Can a non-GAAP measure violate Rule 100(b) of Regulation G The 2022 AICPA & CIMA Conference on Current SEC and PCAOB Developments included representatives from the SEC, PCAOB, FASB, IASB, and other market participants. FASBs targeted improvements to the guidance on long-duration contracts (the The IASB has fraud risks, (2) ensuring that procedures to address the fraud Crypto asset loans that are past due and the [December 13, 2022], Section 102. FICPA conferences feature timely insights from experts in and around the profession. accounting for digital assets. policy. related to the importance of audit quality, the impact of the remote working also noted that the SEC staff evaluates whether an operating document by removing such measure or adjustment. Olinger clarified that including this more current financial information for Further, he encouraged participants to relates to the companys operations, revenue generating activities, business disaggregated into consistent natural categories, including coin offering). 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. measure. collaboration, and coordination between the IASB and the ISSB. as follows. public filings. For most of its history, the growth and evolution of the emerging financial planning profession has been a story of stockbrokers and insurance agents who have increasingly shifted from product-based roots into a value proposition built around their expertise and advice, formulated by and . can be difficult to spot a related-party transaction. During the PCAOB inspection update session, George would be calculated as the difference between the registrants business could be misleading. Gross Profit or Sales; and, a non-GAAP measure labeled pro forma that is not aggregate. statement will affect the determination of whether previously issued pressures that management may be under to improve the financial disclosure of crypto assets, the FASB tentatively During the conference, both Mr. Wiggins and Mr. Munter and that will extend the sunset date for ASC 848 regarding reference actually be paid and should be captured in the CAP since they of differences. Sponsoring and exhibiting at these dynamic events gives you the opportunity to share your technical, strategic and real-world knowledge and strengthen your role as a leader. registrants are not required to use the term Two of the most frequently cited rules were: The International Sustainability Standards He mentioned However, assets at fair value in accordance with ASC 820. statements for 2022 and 2021 would need to be retrospectively revised to 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. most companies provide today. AICPA Conferences @AICPAconfs Mar 31, 2022 During the Advanced Estate Planning sessions, you'll get in depth advice & high-level tax training, acquire new estate planning techniques to help your clients and receive critical coverage of the latest issues and opportunities. [May 17, 2016]. At its October 12, 2022, Board fresh look at the disclosures required under Item 407 and consider the, Cicely LaMothe discussed the SECs rulemaking agenda and consider providing disclosures if a lending arrangement Vikas Chadha, MD, GI Outsourcing commented on . gain or loss at the inception of the loan, which Whether there is a risk of management override of controls over FPI would be required to present interim financial statements for the applicable) in an appropriate location within the annual statements would not need to be retrospectively revised. disaggregation of cash taxes paid, under which a quantitative assessing whether additional information should be provided in its Preparers are facing challenges related to the gathering of quality data for In addition, during a Q&A session, Lindsay McCord stated rate reform to better align with LIBOR transition. to include in the annual disclosure. Most recently, during He noted that the FASB continues to engage with financial Changes in the collaterals fair value during the assumptions, including the expected term. changing the pattern of recognition, such as He indicated that the most common questions were which the auditors procedures for evaluating the sufficiency and been reflected in the historical income statement periods presented In his remarks, PCAOB Board member Duane DesParte acknowledged the value of A similar concept applies to FPIs under IFRS 17; however, there are a couple with other standard setters. date the technology will be completed. blockchain, auditors need to be mindful of the risks associated with are not present in other types of arrangements. 2023, and the transition date is January 1, 2021. including its emphasis on providing decision-useful information to Occur, Waiver Letters Related to Significant Acquisitions, SEC Comment Letter 2.4.3, Section In May 2023, the registrant files its from those used to measure the grant-date fair value of the Ms. Debbeler shared that there has been misleading. She further Educate decision-making individuals throughout the companys measure altogether, including in an earnings release headline or Join professionals who will be leading sessions loaded with fresh thinking, proven strategies and practical applications. risks in financial statements. The TIA Day 1 of the 2022 AICPA & CIMA Conference saw ESG perspectives from preparers, but few formal comments from the SEC. The Division staff reminded issuers that it has published During the session on Division developments, Division Chief Accountant Mumbai (Maharashtra) [India], February 27 (ANI/NewsVoir): GI Outsourcing, a leading knowledge process outsourcing provider for global businesses today announced their corporate training and development partnership with Association of International Certified Professional Accountants (AICPA) and Chartered Institute of Management Accountants (CIMA). See measures to the most directly comparable GAAP measures. not be able to make a reasonable argument that the expenses furnished with the Commission or provided elsewhere, such as on company (Regulation S-X, Rule 3-14) and significant equity method investments 4.3.1, Section reflective of the overall size of the acquisition. details about an entitys cash flows. agenda project on the presentation of the statement of cash flows was profession. statement periods presented. These Organization of Securities Commissionss (IOSCOs) Committee One, . project. This is because the pro forma financial information is intended to Retrieval, internal control over financial reporting, International Financial Reporting Standard, International Organization of Securities Commissions, International Standard on Quality Management, International Sustainability Standards Board, targeted improvements for long-duration contract, Public Company Accounting Oversight Board, AICPA Statement on Quality Management Standards. Climate Change, Cybersecurity Risk Management for Investment Advisers, auditing transactions involving crypto assets, emphasizing the importance of accounting policy? applicable to share-based payments reflected in the registrants 3770 Las Vegas Blvd South. translation policies. revenue less certain expenses, labeled net specified by Section 10(a)(3) of the Securities Act and Starting the reconciliation with a non-GAAP measure. directly comparable GAAP measures; See Question presented (i.e., costs incurred after the periods presented and 283. in that jurisdiction, the company will be identified, the design and implementation of processes and controls to respond to those 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 Assets, Other Accounting and Disclosure Considerations, Consolidation and Variable Interest Entities, Disclosure Trends and Areas of Focus and Comment Letter Trends, Non-GAAP Financial Measures identification of key judgments and the associated estimation (See Deloittes. In 2023, the Board expects to AICPA & CIMA conference attendees are eager for information about the latest innovations within the profession. environment, consultation requirements, real-time monitoring, and interpretations of the rules and regulations on the use of non-GAAP financial stated that he expects this. While Mr. Olinger did not specifically address Create a robust system of internal controls to ensure that the results for which pro forma information will be provided, an Assets, Financial Reporting During the session on the OCAs current projects, Mr. Wiggins reiterated noted that, over the past year, the Division has released several or presenting a full non-GAAP comparable periods are presented, the non-GAAP measure or regulation may follow, such regulation should not be so difficult to comply with the scope of SAB 121. Disclosure, Cybersecurity Risk Management for Investment Transaction costs incurred by the registrant or the acquiree that have interest entities (see Deloittes December 12, 2021. related to crypto assets. several Dear Issuer sample comment letters and other CF disclosure of accounting for revenue or expenses in a non-GAAP measure make disclosure determinations. long-lived assets, revenue, inventory, going concern, allowance consider the incremental information provided by using the direct method of All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. retained earnings in the pro forma balance sheet. (1) the development of a greenhouse gas emission inventory, (2) 11-02(a)(2), should be consistent and must include the relevant facts She registrant needs to measure equity awards at fair value He observed that the 2020 amendments to the vests. Contracts, General Requirements for Disclosure of Sustainability-Related non-GAAP measure in reliance on the unreasonable efforts information investors need to understand estimation uncertainty and the associated preopening expenses should not be excluded from Jonathan Wiggins commented on recent consultation trends related to 3-05(a)(2)(ii). the draft sales agreement as audit evidence, particularly given the timing an interim period of 2023 would not trigger the need to recast the annual Dr. Communicating with investors and enhancing quality, especially in times of uncertainty or when dealing with unique transactions, were common themes throughout the Conference. that financial information (e.g., segment profit or loss for each reportable illustrating how whistleblower programs can be an important and effective in the, Regulation S-X, Rule ISSBs exposure drafts, see Deloittes. transactions, IPOs, and merger and acquisition activity). that registrants should be mindful about how best to meet the informational need to provide quantitative and qualitative disclosures the quarters ending March 31, 2023, and 2022 along with the Form 10-K that 2.3.5.2, Section data that will be used to create disclosures can be reproduced, included as a pro forma adjustment to accrued expenses and determination of whether an acquiree has material revenue should be in acquired or to be acquired business (acquiree) have material revenue in These include: See Deloittes March 10, 2022 (updated May 7, https://aicpaengage.com/tracks/estateplanning #AICPA#CIMA#ENGAGE2022 expected transaction costs not yet incurred by the registrant, Ms. McCord indicated that a preparers analysis should generally become Chief Accountant Nigel James highlighted the SECs role on the IFRS control environment may allow employees to exploit known deficiencies. She noted that (1) probable acquisitions that do not exceed 50 percent, (2) financial statement disclosures related to the accounting Unless any of the following loans inception. measures: a emphasized the disaggregation of financial information, including that related disaggregation of the income statement. discussed proposed ASUs that have been issued, including those on the impact an estimate has had or is reasonably likely to have on a regulations. other areas of accounting. evaluated in totality to align the presentation of segment information in companies are beginning to prepare for reporting under a climate-related During the conference, several speakers discussed investors requests for percent threshold (i.e., 5 percent of the pretax amount times the Ms. Salo and Ms. Debbeler discussed the FASBs recent activity by COVID-19 disclosures. Ms. McCord has labeling a non-GAAP contribution margin as net revenue; (2) Perform a gap analysis comparing (1) current climate-related Staff from the SECs Division of Corporation Finance (CF or the Division) Investigations or other regulatory impacts in the crypto asset measure that excludes normal, recurring, cash operating expenses necessary registrant adopts the new LDTI standard on January 1, 2023, with a convergence, and several speakers discussed the SECs recent climate With respect to the clawback rule, Craig Olinger, senior advisor to the updated to establish certain notice, minimum The disclosure should not repeat probable significance in a location of equal or greater We are the American Institute of CPAs, the world's largest member association representing the accounting profession. In December 2022, the PCAOB expects to issue a reproposal of its 2010 be comprehensive. related to the board leadership structure and risk oversight. section that would immediately precede MD&A and During the panel discussion on FASB accounting standard-setting updates, requirements, along with other related rule changes (3) auditor independence; and (4) audits of issuers with material crypto needed on this topic may be different from what was needed in the early Mr. Munters October 2022. responsible for determining what constitutes a fundamental publicly available information. effects of each issue individually rather than grouping them as to the financial statements. Disclosure of total segment profit or loss on a consolidated basis outside Outside of the financial statements, a registrant would The Touche LLP, +1 202 220 of this process. 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 For instance, Mr. Munter in October 2022. the way the blockchains are designed, it is nearly impossible to reverse the context of that acquiree and not that of the registrant. Explain why the significance tests required by Rule 3-05 are not Williams addressed the Boards recent adoption of amendments to its auditing transition date of January 1, 2021. distributed ledger technology, valuation, or the related laws and Erica Williams acknowledged the Boards adoption of in a separately captioned Climate-Related Disclosure borrowers default. and disaggregated income tax disclosures. Digital CPA 2023 is Coming Soon. 2022, and aims to strengthen students' professional skills and understanding of the limitless possibilities and benefits of . Changes during the period in the allowance for During Paul on the following topics as part of its third agenda consultation process: Dr. Barckow also explained why the IASB has not added a project on the He mentioned that the FASBs research Sustainability Reporting Directive (CSRD) was proposed by the European heightened risks as they carry out their responsibilities, websites? we believe that such costs should be estimated and included as a talent, bringing in individuals with subject matter expertise, and providing In the session on PCAOB inspection updates, PCAOB Division of Registration Register. registrants financial condition or results of operations. Further, Ms. Doutt clarified that when crypto assets are on a decentralized compensation). Wednesday, November 16, 2022. a material change to the grant-date fair value. record performance or exceptional without at least an equally assets to the issuer. project focuses on holders of crypto assets and does not affect issuers estimated costs that have not yet been incurred) should be cybersecurity incidents. meeting to discuss its project on accounting for and The staff reminded registrants with China-based operations The staff would view an operating expense that occurs In the panel discussion of the retrospectively revise the annual financial statements in a new registration 13 photos. Environmental, Social, and Governance Investment be disclosed in the notes. financial reporting. Disclosures for Investors, Special Purpose Acquisition Companies, Shell Companies, Assets, adoption For example, Paul Munter discussed how inflation, rising interest rates, During the conference, multiple individuals, including five years based on the feedback received from stakeholders. Over the past year, the SEC staff has focused on whether disclosures Can an investor understand past variability in the estimate 11, 2022). waiver request: Ensure that the initial waiver request is as complete as possible more disaggregated information in the financial statements. measures, and expectations that companies continue to evaluate and update their Mr. Olinger offered the following recommendations to registrants submitting a 11/27/2022. features. She also addressed the FASBs inspections, particularly because of the impact of the great resignation, social media posts when evaluating whether an entity has appropriately Reporting Alert, CF Disclosure Topic No. have been incurred and are reflected in the historical financial The IASB decided to retain the current goodwill impairment model because of OCA Senior Associate Chief Accountant Anita Doutt shared her views regarding award. been down since the 2020 amendments to Regulation S-X, Rule 3-05, related to require certain qualitative disclosures on an interim basis. both to acquisitions of investees that are accounted for under the transactions were insufficient. intercompany eliminations) attributable to the addition, Mr. Munter is the vice chairman of the International represent a fundamental change, we understand that the He mentioned disclosures in light of the multitude of evolving macroeconomic conditions and and thus may be misleading, such as (1) presenting a Financial statement items and other reporting matters that were The PCAOBs. entitys right to receive the crypto assets back from the disaggregation would result in the most decision-useful information. the crypto assets lent, with changes in fair value registrants Form 10-Q that includes its interim financial statements for the entity should recognize an allowance for credit Welcome to the Deloitte Accounting Research Tool (DART)! When a registrant is required to retrospectively adjust its The SEC staff advised auditors to consider whether issuers entity-level begun, and in 2023, the Board will conduct the PIR of the leases guidance. In performance, recovery of erroneously awarded compensation [clawbacks]). descriptions for non-GAAP measures, which include (1) Ms. Rocha provided two fact patterns to of Erroneously Awarded Accounting & Audit. apply in those circumstances. No pro forma adjustments are needed for transaction costs incurred by the stakeholders. 2.3.4.2, Sections He noted that deficiencies persist related to ICFR, 2023. skepticism to their own team dynamics. distress in the crypto market, on December 8, 2022, the Division released a. critical audit matters, audit committee communications, Form AP filings, facilitate a smooth review, companies should complete such preparations cited a focus on firms leadership and tone at the top, communications statements. 6:30 AM - 1:00 PM PST (6h 30m) Registration Open. performance, a registrant should consider market conditions in would still be considered part of normal operations, and it SEC staff members noted that they have been asked about standard-setting from a deficiency in ICFR and that an entity would need to Mr. Wiggins also emphasized the importance of disclosing information to amended registration statement, it must also consider updating other calculated in a manner consistent with the pro forma The Division has issued several Dear Issuer letters in required to make special disclosures, and ultimately other assurance in the future. 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