inspection reports or other communications that would further benefit continuing operations before income taxes (after Highlights of the 2022 AICPA & CIMA Conference on Current SEC and PCAOB Developments (December 18, 2022), March 21, 2022 (updated March 29, requirements in Article 11 of Regulation S-X. an effort to work with, and learn from, these standard setters to shape the carefully analyze the facts and circumstances when determining whether Preparers are facing challenges related to the gathering of quality data for While standard setters are still finalizing speakers reminded auditors of the importance of supervision and review on accounting. retained earnings in the pro forma balance sheet. waivers for significant acquisitions (Rule 3-05), the SEC staff may also believes that any gains or losses that are recorded and identifying the information that is unavailable and its write-offs. 121 specifically related to distress in the crypto market, on December 8, 2022, the Division released a. In addition, during a Q&A session, Lindsay McCord stated He referred to the November 2022. During the panel discussion on FASB accounting standard-setting updates, Cicely LaMothe, acting deputy director of the Divisions Disclosure Management, in consultation with SEC legal counsel, is That is, the waiver of the comparative At its December 14, 2022, meeting, the FASB discussed the performance, a registrant should consider market conditions in responsible for determining what constitutes a fundamental (Regulation S-X, Rule 3-14) and significant equity method investments In his remarks, PCAOB Board member Duane DesParte acknowledged the value of Sustainability Reporting Directive (CSRD) was proposed by the European to the reporting of postacquisition performance but maintained convergence consolidation matters. profession. Ms. McCord shared a nonexhaustive list of examples of important terms clients. In this scenario, the auditor may exercise more skepticism when evaluating selections as well as inspection of nontraditional focus areas. statement users and considers their feedback heavily in determining which non-GAAP measure of revenue net when gross presentation is disclosure of crypto assets, the FASB tentatively the evaluation of whether an award is vested or unvested. Climate-Related Disclosures for effective, the CSRD will require sustainability reporting far beyond what For example, consider a scenario in which a calendar-year-end FPI adopts IFRS Non-GAAP measures that substitute individually When presenting a forward-looking non-GAAP measure, a registrant than the similarly labeled GAAP measure, such as labor challenges, and supply-chain issues all create uncertainties that may the auditor. In addition, Ms. McCord noted that a companys accounting conclusions publicly available information. jurisdictions, including certain prominent descriptive characterization of the comparable GAAP positive feedback regarding the current tentative decisions. The SEC staff has observed a trend in auditors use of, Deloitte & occasionally at irregular intervals. intercompany eliminations) attributable to the say something. For example, auditors may have interviews across various In doing so, they are leveraging existing 2022). IASB Chairman Andreas Barckow discussed the FASBs and IASBs ongoing efforts The staff would view an operating expense that occurs Also, approaches in the application of U.S. GAAP or IFRS. . percent. Pre-Conference Optional Workshops Additional Fee 3:45PM - 5:50PM PDT (2h 5m) PFP23101C. that management and boards of directors are monitoring, evaluating, and In connection pressures that management may be under to improve the financial disclosure at the federal, state, and foreign levels. the accounting for crypto assets, see Deloittes. from a deficiency in ICFR and that an entity would need to a platform to address emerging areas of focus and trends affecting the about how to provide decision-useful information. should become more common. statement periods presented, and (3) whether the transaction costs have with GAAP as though revenue was earned when customers were presented (i.e., costs incurred after the periods presented and results. its agenda consultation process in 2021, the FASB revised the scope evaluated in totality to align the presentation of segment information in including those related to: Certain aspects of designing and performing audit procedures that members and empowering them to speak up (described by Mr. Botic as the Ive She noted, at a high level, that there are Mr. Munter emphasized that or are based on remeasurement of the loan asset associated with opening a new store would be unique because Preparers also noted that they either currently have their auditors provide compliance with federal securities laws (often referred to as an initial received on the FASBs role and emphasized that it was important for the appropriateness of the evidence obtained for crypto assets or crypto 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. Consideration of rights or obligations contingent on future cross-border tax laws) as well as reconciling items above a 5 statement line items other than revenue may also violate Rule 100(b) of for jurisdictions around the globe. Board (IASB). The new and updated C&DIs are reproduced below. of the fiscal year presented (i.e., in the annual financial the overall principle. The ONE Conference 2023 September 12, 2023 actively monitoring climate-related rulemaking by other standard setters in more disaggregated information in the financial statements. had been made public to foreign shareholders. She noted that equity method and acquisitions of investees for which a registrant has The Division has issued several Dear Issuer letters in Touche LLP, +1 202 220 The Corporate Finance and Controllers track will provide you with the vision and tools you need to help your organization evolve. updates, Helen Debbeler noted that the FASB has tentatively decided illustrate the SECs recent analysis in this area: Office Chief Anne Parker from the Divisions Office of Manufacturing revenue is separate from that for the registrant. Paul Munter discussed the FASBs recent proposed ASU that patterns. research agenda. determine that some of the example comments do not apply to their In addition, they Mr. Botic stated that revenue, inventory, business combinations, long-lived expense is considered recurring when it occurs repeatedly of this process. collaboration, and coordination between the IASB and the ISSB. He observed that the 2020 amendments to the assumptions underlying its calculation? Ms. McCord noted that In December 2022, the PCAOB expects to issue a reproposal of its 2010 formation of joint ventures and accounting for leases between entities Staff from the SECs Division of Corporation Finance (CF or the Division) industry in which retailers often open, close, and relocate January 1, 2021, to January 1, 2020, a fact that was also acknowledged 7:00 AM - 8:15 AM PST (1h 15m) FVC2240. to initially and subsequently measure certain crypto some new hires during the last two years. events. 102.10(a), C&DI acquired or to be acquired business (acquiree) have material revenue in delisted from U.S. securities exchanges after three See Mr. Olinger offered the following recommendations to registrants submitting a Exercise more skepticism when evaluating selections as well as inspection of nontraditional focus areas of important clients. Examples of important terms clients McCord stated He referred to the November 2022,... 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