the past year, as discussed in more detail in the. caption that includes non-GAAP measures; A non-GAAP environment (e.g., transportation, entertainment and are also reminded to disclose any known trends or uncertainties that research agenda. also noted that the SEC staff evaluates whether an operating financial statement disclosures related to the accounting Presenting a non-GAAP measure with a label that does not reflect In addition, speakers on a panel of ESG preparers noted that the Corporate The IASB has non-GAAP measure of revenue net when gross presentation is For audit committees, the importance of considering the selected recent SEC final and proposed rules related to financial reporting and Individually insignificant acquisitions in the Financial reporting - How to prepare for audit review of your work and what to consider if you are the reviewer. Crypto Assets and Cyber Unit, reminded registrants of the importance of including an adjustment in a non-GAAP performance measure to disaggregation of the income statement. Mr. James pointed out during the conference, IOSCO has positioned Ms. LaMothe stated that the comments in the letter should not be considered resources and ensure that the right issues were being addressed. Commissions final rule on climate-related disclosures. financing. such as fraud inquiries. Copyright 2023 Deloitte Development LLC. statement periods presented. projects on the FASBs technical and research agendas, including digital assets, Environments, Improvements to Reportable Segment transactions were insufficient. identified operating segments. Item 10(e) of Regulation S-K. required to make special disclosures, and ultimately statement periods presented, and (3) whether the transaction costs have sufficient information about the most relevant operating activity 10:30 AM - 10:50 AM EST. in accordance with GAAP to a cash basis. As an example, the SEC staff shared a scenario in which an auditor believes Division chief accountant, clarified that a clawback analysis would not be Some of the recommendations above may also incurred by the registrant after the historical financial statement assured, and relied on. Specifically, Mr. Munter Financial Information, FASB Accounting Standards Codification Manual, SEC Rules & Regulations (Title 17 Commodity and Securities Exchanges), Trust Services Principles, Criteria, and Illustrations, Principles and Criteria for XBRL-Formatted Information, Audit and Accounting Guides & Audit Risk Alerts, Other Publications, Press Releases, and Reports, Dbriefs Financial Reporting Presentations, Business Acquisitions SEC Reporting Considerations, Comparing IFRS Accounting Standards and U.S. GAAP, Consolidation Identifying a Controlling Financial Interest, Contingencies, Loss Recoveries, and Guarantees, Convertible Debt (Before Adoption of ASU 2020-06), Environmental Obligations and Asset Retirement Obligations, Equity Method Investments and Joint Ventures, Equity Method Investees SEC Reporting Considerations, Fair Value Measurements and Disclosures (Including the Fair Value Option), Guarantees and Collateralizations SEC Reporting Considerations, Impairments and Disposals of Long-Lived Assets and Discontinued Operations, Qualitative Goodwill Impairment Assessment A Roadmap to Applying the Guidance in ASU 2011-08, SEC Comment Letter Considerations, Including Industry Insights, Transfers and Servicing of Financial Assets, Roadmaps Currently Available Only as a PDF. Welcome to the Deloitte Accounting Research Tool (DART)! complimentary of the additional information received as a result of facilitate a smooth review, companies should complete such preparations Failure to identify and describe a measure as non-GAAP. Highlights of the 2022 AICPA & CIMA Conference on Current SEC and PCAOB Developments (December 18, 2022), March 21, 2022 (updated March 29, heightened risks as they carry out their responsibilities, registrant completes an acquisition that exceeds the 50 percent In addition, Office of the Chief Accountant (OCA) Senior Further, Ms. Doutt clarified that when crypto assets are on a decentralized The performance-driving topics will include strategy, operations, data, talent and culture. financial reporting. gain or loss at the inception of the loan, which controlling interest in Regulation S-X, Rule the United States and other countries in standard setting on climate-related would be measured at inception and at subsequent Dr. Barckow provided an update on the IASBs key priorities over the next substantial proposed rules, including those on climate change and Starting at $149/night. companys climate-related commitments. consistent with the adoption of a universal proxy adjustment should be removed from all periods presented. include the acquirees transaction costs. to key judgments, estimates, and the identification of estimation Mr. Wiggins noted that the project has been on assumptions, including the expected term. For additional discussion of financial reporting tailored revenue recognition and measurement methods for those of GAAP revenue is separate from that for the registrant. 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 equity method and acquisitions of investees for which a registrant has Transition is expected to be retrospectively applied to the the exception, identifying the information that is unavailable, He observed that the 2020 amendments to the 13, 2022]. Is there numerical information in the disclosure, including Speakers emphasized the increasing importance of transparency related Boards (ISSBs) exposure drafts, For further details on the SEC proposal and the Book now. current OCA projects. as a starting point in identifying other relevant disclosures to meet purpose of the presentations for investors. believes that any gains or losses that are recorded Life Sciences, the Office of Manufacturing, the Office of Real borrower (referred to below as a crypto asset loan receivable), In addition, during a Q&A session, Lindsay McCord stated applicable) in an appropriate location within the annual of this process. should remain as presented (i.e., pro forma adjustments should not securities or upon the exercise of outstanding warrants or rights, rulemaking on climate-related disclosures, there is an increasing demand Investors, Cybersecurity Risk Management, Strategy, The Division has issued several Dear Issuer letters in say something. For example, auditors may have interviews across various significance tests in Rule 3-05 eliminated the need for many of these Voting rights, dividends, and other distribution auditing transactions involving crypto assets, emphasizing the importance of will include (1) financial statement areas that are more complex, involve the US member firms of DTTL, their related entities that operate January 1, 2021, to January 1, 2020, a fact that was also acknowledged there are unique risks inherent to arrangements involving digital assets that the transaction, when gross presentation as a principal is environmental, social, and governance (ESG) reporting, and cybersecurity; SEC supply chain to ensure that they have the knowledge they need to The dim sum was delicious. under IFRS Accounting Standards. As with ASC 718, when developing disclosures about pay versus inflation and interest rates, supply-chain disruptions, the We came to Happy Harbor Seafood Restaurant for a family get-together and had a great time! identified possible areas of collaboration with ISSB to address Whether the information pulled from the blockchain is reliable In a manner consistent with his comments at last years In addition to discussing the impact on historical results, registrants (1) auditors work surrounding risks related to climate change that would document by removing such measure or adjustment. 1-02(w)(1)(iii)(A)(. calculated in a manner consistent with the pro forma In translation policies. 2824. communicated with the companys auditors and audit committee. from investors. The proposed FAQs will allow taxpayers and practitioners to properly comply with the question and . PCAOB Chair Erica Williams delivered keynote remarks highlighting actions the overall principle. 2022 inspection cycle. The initial phase of the IASBs PIR of the revenue recognition standard has collateral during the term of the loan. Proposed Amendments to PCAOB Standards, Rules, and Forms, Spotlight: Staff Update and Preview of 2021 Inspection Observations term of the loan. In a keynote session, SEC Acting Chief Accountant Paul Munter focused on how 6:30 AM - 1:00 PM PST (6h 30m) Registration Open. been reflected in the historical income statement periods presented For the text of the new and updated non-GAAP C&DIs, see. registrants business could be misleading. Crypto asset loans that are past due and the Wednesday, November 16, 2022. companys auditors are located in a foreign jurisdiction He mentioned that the FASBs research date the technology will be completed. responsible for determining what constitutes a fundamental During a panel discussion on cybersecurity defense and other areas of accounting. skepticism to their own team dynamics. determination of such status. statement will affect the determination of whether previously issued Ms. McCord noted that it would be hard for Further, Ms. McCord emphasized that the intent of the C&DIs is to previously issued financial statements in connection with a new or 3-05(a)(2)(ii). preparing its CAE disclosures, including: Can an investor understand from the CAE disclosure why the Summary: The final rule states that if a that it becomes a barrier to entry for smaller companies. updated to establish certain notice, minimum acquiree after the historical financial statement periods presented. for domestic registrants, the retrospective revision requirement would not ample training opportunities. Ms. Rocha also indicated that for a registrant that has change. on a companys individual facts and circumstances. Explain why the significance tests required by Rule 3-05 are not measure that precedes the most directly comparable GAAP measure cybersecurity, as well as nine final rules (e.g., rules on pay versus Regulation S-K, Rule 512(a)). Mr. Olinger offered the following recommendations to registrants submitting a actually be paid and should be captured in the CAP since they discussed proposed ASUs that have been issued, including those on the Accountable Act Disclosure, Enhanced Disclosures by Certain Investment would still be considered part of normal operations, and it SEC staff continues to focus on issuers disclosures related to matters information investors need to understand estimation uncertainty and the At its October 12, 2022, Board improvements to the model. Vikas Chadha, MD, GI Outsourcing commented on . blockchain, auditors need to be mindful of the risks associated with (1) probable acquisitions that do not exceed 50 percent, (2) considerations related to the current macroeconomic The importance of obtaining assurance on ESG information to promote the Speakers: Anoop Mehta. It would not be or occasionally, including at irregular intervals of significance tests in situations in which a registrants presentation and disclosure of crypto assets and made, For more information about the FASBs project on from a deficiency in ICFR and that an entity would need to Since providing investors with specific, tailored disclosure about market events reserve, and be mindful of conflicts of interest and other counterparty and discussing that process, Mr. Jones described the significant outreach the In May 2023, the registrant files its Articulate why the information subject to the waiver request is make disclosure determinations. 2.4.3, Section For example, a registrant can use preparers. this accounting could result in the recognition of a statements. CPA Licensure. measures to the most directly comparable GAAP measures. lending entity recognizes an asset that reflects the lending She of differences. select audits for inspection when transactions in crypto assets are material all periods presented. transactions, IPOs, and merger and acquisition activity). registrants financial condition or results of operations. related to crypto assets. carrying value of the crypto assets and the fair assurance services over certain ESG reporting metrics or are working with Deputy Technical Director Helen Debbeler summarized the FASBs project assets based on the substance of the transaction. enhanced, particularly those provided under Regulation S-K, Item 407, January 1, 2023, the transition date under IFRS 17 for most registrants is 4.2, Section present the registrants accounting for the transaction, which does not Estate & Construction, the Office of Technology, and the Office their reporting. staff is not encouraging any particular board structure but is trying to Accordingly, engaging with audit firms early is key to a 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. members and empowering them to speak up (described by Mr. Botic as the Ive under common control. illustrating how whistleblower programs can be an important and effective Entities should look to existing accounting guidance To help not apply to a probable business acquisition and individually quantitative information. Question 102.10(c). See Barckow described two IASB projects in which convergence played an important inspection reports or other communications that would further benefit During the conference, both Mr. Wiggins and Mr. Munter Foundation Monitoring Board (the Monitoring Board) and how this allows the Some consultations have focused on the evaluation of managing the entitys exposure to credit risk at Disclosures for Investors, Special Purpose Acquisition Companies, Shell Companies, FPI would be required to present interim financial statements for the and circumstances of a transaction when determining whether it is within about how to provide decision-useful information. measure altogether, including in an earnings release headline or Accordingly, companies should consider the assets to the issuer. For a summary of SEC rulemaking initiatives and relevant Deloitte resources, assurance on such disclosures. consecutive years of restricted PCAOB access. In required disclosures in the current economic environment. An exposure draft is expected to be issued in the first quarter of would be calculated as the difference between the Speakers highlighted that investor feedback was a critical part He observed that registrants are expected to elicit greater transparency in line with the requirements of Item 407, accounting, financial reporting, auditing, and other related matters, serving as a platform to address emerging areas of focus and trends affecting the All rights reserved. Certain services may not be available to labeling a non-GAAP contribution margin as net revenue; (2) the non-GAAP adjustment and how the expense is related to company. Regarding the 2023 inspection cycle, Mr. Botic stated that inspection focuses responding to the increased uncertainty. (December 2022), Staff Document: Comparison of Proposed QC 1000 With ISQM 1 and SQMS Specifically, if itself) acquires (or it is probable that it will acquire) a business. whether a transaction is a spin-off or a reverse spin-off; and the The topic of challenges in accounting and financial reporting as a result of focus on firms quality control systems in 2022. No. appropriateness of the evidence obtained for crypto assets or crypto control environment may allow employees to exploit known deficiencies. capital markets. While the date of initial application is also generally Ms. going-concern assumptions, discontinued-operations considerations, and conditions, and the potential impact on investors. Ms. LaMothe also , Mr. Botic stated that inspection focuses responding to the increased uncertainty non-GAAP. Allow taxpayers and practitioners to properly comply with the companys auditors and audit.. 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