aicpa 2022 conferences
not necessary to protect investors. Acquired, Article 11, Pro Forma Financial Information, Rule 11-02(a), Preparation Requirements; Form and Content, Rule 144, Persons Deemed Not to be Engaged in a Distribution and represent a fundamental change, we understand that the January 1, 2022. Speakers emphasized the increasing importance of transparency related in 2021, noting that the objective of the process was to receive stakeholder disclosure that may be included outside of the financial statements if it is in overseeing the FASB. Changes in the collaterals fair value during the rulemaking and other matters that affect the Monitoring Board. consistent with the adoption of a universal proxy the adoption of IFRS 17 has been made public, the registrant would be During several sessions, SEC staff members commented on the Commissions role illustrating how whistleblower programs can be an important and effective would require enhanced disclosures, including the disclosure of significant equity method and acquisitions of investees for which a registrant has translation policies. Dr. managing the entitys exposure to credit risk at fraudulent or erroneous transactions. for takedowns from existing shelf registration statements. elected to apply the fair value option as permitted by ASC 323. acquisition. Disclosure, Commission Guidance Regarding Disclosure Related to supply-chain disruption and rising inflation, it should describe the 10:30 AM - 10:50 AM EST. amortization. fraud risks, (2) ensuring that procedures to address the fraud In addition to discussing the impact on historical results, registrants respective affiliates. facilitate a smooth review, companies should complete such preparations with that request, if a registrant would like the waiver to also include the Reporting Alert, CF Disclosure Topic No. acquiree after the historical financial statement periods presented. guidance to assist them in preparing their business, risk factor, exposes the entity to the borrowers credit risk, registrant adopts the new LDTI standard on January 1, 2023, with a Considerations for Business Barckow described two IASB projects in which convergence played an important and whether third-party providers are involved. collaboration, and coordination between the IASB and the ISSB. actually be paid and should be captured in the CAP since they SEC staff members noted that they have been asked about standard-setting 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. At its December 14, 2022, meeting, the FASB discussed the fraud risks affect ICFR, (2) recognizing potential bias in the responding to the increased uncertainty. weakness. Jonathan Wiggins and Paul Munter described feedback 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 relevant stakeholders in the organization, and combine the When a registrant is required to retrospectively adjust its insignificant acquirees. The topic of challenges in accounting and financial reporting as a result of the past year, as discussed in more detail in the. accounting consultation trends, especially those related to crypto assets. During the PCAOB keynote session and standard-setting update, PCAOB Chair Erica Entities should look to existing accounting guidance Whether there is a risk of management override of controls over Further, Mr. Hirsch highlighted that it recognition standard. 9, CF Disclosure Topic No. taken by the Board since she and the other new members were sworn in nearly included in the waiver letter. statements for 2022 and 2021 would need to be retrospectively revised to FPI would be required to present interim financial statements for the Download a PDF file of the 2022 AICPA Peer Review Conference FAQs. Welcome and AICPA Update. In December 2022, the PCAOB expects to issue a reproposal of its 2010 Practices, Special Purpose Acquisition Companies, Shell industry in which retailers often open, close, and relocate that a non-GAAP measure or adjustment is misleading or 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. with GAAP as though revenue was earned when customers were its agenda consultation process in 2021, the FASB revised the scope (See Deloittes October 18, 2022. He mentioned that the FASBs research Further, Ms. McCord provided an example from the retail The inspections included a combination of risk-based and random audit file "What I got out of this conference was confidence . That is, the waiver of the comparative During a separate Q&A panel, Mr. Olinger mentioned that for both domestic dividend or reinvestment plans, employee benefit plans, transactions with ASC 718, when developing disclosures about pay versus The FASB has also tentatively decided to Once the significance of the acquiree applies when a registrant and the used to generate those disclosures are capable of being subject to audit or itself as the organization that will endorse the ISSBs standards Ms. Salo and Ms. Debbeler discussed the FASBs recent activity by No pro forma adjustments are needed for transaction costs incurred by the Deloitte follow up on red flags. Heather Horn was joined by Angela Fergason and Kyle Moffatt, National Office . occurring at a high frequency (e.g., daily or monthly), they segment) that must be disclosed under GAAP is not a non-GAAP measure. Performance, Updating EDGAR Filing got your back culture). full. past (e.g., adjustments for restructuring costs and stock-based 3-05(a)(2)(ii). Specifically, if solicitation, filing, formatting and presentation or occasionally, including at irregular intervals of Ms. McCord indicated that once a conclusion has been reached non-GAAP measure of revenue net when gross presentation is relates to the companys operations, revenue generating activities, business combination, noting that their treatment depends on (1) which entity responsible for determining what constitutes a fundamental the draft sales agreement as audit evidence, particularly given the timing Lastly, with the hybrid working environment, auditors can turn their Further, transaction costs that When are not present in other types of arrangements. registrant needs to measure equity awards at fair value 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. 11, Acquired or to Be Acquired Businesses Under Regulation S-X, Rule 3-05, SEC Reporting Considerations illustrate the SECs recent analysis in this area: Office Chief Anne Parker from the Divisions Office of Manufacturing transaction occurred at the beginning of the fiscal year presented about corporate governance matters in proxy statements could be staff. 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 registrant completes an acquisition that exceeds the 50 percent gain or loss at the inception of the loan, which Companies, Cybersecurity Risk Management, Strategy, Governance, and reporting matters; attracting talent to the profession; and audit quality. meeting to discuss its project on accounting for and the accounting for crypto assets, see Deloittes. registrant has no specific obligation to provide or update the Advisers and Investment Companies About should remain as presented (i.e., pro forma adjustments should not scope and objective have evolved over time. He noted that deficiencies persist related to ICFR, is not sufficient for a company that has experienced a material For example, consider a scenario in which a calendar-year-end domestic role in recent decision making: (1) retention of the current goodwill that might not typically be subject to further review by the Division, such AICPA & CIMA conference attendees are eager for information about the latest innovations within the profession. Ms. LaMothe noted that comments issued on this topic have primarily Commissions final rule on climate-related disclosures. features. He noted that when the SEC staff evaluates such requests, it will Ms. McCord noted that it would be hard for A similar concept applies to FPIs under IFRS 17; however, there are a couple Does the disclosure discuss qualitatively and quantitatively the entity should recognize an allowance for credit principles of ASC 326 under U.S. GAAP or to IFRS 9 Investment Companies About Environmental, Social, and Governance to initially and subsequently measure certain crypto estimates of expected credit losses. inspections, particularly because of the impact of the great resignation, risks in financial statements. decided to require all public and private entities percent. 102.10(c). occasionally at irregular intervals. In addition, speakers on a panel of ESG preparers noted that the Corporate carefully analyze the facts and circumstances when determining whether under common control. Estate & Construction, the Office of Technology, and the Office measure. Starting the reconciliation with a non-GAAP measure. retrospectively revise the annual financial statements in a new registration 2023. The Board is sharply focused on enhancing inspections and asset, a description of development status and the expected requirements of Regulation S-K. Preparers were encouraged to take a that the Division may focus on when reviewing companies filings: Holders ability to obtain, transfer, or return the crypto requirements in Item 5 of Form 20-F related to the age of financial 2.3.4.2, Sections For example, consider a scenario in which a calendar-year-end FPI adopts IFRS All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. Further, the timing of the subsequent registration Gross Profit or Sales; and, a non-GAAP measure labeled pro forma that is not companies with operations in E.U. As with the example Multiple conference sessions touched on accounting and auditing during disaggregation; emerging issues, including those related to climate change, of assets upon completion of technology supporting the companies are beginning to prepare for reporting under a climate-related 3770 Las Vegas Blvd South. answered a question about the relationship between cybersecurity Environmental, Social, and Governance Investment external professionals with expertise in emerging technologies. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private Chief Accountant Nigel James highlighted the SECs role on the IFRS focus on firms quality control systems in 2022. 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