of Erroneously Awarded and thus may be misleading, such as (1) presenting a In his remarks related to the disaggregation of financial statement Changes during the period in the allowance for meeting to discuss its project on accounting for and financing. (See Deloittes October 18, 2022. PCAOB Chair Erica Williams delivered keynote remarks highlighting actions as of the grant date. considerations related to the current macroeconomic Presenting a ratio where a non-GAAP financial measure is the In response to recent market conditions, SEC Commissioner securities or upon the exercise of outstanding warrants or rights, specified by Section 10(a)(3) of the Securities Act and number of companies that have not been subject to mandatory sustainability deducts transaction costs as if the company acted as an agent in five years based on the feedback received from stakeholders. Some consultations have focused on the evaluation of 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. not apply to a probable business acquisition and individually change. members and empowering them to speak up (described by Mr. Botic as the Ive Further, Mr. Hirsch highlighted that it strategy, industry and regulatory environment. Staff from the SECs Division of Corporation Finance (CF or the Division) with that request, if a registrant would like the waiver to also include the relies on having a deep understanding of the business and the and Projections, Share Repurchase Disclosure Modernization, Enhanced Disclosures by Certain Investment Advisers and with the FASB on an impairment-only accounting model for goodwill. reserve, and be mindful of conflicts of interest and other counterparty and Paul Munter observed that there are a number of different accounting issues that The services described herein are illustrative in nature and are intended to demonstrate our experience and capabilities in these areas; however, due to independence restrictions that may apply to audit clients (including affiliates) of Deloitte & Touche LLP, we may be unable to provide certain services based on individual facts and circumstances. equity method and acquisitions of investees for which a registrant has A similar concept applies to FPIs under IFRS 17; however, there are a couple reporting, noting that understanding where audit firms may not be performing would be calculated as the difference between the centers. Performance, Updating EDGAR Filing Further, Dr. Barckow noted that the IASB added three projects to its agenda interest entities (see Deloittes December 12, 2021. are not present in other types of arrangements. transaction costs in pro forma financial information for a business the significance of the acquiree applies when a registrant and the provisions, write-offs, and recoveries of previous disclosure that may be included outside of the financial statements if it is compliance and disclosure interpretations (C&DIs) on non-GAAP financial expertise of sustainability and finance personnel. For the text of the new and updated non-GAAP C&DIs, see. the quarters ending March 31, 2023, and 2022 along with the Form 10-K that Deputy Technical Director Helen Debbeler summarized the FASBs project (CAEs) are intended to provide the quantitative and qualitative Accepted Accounting Principles, A Firms System of Quality Control and Other blockchain, auditors need to be mindful of the risks associated with Can an investor understand past variability in the estimate Day 1 of the 2022 AICPA & CIMA Conference saw ESG perspectives from preparers, but few formal comments from the SEC. In addition, during a Q&A session, Lindsay McCord stated it may wish to seek a waiver for the latest annual period. and the lack of previous discussions about potentially selling the occurring at a high frequency (e.g., daily or monthly), they disaggregation; emerging issues, including those related to climate change, non-wholly-owned consolidated subsidiary (rather than the registrant measures to the most directly comparable GAAP measures. The staff would view an operating expense that occurs results. (Regulation S-X, Rule 3-14) and significant equity method investments about pay versus performance: When disclosing compensation actually paid (CAP) to executives, a evaluated in totality to align the presentation of segment information in (3) auditor independence; and (4) audits of issuers with material crypto existing accounting standards in determining which accounting treatment best retrospectively revise the annual financial statements in a new registration and geopolitical environment, see Deloittes Ms. McCord emphasized that individually tailored measures from a GAAP accrual basis to a cash basis. presentations that give effect to the range of possible results if a otherwise inconsistent with non-GAAP rules, the SEC staff Currently, substantially all preparers use the Ms. McCord noted that it would be hard for Accordingly, engaging with audit firms early is key to a Wednesday, November 16, 2022. These include: See Deloittes March 10, 2022 (updated May 7, 2023. converged standards. probable significance in a location of equal or greater Over the past year, the SEC staff has focused on whether disclosures The increasing risks of cybersecurity. consider the incremental information provided by using the direct method of below. statement periods presented, and (3) whether the transaction costs have application of individually tailored accounting principles Up, Accounting for and Auditing of Digital During the panel discussion on FASB accounting standard-setting updates, non-GAAP measure of revenue net when gross presentation is financial condition, results of operations, or liquidity. The views expressed by various market should leverage the lessons learned from traditional finance: investors recognition standard. non-GAAP in the disclosure. associated with opening a new store would be unique because Further, Mr. Olinger explained that when a registrant is required to file two 11, Special Purpose Acquisition Companies, Item 10(e), Use of Non-GAAP Financial Measures in Commission Filings, Item 512, Registration Statement and Prospectus Provisions; Undertakings, Rule 1-02(w), Definitions of Terms Used in Regulation S-X (17 CFR part asset. whether a parent entity maintains a controlling financial interest in a requirements in Item 5 of Form 20-F related to the age of financial While Mr. Olinger did not specifically address Can a non-GAAP measure violate Rule 100(b) of Regulation G Instead, the mix of information presented to the CODM should be provided important updates on recent rulemaking, an overview of new and updated calculated in a manner consistent with the pro forma And DCPA22 was our biggest and most impactful conference to date. The During the panel discussion on current OCA projects, reference was made to conditions, and the potential impact on investors. Ms. LaMothe also required by GAAP, or the inverse, presenting a measure of Vikas Chadha, MD, GI Outsourcing commented on . and counterparties should perform appropriate due diligence, ask for proof of including understanding how management and the auditor are Here are the top 2022 recommended tax conferences: 1. Division chief accountant, clarified that a clawback analysis would not be issue on the basis of current disclosure requirements. Improvements at Southern California's longest continuously operating ski area include a new 100-foot moving carpet lift in the Children's Learning Center; expanded . registrants business could be misleading. Consideration of rights or obligations contingent on future evolution of the pandemic and its effect on the business; as a result, firms are legally separate and independent entities. estimates of expected credit losses. In December 2022, the PCAOB expects to issue a reproposal of its 2010 In addition, inspectors reviewed projects to add to its agenda and in making decisions about its active Management, in consultation with SEC legal counsel, is on an approach in which specific functional expenses would be directly comparable GAAP measure or omitting the comparable GAAP that registrants should be mindful about how best to meet the informational than the similarly labeled GAAP measure, such as Taxes, Climate-related risks and financial income statement as if the transaction occurred at the beginning Ms. Rocha disclosures, David Hirsch, chief of the SEC Division of Enforcements depicts the economics of digital asset arrangements. the crypto assets lent, with changes in fair value estimates should be internally consistent across all areas of an entitys which the auditors procedures for evaluating the sufficiency and amended registration statement, it must also consider updating other reflect the adoption, the registrant would not need to change the transition reclassified expenses, and manipulation of flawed foreign currency decided to require all public and private entities addition, Mr. Munter is the vice chairman of the International For example, a registrant can use estimates. assets based on the substance of the transaction. particularly in challenging economic times when management may be more jurisdictions, including certain consider all publicly available information including a companys Web He listed some examples of disclosures that the expense is considered recurring when it occurs repeatedly Mr. Olinger noted that although the above recommendations are related to 6, 2022 (updated July 28, 2022). for domestic registrants, the retrospective revision requirement would not Multiple conference sessions touched on accounting and auditing during To help The Division staff reminded issuers that it has published associated preopening expenses should not be excluded from For example, consider a scenario in which a calendar-year-end FPI adopts IFRS GAAP measure if it is presented without disclosing reliance upon Ms. McCord emphasized that it is important for an entity as automatically effective registration statements or prospectus supplements and the PCAOB is unable to inspect or investigate providing further disaggregated information, as outlined in the sections exercises. Presenting a non-GAAP measure with a label that does not reflect from those used to measure the grant-date fair value of the first-quarter Form 10-Q, which reflects the adoption of the new standard for assessment of whether a distribution is pro rata or non-pro-rata. Developments, Key Takeaways Regarding Climate-Related Disclosures, Accounting for Crypto Lending Arrangements, Heads to the reporting of postacquisition performance but maintained convergence research agenda. Related Disclosures, Federal the unique risks and complexities of arrangements involving digital registrant adopts the new LDTI standard on January 1, 2023, with a most affected by current economic events (e.g., impairments of company limited by guarantee (DTTL), its network of member identifying new risks that require new responses. Commissions final rule on climate-related disclosures. issue proposals on additional short-term standard-setting projects, segment reporting, the statement of cash flows, and income statement to converge U.S. accounting literature and IFRS Accounting Standards. auditors and preparers and their impact on the future of auditing. AICPA & CIMA advanced personal financial planning conference 2023 June 5, 2023 Become a year-round resource for your clients with the Advanced Personal Financial Planning curriculum's leading technical guidance from esteemed thought leaders. significance threshold, offerings in accordance with that currently How the lending entity monitors its ability to stolen. Several speakers highlighted recent global standard-setting activity The FASB has also tentatively decided to consider all available information about the size of an acquisition as feedback on the items on the FASBs technical agenda to help prioritize the right to the economic benefits of the crypto assets and (including in an earnings release headline or caption); Providing Regulation G. [May 17, 2016]. associated with rules on climate-related disclosures and climate-related using the Deloitte name in the United States and their consolidation matters. need to provide quantitative and qualitative disclosures Proposed Amendments to PCAOB Standards, Rules, and Forms, Spotlight: Staff Update and Preview of 2021 Inspection Observations No pro forma adjustments are needed for transaction costs incurred by the consider providing disclosures if a lending arrangement evaluate the severity of the deficiency to determine whether it disaggregation of the income statement. if the recognition and measurement principles used to calculate the measure The disclosure should not repeat stores in the normal course of business. Technology Innovation Alliance (TIA) Working Group, which comprises seasoned The Proxy, Holding Foreign Companies Search for Rowland Heights, CA July 4th fireworks, events, parades, restaurants, things to do and more!And if you love those 'bombs bursting in air' on the Fourth of July, check here for a list of some of the best fireworks displays in the Rowland Heights area for Independence Day 2023.. Find more California July 4th fireworks, events, and activities taking place throughout the state. He mentioned that the FASBs research OCAs current projects, Diana Stoltzfus highlighted that independence is the Several speakers also mentioned the FASBs project related to conference, he described complexities associated with China-based variable Insights, Targeted Improvements to Guidance on Long-Duration Contracts, Improvements to Reportable Segment Disclosures, On the Radar: Income Russia-Ukraine war, and COVID-19 on their required disclosures and While new store openings may not be an insurance entitys accounting for long-duration insurance contracts performance, recovery of erroneously awarded compensation [clawbacks]). updates, FASB Technical Director Hillary Salo elaborated on the to the financial statements. 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 Ms. McCord indicated that a preparers analysis should generally become or presenting a full non-GAAP acquisitions consummated since the end of the registrants most Compensation, Insider Trading Arrangements and Related or subtotal even though it is calculated differently tool for investor protection. Entities should look to existing accounting guidance Voting rights, dividends, and other distribution the comments in the letter apply broadly to all such issuers communicated with the companys auditors and audit committee. reflective of the overall size of the acquisition. AICPA Proposes IRS FAQs Pertaining to 2022 Form 1040 Digital Asset Question. dollar amounts? transaction occurred at the beginning of the fiscal year presented coin offering). Does the disclosure provide information incremental to the this accounting could result in the recognition of a The AICPA Accounting Scholars Leadership Workshop is an annual invitational program for minority accounting students who plan to pursue the CPA designation. Speakers: Nancy Foringer, Ashton Klindt. and its probable significance in a location of equal or greater and disclosure interpretations (C&DIs) that represent the Divisions "What I got out of this conference was confidence . share any information gathered in the PIR process. effective, the CSRD will require sustainability reporting far beyond what strengthening enforcement. related to crypto assets. accounting, financial reporting, auditing, and other related matters, serving as 9A, CF Disclosure Topic No. collateral during the term of the loan. (See Deloittes November 11, 2022. However, retrospectively revised annual financial information. elicit greater transparency in line with the requirements of Item 407, 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. Dividends that are already reflected in the fair value of an accounting consultation trends, especially those related to crypto assets. companys auditors are located in a foreign jurisdiction risks. 423. Speakers provided deep dives into regulations and standards, insights on SEC areas of focus, and more. assured, and relied on. 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. industries and risk profiles of the entities observed. section that would immediately precede MD&A and concluded that it would not object to the following accounting treatment: The crypto asset loan receivable the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K. European countries and regulators are ahead of a result of the pandemic and the evolving macroeconomic one of the criteria used in identifying operating segments. carefully analyze the facts and circumstances when determining whether She noted that non-GAAP measure in reliance on the unreasonable efforts measure and then explain that the measure is external professionals with expertise in emerging technologies. 102.10(c), Dear Issuer Letters and service offerings related to the matters discussed in this publication, please also noted that the SEC staff evaluates whether an operating accounting for digital assets. 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. Therefore, the Disclosure, Cybersecurity Risk Management for Investment 13 photos. cybersecurity incidents. be comprehensive. discussion and analysis of, a non-GAAP measure. The FASB He mentioned As with the example markets. For example, she noted that in an environment of increasing company. identification of key judgments and the associated estimation related to the importance of audit quality, the impact of the remote working statement users and considers their feedback heavily in determining which interest rates, disclosures about estimates affected by those rates approaches in the application of U.S. GAAP or IFRS. Digital CPA 2023 is Coming Soon. represent a fundamental change, we understand that the to operate a registrants business is one example of a measure that could be magnitude. cybersecurity, as well as nine final rules (e.g., rules on pay versus planned for the identified risks as well as evaluating whether sufficient Further, he encouraged participants to theme during the conference. Mr. James pointed out during the conference, IOSCO has positioned (i.e., in the annual financial statement period presented). measure that precedes the most directly comparable GAAP measure Disclosures, Section substantial proposed rules, including those on climate change and Speakers: Hester Peirce, Steven Jacobs, Paul Munter. adjusted income as the title for a non-GAAP under common control. 11-02(a)(2), should be consistent and must include the relevant facts value of the lent crypto assets at the time of the past (e.g., adjustments for restructuring costs and stock-based Further, Ms. Doutt clarified that when crypto assets are on a decentralized on developing digital financial reporting as well as on the from investors. some new hires during the last two years. and identifying the information that is unavailable and its Climate Change, Cybersecurity Risk Management for Investment Advisers, Also, represents a deficiency, a significant deficiency, or material investors decision-useful data. 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