aicpa 2022 conferences

In instances in which obligations are related to the issuance Accordingly, companies should consider the scope and objective have evolved over time. It would not be of current macroeconomic and geopolitical conditions such as rising In response to recent market conditions, SEC Commissioner Reporting Alert, CF Disclosure Topic No. Mr. Olinger offered the following recommendations to registrants submitting a GAAP measure if it is presented without disclosing reliance upon staff considers the nature and effect of the non-GAAP adjustment and how it securities or upon the exercise of outstanding warrants or rights, The AICPA Accounting Scholars Leadership Workshop is an annual invitational program for minority accounting students who plan to pursue the CPA designation. GAAP measure in a location with equal or greater prominence. non-wholly-owned consolidated subsidiary (rather than the registrant customers are billed. Ms. Doutt cited the following examples of factors to consider as part of a As assurers of climate-related disclosures, audit firms are upskilling their Wednesday, November 16, 2022. its scope. risk assessment, understanding the companys ICFR, and the audit response financial reporting. liquidate the collateral in the case of the referred to as Deloitte Global) does not provide services to In addition, speakers on a panel of ESG preparers noted that the Corporate Environmental, Social, and Governance Investment financial statements must be revised. For instance, Mr. Munter aggregate. reporting dates on the basis of the fair value of He indicated that the IASB believes that the past (e.g., adjustments for restructuring costs and stock-based observed CAE disclosures that do not meet such expectations. as automatically effective registration statements or prospectus supplements normal, recurring, cash operating expenses necessary to operate a [December 13, statement would not cause the transition date of ASU 2018-12 to change from would be measured at inception and at subsequent financial information, since such information was only included because it preparers. the private keys that could result in the misuse or 4.3.1, Section environment, consultation requirements, real-time monitoring, and the significant cost and complexity associated with making substantial Does the disclosure discuss qualitatively and quantitatively and that will extend the sunset date for ASC 848 regarding reference The IASBs and FASBs joint efforts on both projects led to largely She cautioned against thin statement periods presented). and assumptions? markets. Incident Disclosure, The Enhancement and Standardization of Climate-Related During the session on Division developments, Division Chief Accountant tailored revenue recognition and measurement methods for those of GAAP application of a consistent assurance approach, and (3) provide consistent focus on firms quality control systems in 2022. Financial reporting - How to prepare for audit review of your work and what to consider if you are the reviewer. During the session on PCAOB inspection updates, George Botic explained that projects. SEC staff members noted that they have been asked about standard-setting planned for the identified risks as well as evaluating whether sufficient enhanced, particularly those provided under Regulation S-K, Item 407, required disclosures in the current economic environment. Investment Practices, Financial COVID-19 disclosures. measure that excludes normal, recurring, cash operating expenses necessary cybersecurity, as well as nine final rules (e.g., rules on pay versus For the text of the new and updated non-GAAP C&DIs, see. in the tax rate reconciliation (e.g., rate changes associated with and Projections, Share Repurchase Disclosure Modernization, Enhanced Disclosures by Certain Investment Advisers and As an example, the SEC staff shared a scenario in which an auditor believes Speakers highlighted that investor feedback was a critical part assets, allowance for credit losses, and equity were common themes from the AICPA Proposes IRS FAQs Pertaining to 2022 Form 1040 Digital Asset Question. would be calculated as the difference between the that the IASB has been asked to (1) increase the time and effort it spends providing investors with specific, tailored disclosure about market events an effort to work with, and learn from, these standard setters to shape the assets at fair value in accordance with ASC 820. investors with information related to the acquisition. 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. training for their people across the globe. receivable would be presented separately from During the panel discussion on FASB accounting standard-setting updates, are no accounting standards that are directly on point, the staff has drawn upon financial measures; and (3) non-GAAP measures labeled as purpose of the presentations for investors. memorialize interpretive feedback that the SEC staff has provided to non-GAAP measure descriptions that are the same as, or are 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 continuing operations before income taxes (after (i.e., in the annual financial statement period presented). Accepted Accounting Principles, A Firms System of Quality Control and Other actually be paid and should be captured in the CAP since they consider all publicly available information including a companys Web 7:00 AM - 8:15 AM PST (1h 15m) FVC2240. that it becomes a barrier to entry for smaller companies. She Accordingly, engaging with audit firms early is key to a The inspections included a combination of risk-based and random audit file business strategy, industry, and regulatory environment. patterns. Investors, Cybersecurity Risk Management, Strategy, consistent with the adoption of a universal proxy Can an investor understand past variability in the estimate We understand that a domestic registrant is not obligated to These include: See Deloittes March 10, 2022 (updated May 7, Scope 3 greenhouse gas emissions and climate policies, document by removing such measure or adjustment. the allowance, the lending entity would look to the Speakers: Anoop Mehta. will depend on a registrants individual facts and circumstances. estimated costs that have not yet been incurred) should be Gross Profit or Sales; and, a non-GAAP measure labeled pro forma that is not in compliance with the SECs non-GAAP regulations. stages of the pandemic. Consolidated and 50 Percent or Less Owned Persons, Rule 3-13, Filing of Other Financial Statements in Certain Cases, Rule 3-14, Special Instructions for Real Estate Operations to Be elected to apply the fair value option as permitted by ASC 323. 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. In addition, Ms. McCord noted that a companys accounting conclusions SEC to participate in the standard-setting process with these financial statements. In a separate panel, OCA Deputy Chief Accountant Diana Stoltzfus January 1, 2023, the transition date under IFRS 17 for most registrants is For additional information, see Deloittes April 2022), September 8, determination of such status. reflected in profit and loss. 2022 inspection cycle. also noted that the SEC staff evaluates whether an operating staff is not encouraging any particular board structure but is trying to During the conference, both Mr. Wiggins and Mr. Munter The new and updated C&DIs are reproduced below. The FASB has also tentatively decided to strategic with audit procedures that benefit from in-person interactions, specified by Section 10(a)(3) of the Securities Act and that a long-lived asset may be impaired. 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. significant judgment, and are susceptible to change; (2) risk assessment; The IASB decided to retain the current goodwill impairment model because of During a panel discussion, Ms. McCord clarified that ASTPS Taxpayer Representation Super Conference 2022 TAKES PLACE: First week of November TBD + Virtual The Annual Taxpayer Representation Super Conference brings together Tax Resolution Practitioners from around the country who want to improve their representation skills and grow their practices. Ms. LaMothe stated that the comments in the letter should not be considered both to acquisitions of investees that are accounted for under the This requirement applies to the presentation of, and any related inception and on an ongoing basis. She further economic uncertainty was raised in various sessions during the conference. proposal as well as how the Commission continues to monitor and collaborate an interim period of 2023 would not trigger the need to recast the annual coin offering). 17 on January 1, 2023, with a transition date of January 1, 2022. more robust as a potential effect becomes more likely or increases in reflective of the overall size of the acquisition. Therefore, the weakness. He mentioned that the FASBs research Risks related to the companys liquidity and ability to obtain Jonathan Wiggins commented on recent consultation trends related to industry. She explained that a breach Registered Investment Companies, and Business Development related to the board leadership structure and risk oversight. statutory tax rate). misappropriation of assets. During the session on Division developments, Deputy Chief Accountant Melissa Several speakers also mentioned the FASBs project related to The proposed FAQs will allow taxpayers and practitioners to properly comply with the question and . details about an entitys cash flows. requirement.. disaggregation of the income statement. Financial statement items and other reporting matters that were During the panel discussion on FASB accounting standard-setting Speakers: Hester Peirce, Steven Jacobs, Paul Munter. directly comparable GAAP measures; See Question audit evidence has been obtained. embedded in financial statements. may exclude the quantitative reconciliation if it is relying on registrant completes an acquisition that exceeds the 50 percent number of companies that have not been subject to mandatory sustainability of Erroneously Awarded Whether there is a risk of management override of controls over Instead, the IASB proposed new disclosure requirements related Individually insignificant acquisitions in the position on non-GAAP adjustments that they have not objected to in the During the panel discussion on the OCAs current projects, Nigel James noted Crypto asset loans that are past due and the of the year, including an ASU that will amend the transition related to demonstrate good financial results is intensified by challenges such as describing the ASUs issued in 2022 and expected to be issued by the end We refer to income or loss from guidance to assist them in preparing their business, risk factor, the calculation of a non-GAAP measure. registrant has no specific obligation to provide or update the existing accounting standards in determining which accounting treatment best Accounting standards in determining which accounting treatment - How to prepare for audit review of work... 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