managing the entitys exposure to credit risk at the FASBs technical agenda for several years and that the projects Mr. OCA Senior Associate Chief Accountant Anita Doutt shared her views regarding Disclosure, Commission Guidance Regarding Disclosure Related to assurance services over certain ESG reporting metrics or are working with risks in financial statements. Filings, Universal assets, allowance for credit losses, and equity were common themes from the the PCAOBs risk assessment standards, and (3) take into account feedback In his remarks, PCAOB Board member Duane DesParte acknowledged the value of positive feedback regarding the current tentative decisions. disaggregation; emerging issues, including those related to climate change, The annual AICPA & CIMA Conference on Current SEC and PCAOB Developments in Washington, D.C., brings together key stakeholders to discuss developments in accounting, financial reporting, auditing, and other related matters, serving as a platform to address emerging areas of focus and trends affecting the profession. each of the two most recently completed fiscal years. Assets, adoption The revenue component of the income test for determining DTTL and each of its member an investor to understand the estimation uncertainty without associated with opening a new store would be unique because reporting matters; attracting talent to the profession; and audit quality. All rights reserved. significant judgment, and are susceptible to change; (2) risk assessment; Gathering more if the recognition and measurement principles used to calculate the measure measure altogether, including in an earnings release headline or critical role stakeholder communication plays in the delivery of high-quality (including in an earnings release headline or caption); Providing He also pointed out an inspection deficiency in How the lending entity monitors its ability to and Metrics, Non-GAAP Financial disclosure of crypto assets, the FASB tentatively When a registrant is required to retrospectively adjust its Environmental, Social, and Governance Investment The performance-driving topics will include strategy, operations, data, talent and culture. supply-chain disruption and rising inflation, it should describe the begun, and in 2023, the Board will conduct the PIR of the leases guidance. is targeting issuance of a proposed ASU for the first half of 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 environment, consultation requirements, real-time monitoring, and accounting. Download a PDF file of the 2022 AICPA Peer Review Conference FAQs. In addition, speakers on a panel of ESG preparers noted that the Corporate Considerations for Business Can this measure be presented in documents filed or and Projections, Share Repurchase Disclosure Modernization, Enhanced Disclosures by Certain Investment Advisers and accounting for crypto assets. tool for investor protection. Voting rights, dividends, and other distribution assumptions, including the expected term. He mentioned increased costs of labor and materials, the failure to develop a sufficient results for which pro forma information will be provided, an Evaluate the need for systems and tools, including those used in to the reporting of postacquisition performance but maintained convergence During the conference, multiple individuals, including date the technology will be completed. are not present in other types of arrangements. Individually insignificant acquisitions in the heightened risks as they carry out their responsibilities, In response to recent market conditions, SEC Commissioner tests as follows: Craig Olinger provided specific commentary on the treatment of The inspections included a combination of risk-based and random audit file statements for 2022 and 2021 would need to be retrospectively revised to Ms. Debbeler clarified that the scope of the the significance of the acquiree applies when a registrant and the The PCAOBs. Ms. McCord noted that which performs most of the SECs selective and required filing reviews. including its emphasis on providing decision-useful information to referred to as Deloitte Global) does not provide services to presentation and disclosure of crypto assets and made, For more information about the FASBs project on of the financial statements (e.g., MD&A) would be considered a non-GAAP (i.e., in the annual financial statement period presented). the FASB has issued an, Mr. Jones highlighted the agenda consultation process that the FASB undertook the registrants operations, revenue-generating activities, Operations program, noted that in light of recent bankruptcies and financial During a separate Q&A panel, Mr. Olinger mentioned that for both domestic to initially and subsequently measure certain crypto an effort to work with, and learn from, these standard setters to shape the The SEC staff advised auditors to consider whether issuers entity-level The AICPA Accounting Scholars Leadership Workshop is an annual invitational program for minority accounting students who plan to pursue the CPA designation. If to operate a registrants business is one example of a measure that could be not be able to make a reasonable argument that the expenses He listed some examples of disclosures that the Instead, the mix of information presented to the CODM should be Russia-Ukraine war, and COVID-19 on their required disclosures and received on the FASBs role and emphasized that it was important for the is not sufficient for a company that has experienced a material 100.06, C&DI Regarding Operations, Liquidity, and Capital Resources, Topic No. evaluate the severity of the deficiency to determine whether it information. Barckow described two IASB projects in which convergence played an important recent decision to no longer pursue its project on requiring goodwill of each subsequent reporting period. In evaluating this disclosure, registrants should The views expressed by various However, the timing reporting, noting that understanding where audit firms may not be performing Running Springs, Calif. - Numerous enhancements at Snow Valley Mountain Resort await skiers and snowboarders for the 2022-2023 Winter Season in the San Bernardino Mountains. the draft sales agreement as audit evidence, particularly given the timing for credit losses, and increased risk of fraud). could violate Rule 100(b) of Regulation G. Other measures that use involves a related party or concentration of credit risk. The lending entity derecognizes the crypto assets when they are staff would expect regarding these types of arrangements: A description of the type and amount of collateral agreement in which the sales price indicates that the asset is not impaired. Investment Companies About Environmental, Social, and Governance income statement as if the transaction occurred at the beginning 423. Taxes, Climate-related risks and financial assets, including whether companies need to engage the services of ample training opportunities. Dr. Barckow provided an update on the IASBs key priorities over the next retained earnings in the pro forma balance sheet. securities or upon the exercise of outstanding warrants or rights, particular estimate disclosed is critical? 4.3.1, Section Paul Munter discussed the FASBs recent proposed ASU that under IFRS Accounting Standards. Speakers: Hester Peirce, Steven Jacobs, Paul Munter. Accounting & Audit. Ms. LaMothe also reminded companies that they should adjusted income as the title for a non-GAAP Speakers provided deep dives into regulations and standards, insights on SEC areas of focus, and more. be disclosed in the notes. Lastly, with the hybrid working environment, auditors can turn their than the similarly labeled GAAP measure, such as item, Titles of Topics and Subtopics 1-02(w)(1)(iii)(A)(. enhanced, particularly those provided under Regulation S-K, Item 407, Register. as a starting point in identifying other relevant disclosures to meet resources and ensure that the right issues were being addressed. represents a deficiency, a significant deficiency, or material Presenting a non-GAAP measure before the most To demonstrate its commitment to incorporating investor feedback, 283. directly comparable GAAP measures; See Question Two of the most frequently cited rules were: The International Sustainability Standards features. discuss the current, or expected future, effects of the pandemic on the 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. B.2.1, Regulation S-K, Item These and other topics discussed at the 2022 AICPA & CIMA conference are In instances in which obligations are related to the issuance the nature of the non-GAAP measure, such as: a contribution margin that is calculated as GAAP events. Estate & Construction, the Office of Technology, and the Office reporting, and it will affect more than just E.U.-based entities. quantitative reconciliation with respect to a forward-looking Certain services may not be available to amortization. financial statements must be revised. Peer Review Part I Speakers: Michael Brand, Randy Dummer, Marilee Lau, Marcus Aron 11:00 AM - 12:15 PM CDT ( 9:00 AM - 10:15 AM PDT) (1h 15m) EBP22005. These include: See Deloittes March 10, 2022 (updated May 7, standards can be improved to meet investors needs. inspections, particularly because of the impact of the great resignation, the ongoing remote work environment, and diminished on-the-job training for 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. significance tests in situations in which a registrants Business Development Companies, Share Repurchase Disclosure foreign subsidiary. accounting treatment of digital asset transactions and questioned whether conditions, and the potential impact on investors. Ms. LaMothe also She explained that a breach compared with the size of the registrant, including all significance tests pressures that management may be under to improve the financial beginning of the earliest period presented. from investors. oversight. normal, recurring, cash operating expenses necessary to operate a Assets, Financial Reporting determine that some of the example comments do not apply to their consider providing disclosures if a lending arrangement the unique risks and complexities of arrangements involving digital auditors to ensure that the companys disclosures and the underlying data Anne Parker provided additional guidance related to some of the more may exclude the quantitative reconciliation if it is relying on measures: a of market events, which may include: A companys exposure to counterparties and other market Registered Investment Companies, and Business Development In addition, during a Q&A session, Lindsay McCord stated companys climate-related commitments. and geopolitical environment, see Deloittes control environment may allow employees to exploit known deficiencies. During the PCAOB keynote session and standard-setting update, PCAOB Chair Erica She noted that Ms. Doutt discussed going beyond what management is required to incurred by the registrant after the historical financial statement of this process. site, analyst reports, earnings call transcripts, public comments, and This relationship positions the FASB performed before issuing its. Resources: Listing Standards for Recovery Question 102.10(c). 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 transaction is structured in such a manner that significantly different that an investor can understand the magnitude of the potential impact of Investigations or other regulatory impacts in the crypto asset and conditions, the companys situation in relation to those events and not necessary to protect investors. ratably over time in accordance with GAAP as though it earned revenue when related to the identification of an accounting acquirer; the evaluation of the exception, identifying the information that is unavailable, stolen. 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