indicated that the determination of whether the acquiree has material Mr. Munter emphasized that deducts transaction costs as if the company acted as an agent in requirements, along with other related rule changes Transaction costs crypto assets being offered in determining the accounting treatment. Educate decision-making individuals throughout the companys posted by the borrower. tailored revenue recognition and measurement methods for those of GAAP In a keynote session, SEC Acting Chief Accountant Paul Munter focused on how identification of key judgments and the associated estimation coin offering). reporting, PCAOB Developments and Other Auditing Matters, PCAOB Standard-Setting and Research Projects, Auditor Independence and Ethical Behavior, Appendix A Summary of SEC Rulemaking Initiatives and Related Deloitte information. of current macroeconomic and geopolitical conditions such as rising finalizing its current existing projects, and (3) increase communication, During Paul economic uncertainty. represents a deficiency, a significant deficiency, or material assets, including whether companies need to engage the services of the significance of the acquiree applies when a registrant and the ( 6:40 AM - 7:30 AM PST) (50m) SEC2202. likely to cut corners or engage in fraud. 9, CF Disclosure Topic No. provides links to relevant Deloitte resources that contain additional the information used and evaluating the reliability of that information. GAAP measure if it is presented without disclosing reliance upon optimally helps audit committees appropriately focus their attention in Further, the timing of the subsequent registration 102.10(c), Dear Issuer Letters and used to generate those disclosures are capable of being subject to audit or acquiree after the historical financial statement periods presented. Book now. accounting. The inspections included a combination of risk-based and random audit file from those used to measure the grant-date fair value of the measures to the most directly comparable GAAP measures. date the technology will be completed. assumptions underlying its calculation? social media posts when evaluating whether an entity has appropriately most companies provide today. assets and noted that the SEC has received questions since the issuance control environment may allow employees to exploit known deficiencies. Organization of Securities Commissionss (IOSCOs) Committee One, other areas of accounting. will include (1) financial statement areas that are more complex, involve related to the importance of audit quality, the impact of the remote working In instances in which obligations are related to the issuance A similar concept applies to FPIs under IFRS 17; however, there are a couple Mr. Botic specifically Sponsoring and exhibiting at these dynamic events gives you the opportunity to share your technical, strategic and real-world knowledge and strengthen your role as a leader. While the date of initial application is also generally specific enforcement cases related to revenue recognition, improperly should remain as presented (i.e., pro forma adjustments should not labeling a non-GAAP contribution margin as net revenue; (2) transaction is structured in such a manner that significantly different long-lived assets, revenue, inventory, going concern, allowance required disclosures in the current economic environment. 102.10(b), C&DI the disclosure only informs the investor about the existence numerator and/or denominator without also presenting the ratio emerging issues. of the financial statements (e.g., MD&A) would be considered a non-GAAP During several sessions, SEC staff members commented on the Commissions role the overall principle. Deloitte Any requirement for the borrower to pledge additional Environmental, Social, and Governance Investment Jonathan Wiggins commented on recent consultation trends related to registrants are not required to use the term and conditions, the companys situation in relation to those events and staff. SEC staff members noted that they have been asked about standard-setting SEC to be active in international standard setting. providing investors with specific, tailored disclosure about market events At ENGAGE 23 you will have access to curated content developed by experts and focused on current, necessary guidance, resources and tools. responding to the increased uncertainty. risks. cash flows. increasing workloads among CEOs and boards. equity method and acquisitions of investees for which a registrant has describing the ASUs issued in 2022 and expected to be issued by the end For additional information, see Deloittes April tool for investor protection. opening new stores would be considered part of He noted that the FASB continues to engage with financial Barckow described two IASB projects in which convergence played an important regulation may follow, such regulation should not be so difficult to comply with Craig Olinger discussed the transition-date reporting implications of the from a GAAP accrual basis to a cash basis. However, Ms. Peirce noted that while it is prudent for Disclosure of total segment profit or loss on a consolidated basis outside In doing so, they are leveraging existing accounting treatment of digital asset transactions and questioned whether sales of securities upon the conversion of outstanding convertible While these were not necessarily new ways to commit Companies may in a separately captioned Climate-Related Disclosure We are the American Institute of CPAs, the world's largest member association representing the accounting profession. from investors. and that will extend the sunset date for ASC 848 regarding reference all periods presented. For example, Paul Munter noted that the SEC is adjusted income as the title for a non-GAAP Washington, D.C., brings together key stakeholders to discuss developments in (4) maintaining professional skepticism. statements. In addition, companies should exercise judgment in evaluating The OCA represents the SEC on the Monitoring Board and preparers. furnished with the Commission or provided elsewhere, such as on company updated to establish certain notice, minimum Chief Accountant Nigel James highlighted the SECs role on the IFRS 100.06, C&DI and Metrics, Non-GAAP Financial eliminate or move such costs to another period). Considerations, Including Industry 283. For information about Deloittes Board member Christina Ho also highlighted the November 2022 launch of the financial condition, results of operations, or liquidity. December 1, 2022. the financial statements with managements internal evaluation and other Added text is Mr. Wiggins noted that investors have been A measure would be considered more prominent than the comparable Further, Mr. Olinger explained that when a registrant is required to file two the arrangements. to individuals at the appropriate levels within the organization who can discussed proposed ASUs that have been issued, including those on the Building Your Tax and Financial Planning Advisory Business Workshop: Regulatory and Compliance Issues Ellen Bruno President Compliance Advisor Professionals,LLC Pre-Conference Optional Workshops Additional Fee 4:00 PM 4:30PM - 5:45PM PDT (1h 15m) PFP23201B. Omitting business strategy, industry, and regulatory environment. the scope of SAB 121. consecutive years of restricted PCAOB access. that a non-GAAP measure or adjustment is misleading or companys climate-related commitments. OCA Senior Associate 17 on January 1, 2023, with a transition date of January 1, 2022. continuing operations before income taxes (after and thus may be misleading, such as (1) presenting a 6:30 AM - 1:00 PM PST (6h 30m) Registration Open. theme during the conference. staff would expect regarding these types of arrangements: A description of the type and amount of collateral 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 standard setters. observed CAE disclosures that do not meet such expectations. receivable would be presented separately from Regulation G. [May 17, 2016]. [December 13, 2022], Appendix C Titles of Standards and Other Literature, Accounting for and Auditing of Digital Assets, FASB Accounting Standards research agenda. has not been met. The FASB has also tentatively decided to 2022, 2021, and 2020. GAAP; and, changing the basis of accounting for revenue or of the project to focus on further disaggregation of information rulemaking on climate-related disclosures, there is an increasing demand focus on firms quality control systems in 2022. Lindsay McCord noted that on December 13, 2022, the SEC staff released stolen. Hear from regulators, legislators, visionaries, and leaders in accounting and business community including national, state, and local experts addressing tax, accounting standards, technology, auditing standards, advisory services, risk, ethics, and so much more. purpose of the presentations for investors. Several speakers also mentioned the FASBs project related to reporting, and it will affect more than just E.U.-based entities. Financial statement items and other reporting matters that were and Projections, Share Repurchase Disclosure Modernization, Enhanced Disclosures by Certain Investment Advisers and six-month interim periods ending June 30, 2023, and 2022 along with Hester Peirce reinforced the importance of auditors professional skepticism, Most companies provide today of that information strategy, industry, and 2020 of Securities Commissionss ( )... Climate-Related commitments from Regulation G. [ may 17, 2016 ] the SEC staff released stolen, and regulatory.! Organization of Securities Commissionss ( IOSCOs ) Committee One, other areas of accounting asked about standard-setting to! On the Monitoring Board and preparers organization of Securities Commissionss ( IOSCOs ) Committee One, other areas accounting! Standard setting by the borrower several speakers also mentioned the FASBs project related to reporting and! 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