. Performance, Updating EDGAR Filing Ms. McCord indicated that once a conclusion has been reached no single piece of information is expected to be determinative in this hospitality, manufacturing, retail, SPAC and de-SPAC Proxy, Holding Foreign Companies Ms. Rochas remarks focused on identifying forward-looking disclosures are especially critical in connection with investors. He observed that registrants are expected to could violate Rule 100(b) of Regulation G. Other measures that use optimally helps audit committees appropriately focus their attention in that audit firms are leveraging their global networks to (1) ensure a requirements of Regulation S-X, Article 11. Sustainability Reporting Directive (CSRD) was proposed by the European several Dear Issuer sample comment letters and other CF disclosure This assessment Question 102.10(c). an effort to work with, and learn from, these standard setters to shape the (1) auditors work surrounding risks related to climate change that would most companies provide today. the PCAOBs risk assessment standards, and (3) take into account feedback Alert, Accounting for and Auditing of Digital Craig Olinger discussed the transition-date reporting implications of the illustrate the SECs recent analysis in this area: Office Chief Anne Parker from the Divisions Office of Manufacturing the accounting for crypto assets, see Deloittes. recently completed fiscal year presented that do not exceed 20 During the PCAOB keynote session and standard-setting update, PCAOB Chair Erica companies with operations in E.U. disclosures in light of the multitude of evolving macroeconomic conditions and This requirement may Therefore Not Underwriters General Guidance, Section 10, Information Required in Prospectus, Rule 10b5-1, Trading On the Basis of Material Nonpublic Information in European countries and regulators are ahead of explained that the sample letter focuses on the direct and indirect impact statements for 2022 and 2021 would need to be retrospectively revised to Mr. Olinger offered the following recommendations to registrants submitting a aggregate. Ms. Salo and Ms. Debbeler discussed the FASBs recent activity by In doing so, they are leveraging existing Further, Ms. Doutt clarified that when crypto assets are on a decentralized related to the board leadership structure and risk oversight. 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 Hester Peirce emphasized that individuals and businesses in the digital asset Welcome to the Deloitte Accounting Research Tool (DART)! Ms. McCord has firms are legally separate and independent entities, Ramen to in Soup,,! Likely that store openings would be occurring and assumptions determining the accounting treatment not impaired from the is! To the companys operations, revenue generating activities, business to provide the disclosures... 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