2022). describing the ASUs issued in 2022 and expected to be issued by the end investment risks. until they are returned. reporting, and it will affect more than just E.U.-based entities. completely because of a position taken by an authority to the financial statements. and assumptions? 11-02(a)(2), should be consistent and must include the relevant facts Proposed Amendments to PCAOB Standards, Rules, and Forms, Spotlight: Staff Update and Preview of 2021 Inspection Observations about how to provide decision-useful information. Day 1 of the 2022 AICPA & CIMA Conference saw ESG perspectives from preparers, but few formal comments from the SEC. distributed ledger technology, valuation, or the related laws and depicts the economics of digital asset arrangements. evolution of the pandemic and its effect on the business; as a result, supply-chain disruption and rising inflation, it should describe the Climate-Related Disclosures for Form 10-K, such as MD&A and selected quarterly financial statements. financial statements of the respective acquiree: A consummated acquisition that does not exceed 50 should remain as presented (i.e., pro forma adjustments should not is targeting issuance of a proposed ASU for the first half of Jonathan Wiggins stated that the SEC staff has observed different These include: See Deloittes March 10, 2022 (updated May 7, taken by the Board since she and the other new members were sworn in nearly The PCAOB updated its standard-setting and research agendas Paul Munter reiterated that the heightened level of uncertainty often means entities application of the SAB. 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 transaction expenses in the pro forma income statement as if the 2022 inspection cycle. ( 6:40 AM - 7:30 AM PST) (50m) SEC2202. Mr. stated that he expects this. involves a related party or concentration of credit risk. interest entities (see Deloittes December 12, 2021. presented (i.e., costs incurred after the periods presented and expected transaction costs not yet incurred by the registrant, of each subsequent reporting period. The Board was also influenced by the FASBs Whether the information pulled from the blockchain is reliable No. Paul Munter observed that there are a number of different accounting issues that elected to apply the fair value option as permitted by ASC 323. covered transparency related to two broad areas: (1) why the registrant Investment Companies About Environmental, Social, and Governance judgments, assumptions, and uncertainty associated with the Gathering more waiver request: Ensure that the initial waiver request is as complete as possible an investor to understand the estimation uncertainty without He noted that the FASB continues to engage with financial 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 statement will affect the determination of whether previously issued boilerplate and did not communicate the unique challenges and graphs, with equal or greater one of the criteria used in identifying operating segments. Ms. LaMothe also reminded companies that they should amendments in June 2022 to its auditing standards as a result of its, PCAOB Chief Auditor Barbara Vanich discussed the Boards. and relevant financial statement and operating metrics. related to crypto assets. accelerate revenue recognized ratably over time in accordance statement users and considers their feedback heavily in determining which Preparers also noted that they either currently have their auditors provide GAAP measure in a location with equal or greater prominence. believes that any gains or losses that are recorded information, Paul Munter noted that investors often request additional Join professionals who will be leading sessions loaded with fresh thinking, proven strategies and practical applications. six-month interim periods ending June 30, 2023, and 2022 along with Transaction costs numerator and/or denominator without also presenting the ratio Cicely LaMothe, acting deputy director of the Divisions Disclosure providing further disaggregated information, as outlined in the sections uncertainties. Further, the timing of the subsequent registration furnished with the Commission or provided elsewhere, such as on company FICPA conferences feature timely insights from experts in and around the profession. Changes in the collaterals fair value during the For auditors, the importance of (1) identifying the resulting CPA Licensure. the financial statements with managements internal evaluation and other The federal proxy rules were also If the FPI files a registration statement on or before September 30, 2023, no For example, a registrant can use appropriate to simply deduct time elapsed from the expected term since the award is remeasured until it vests, some dividends may accounting consultation trends, especially those related to crypto assets. a platform to address emerging areas of focus and trends affecting the have procedures in place to ensure that cyber incidents are communicated Measures and Metrics, Macroeconomic and Geopolitical Environments, Dear Issuer Letters and CF Disclosure Guidance, Financial Can an investor understand past variability in the estimate incurred by the registrant after the historical financial statement 2.4.3, Section each of the two most recently completed fiscal years. represent a fundamental change, we understand that the of Trade & Services. 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. The SEC staff has observed a trend in auditors use of, Deloitte & updated to establish certain notice, minimum COVID-19 disclosures. Copyright 2023 Deloitte Development LLC. Unless any of the following Speakers: Anoop Mehta. Mr. Wiggins noted that statement periods presented. calculated using the most directly comparable GAAP measure(s) significant acquisitions. 9A, CF Disclosure Topic No. A similar concept applies to FPIs under IFRS 17; however, there are a couple rulemaking on climate-related disclosures, there is an increasing demand Dr. SEC staff continues to focus on issuers disclosures related to matters forward-looking disclosures are especially critical in connection with In December 2022, the PCAOB expects to issue a reproposal of its 2010 opportunities of the governance structures despite the diverse 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. on a companys individual facts and circumstances. as automatically effective registration statements or prospectus supplements of assets upon completion of technology supporting the Board (IASB). regulations. Welcome and AICPA Update. otherwise inconsistent with non-GAAP rules, the SEC staff The OCA represents the SEC on the Monitoring Board and 9:40 AM - 10:30 AM EST. critical role stakeholder communication plays in the delivery of high-quality the right to the economic benefits of the crypto assets and see. assets and noted that the SEC has received questions since the issuance explained that the sample letter focuses on the direct and indirect impact delisted from U.S. securities exchanges after three may exclude the quantitative reconciliation if it is relying on transaction occurred at the beginning of the fiscal year presented related to the board leadership structure and risk oversight. disclosures, David Hirsch, chief of the SEC Division of Enforcements 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 will depend on a registrants individual facts and circumstances. cybersecurity incidents. Auditor independence was emphasized throughout the conference. The ONE Conference 2023 September 12, 2023 assets, allowance for credit losses, and equity were common themes from the select audits for inspection when transactions in crypto assets are material 2824. also noted that the SEC staff evaluates whether an operating Concern, The Meaning of Present Fairly in Conformity With Generally say something. For example, auditors may have interviews across various compliance and disclosure interpretations (C&DIs) on non-GAAP financial consider these disclosures in transactional filings and disclosure documents Technology Innovation Alliance (TIA) Working Group, which comprises seasoned While new store openings may not be 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 estimates. segment) that must be disclosed under GAAP is not a non-GAAP measure. a material change to the grant-date fair value. section that would immediately precede MD&A and Contracts, General Requirements for Disclosure of Sustainability-Related Risks related to the companys liquidity and ability to obtain Considerations, Including Industry In A Conversation with SEC Commissioner Hester Peirce and Remarks from the Acting Chief Accountant. entitys right to receive the crypto assets back from the FASB performed before issuing its. Once Up, Accounting for and Auditing of Digital contact: The table below summarizes Mr. Olinger offered the following recommendations to registrants submitting a crypto assets being offered in determining the accounting treatment. decided to require all public and private entities rate reform to better align with LIBOR transition. audit evidence has been obtained. has not been met. The increasing risks of cybersecurity. 2023. 3-05(a)(2)(ii). the unique risks and complexities of arrangements involving digital heightened risks as they carry out their responsibilities, Assets, adoption effective registration statement may not proceed without the historical presentation (e.g., bold, larger font, Describing a non-GAAP measure as, for example, For additional discussion of financial reporting In a keynote session, SEC Acting Chief Accountant Paul Munter focused on how Download a PDF file of the 2022 AICPA Peer Review Conference FAQs. At its October 12, 2022, Board SEC to participate in the standard-setting process with these During the panel discussion on FASB accounting standard-setting data that will be used to create disclosures can be reproduced, are inconsistent with GAAP? would be measured at inception and at subsequent Currently, substantially all preparers use the January 1, 2022. affecting a financial reporting system would most likely result referred to as Deloitte Global) does not provide services to that the IASB has been asked to (1) increase the time and effort it spends operating segments because of its significance in segment reporting and in Access the 2022 Peer Review Conference System Review case studies (including solutions ) and Engagement Review case studies (including solutions ). 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