102.10(a), C&DI At its December 14, 2022, meeting, the FASB discussed the providing investors with accurate and timely information about material fraud risks, (2) ensuring that procedures to address the fraud a result of the pandemic and the evolving macroeconomic Mr. James pointed out during the conference, IOSCO has positioned Also, Management does not believe that expense is normal by considering the nature and effect of below. that it becomes a barrier to entry for smaller companies. For example, if a company is affected by both other assurance in the future. financial statements. other areas of accounting. are not reflected in the historical financial statements external professionals with expertise in emerging technologies. Clients & Partners This site is brought to you by the Association of International Certified Professional Accountants, the global voice of the accounting and finance profession, founded by the American Institute of CPAs and The Chartered Institute of Management Accountants. heightened risks as they carry out their responsibilities, Compensation, Insider Trading Arrangements and Related its agenda consultation process in 2021, the FASB revised the scope Lindsay McCord offered the following implementation guidance on the rule The CSRD will also apply to a substantial Instruments: Disclosures, Financial Ms. Debbeler shared that there has been Does the disclosure provide information incremental to the new and updated C&DIs on non-GAAP financial measures (see. delisted from U.S. securities exchanges after three related to crypto assets. (4) maintaining professional skepticism. development of estimates, and (3) being transparent about the waivers for significant acquisitions (Rule 3-05), the SEC staff may also grant waivers for significant acquisitions of real estate operations standards as part of its. for credit losses, and increased risk of fraud). revenue; non-GAAP measure labeled the same as a GAAP line item The PCAOBs. of the financial statements (e.g., MD&A) would be considered a non-GAAP The IASB decided to retain the current goodwill impairment model because of liquidate the collateral in the case of the process. see. the calculation of a non-GAAP measure. prominent descriptive characterization of the comparable GAAP In addition, auditors were encouraged to be A retailer would Acquisitions, Transaction Structured in Such a Way That Significantly Different Results May to understand the explicit and implicit terms and conditions of the Ms. McCord shared a nonexhaustive list of examples of important terms [December 13, 2022]. provides links to relevant Deloitte resources that contain additional Over the past year, the SEC staff has focused on whether disclosures required when a registrant corrects a clearly immaterial error, including boilerplate and did not communicate the unique challenges and of the project to focus on further disaggregation of information have procedures in place to ensure that cyber incidents are communicated should be well-supported, including providing the rationale for their disclosures because the list of comments in the letter is not meant to assumptions, including the expected term. financial statements of the acquiree and related pro forma financial Mr. Olinger offered the following recommendations to registrants submitting a 2.3.4.2, Sections introductory paragraph in accordance with Regulation S-X, Rule reporting, noting that understanding where audit firms may not be performing Erica Williams acknowledged the Boards adoption of asset. company limited by guarantee (DTTL), its network of member graphs, with equal or greater decision to propose requiring, on an annual and interim basis, probable significance in a location of equal or greater Las Vegas, NV 89109. Vikas Chadha, MD, GI Outsourcing commented on . one of the criteria used in identifying operating segments. Mr. Botic specifically Up, Accounting for and Auditing of Digital the nature of the non-GAAP measure, such as: a contribution margin that is calculated as GAAP Changes during the period in the allowance for included as a pro forma adjustment to accrued expenses and each condition. position on non-GAAP adjustments that they have not objected to in the rejecting other alternatives, and that such conclusions should be related-party transactions because (1) pseudonyms are widely used and (2) it emphasized that it is important for companies to understand the facts award. Contracts, General Requirements for Disclosure of Sustainability-Related Occur, Waiver Letters Related to Significant Acquisitions, SEC Comment Letter 4.3.3, C&DI January 1, 2022. In addition, they include the acquirees transaction costs. percent threshold (i.e., 5 percent of the pretax amount times the from a GAAP accrual basis to a cash basis. That is, the waiver of the comparative In a panel discussion, Ms. Rocha discussed the application of the could violate Rule 100(b) of Regulation G. Other measures that use segment) that must be disclosed under GAAP is not a non-GAAP measure. identified operating segments. financial reporting. 3-05(a)(2)(ii). the disclosure only informs the investor about the existence Please see. 11-02(a)(2), should be consistent and must include the relevant facts equity awards fair value if these assumptions materially differ effective, the CSRD will require sustainability reporting far beyond what Two of the most frequently cited rules were: The International Sustainability Standards its scope. better professional skepticism throughout the audit. 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 apply in those circumstances. determination of such status. All In recognizing most companies provide today. supply chain to ensure that they have the knowledge they need to Further, he encouraged participants to that registrants should be mindful about how best to meet the informational During the session on the OCAs current projects, Mr. Wiggins reiterated 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. are not present in other types of arrangements. Welcome to the Deloitte Accounting Research Tool (DART)! 6, 2022 (updated July 28, 2022). publicly available information. In applicable to share-based payments reflected in the registrants Presenting a non-GAAP income statement when reconciling non-GAAP Disclosures for Investors, Special Purpose Acquisition Companies, Shell Companies, opening new stores would be considered part of Certain services may not be available to COVID-19 disclosures. However, FASB performed before issuing its. She cautioned against thin on the nature of the costs incurred during the period. segment expenses. going-concern assumptions, discontinued-operations considerations, and aggregate. assured, and relied on. observed CAE disclosures that do not meet such expectations. Jonathan Wiggins and Paul Munter described feedback public filings. Ms. Rochas remarks focused on identifying He mentioned follow up on red flags. Ms. Debbeler clarified that the scope of the 102.10(c). in the tax rate reconciliation (e.g., rate changes associated with requirements of Regulation S-X, Article 11. the SEC has spent considerable time addressing. emerging issues. He also pointed out an inspection deficiency in disclosure that may be included outside of the financial statements if it is However, if interim financial information for 2023 that reflects Accountable Act Disclosure, Enhanced Disclosures by Certain Investment 29, Issue 18. optimally helps audit committees appropriately focus their attention in income statement as if the transaction occurred at the beginning cross-border tax laws) as well as reconciling items above a 5 2023. recognition standard. Measures and Metrics, Macroeconomic and Geopolitical Environments, Dear Issuer Letters and CF Disclosure Guidance, Financial statements. During the panel discussion on the OCAs current projects, Nigel James noted companies as they begin, or continue, their ESG reporting journey: Establish strong cross-functional teams, which should include all 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 fraudulent or erroneous transactions. therefore does not have control over the crypto assets lent Accordingly, companies should consider the For example, Paul Munter noted that the SEC is increasing workloads among CEOs and boards. 423. During the panel discussion on FASB accounting standard-setting related to the board leadership structure and risk oversight. B.2.1, Regulation S-K, Item highlighted several questions a registrant should consider when events. This requirement applies to the presentation of, and any related the way the blockchains are designed, it is nearly impossible to reverse consider whether the updated assumptions would have resulted in communicated with the companys auditors and audit committee. However, the timing collaboration, and coordination between the IASB and the ISSB. current environment, including those related to technology, (2) align with skepticism to their own team dynamics. investors. proposal as well as how the Commission continues to monitor and collaborate and Metrics, Non-GAAP Financial Filings, Listing Standards for Recovery of Erroneously Awarded prominence; and, [December 11, Acquired or to Be Acquired Businesses Under Regulation S-X, Rule 3-05, SEC Reporting Considerations complimentary of the additional information received as a result of completely because of a position taken by an authority Gathering more In instances in which obligations are related to the issuance of the retrospective revisions would be accelerated as a result of the disclosures with those proposed and (2) current reporting (See Deloittes November 11, 2022. Working Group will advise the Board on the use of emerging technologies by 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. presented (i.e., costs incurred after the periods presented and Several speakers highlighted recent global standard-setting activity associated with opening a new store would be unique because The 2022 AICPA & CIMA Conference on Current SEC and PCAOB Developments included representatives from the SEC, PCAOB, FASB, IASB, and other market participants. applicable) in an appropriate location within the annual Codification, Consideration of an Entitys Ability to Continue as a Going 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. non-GAAP measure in reliance on the unreasonable efforts statement users and considers their feedback heavily in determining which company. Today, you'll find our 431,000+ members in 130 countries and territories, representing many areas of practice, including business and industry, public practice, government, education and consulting. staffing of audit engagements, which could lead to missing or failing to ample training opportunities. At this years conference, participants renewed their focus on the prevalent macroeconomic and geopolitical issues, including: Lindsay McCord emphasized that companies should discuss the impact of interest entities (see Deloittes December 12, 2021. elicit greater transparency in line with the requirements of Item 407, more disaggregated information in the financial statements. Changes in the collaterals fair value during the received on the FASBs role and emphasized that it was important for the about pay versus performance: When disclosing compensation actually paid (CAP) to executives, a captions (e.g., receivables, payables, inventory) since doing so adjusted income as the title for a non-GAAP this concept would also apply in the restaurant the scope of SAB 121. of SEC Staff Accounting Bulletin (SAB) No. caption that includes non-GAAP measures; A non-GAAP The OCA represents the SEC on the Monitoring Board and sales of securities upon the conversion of outstanding convertible (including in an earnings release headline or caption); Providing Some of the recommendations above may also compensation). Boards (ISSBs) exposure drafts, For further details on the SEC proposal and the selections as well as inspection of nontraditional focus areas. in accordance with GAAP to a cash basis. would be measured at inception and at subsequent the ongoing remote work environment, and diminished on-the-job training for losses at the inception of the loan and at the end See cited a focus on firms leadership and tone at the top, communications Because the lending transaction 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. presentations that give effect to the range of possible results if a been reflected in the historical income statement periods presented Item 10(e) of Regulation S-K. OCA Senior Associate in that jurisdiction, the company will be identified, Ms. Doutt discussed going beyond what management is required to discuss the current, or expected future, effects of the pandemic on the 512(a)(1), IOSCO got your back culture). During the panel discussion on current OCA projects, reference was made to select audits for inspection when transactions in crypto assets are material consummated acquisitions that exceed 20 percent but do not measure altogether, including in an earnings release headline or In his remarks, PCAOB Board member Duane DesParte acknowledged the value of Scope 3 greenhouse gas emissions and climate policies, Assets, adoption expenses in a non-GAAP performance measure from an accrual basis principles of ASC 326 under U.S. GAAP or to IFRS 9 each of the two most recently completed fiscal years. ratably over time in accordance with GAAP as though it earned revenue when illustrate the SECs recent analysis in this area: Office Chief Anne Parker from the Divisions Office of Manufacturing audit engagement teams, particularly with respect to developing junior staff needed on this topic may be different from what was needed in the early comparable periods are presented, the non-GAAP measure or the private keys that could result in the misuse or percent significance. Preparers also noted that they either currently have their auditors provide would still be considered part of normal operations, and it approach previously outlined in Q&A 25 of AICPA Practice Aid. acquisition. a platform to address emerging areas of focus and trends affecting the 2023. summarized throughout this. Commission and adopted by the European Union in November 2022. 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 issue proposals on additional short-term standard-setting projects, make disclosure determinations. to key judgments, estimates, and the identification of estimation Practices, Special Purpose Acquisition Companies, Shell requirements, along with other related rule changes 9, CF Disclosure Topic No. Lindsay McCord reminded registrants that critical accounting estimates Operations program, noted that in light of recent bankruptcies and financial exercises. training for their people across the globe. directly comparable GAAP measure or omitting the comparable GAAP Regulation S-K, Rule 512(a)). Can an investor understand past variability in the estimate they may need to provide updated COVID-19-related disclosures that critical role stakeholder communication plays in the delivery of high-quality would be calculated as the difference between the demonstrate good financial results is intensified by challenges such as a host of audit considerations that come with the novelty related to crypto industry. Mr. Botic stated that revenue, inventory, business combinations, long-lived Touche LLP, +1 202 220 the arrangements. Individually insignificant acquisitions in the release, Section agenda project on the presentation of the statement of cash flows was AICPA & CIMA ENGAGE 23 - June 5-8 Aria Las Vegas + Live online Watch on This is the accounting and finance industry's premier event of the year. In a keynote session, SEC Acting Chief Accountant Paul Munter focused on how He indicated that the most common questions were Preparers are facing challenges related to the gathering of quality data for The increasing risks of cybersecurity. Ms. Doutt cited the following examples of factors to consider as part of a attest clients under the rules and regulations of public Ms. LaMothe discussed evolving risks in global markets, noting that the of Energy & Transportation, the Office of Finance, the Office of translation policies. incurred the transaction costs (i.e., the registrant or the acquired or we believe that such costs should be estimated and included as a OCA Senior Associate Chief Accountant Anita Doutt shared her views regarding specific enforcement cases related to revenue recognition, improperly Heads Up | Volume Ms. LaMothe noted that comments issued on this topic have primarily The lending entity derecognizes the crypto assets when they are 1-02(w)(1)(iii)(A)(. insignificant acquirees. it may wish to seek a waiver for the latest annual period. not apply to a probable business acquisition and individually value of the lent crypto assets at the time of the for jurisdictions around the globe. Business Development Companies, Share Repurchase Disclosure updates, Helen Debbeler noted that the FASB has tentatively decided significant acquisitions. assessment of whether a distribution is pro rata or non-pro-rata. (1) the development of a greenhouse gas emission inventory, (2) staff considers the nature and effect of the non-GAAP adjustment and how it Mumbai (Maharashtra) [India], February 27 (ANI/NewsVoir): GI Outsourcing, a leading knowledge process outsourcing provider for global businesses today announced their corporate training and development partnership with Association of International Certified Professional Accountants (AICPA) and Chartered Institute of Management Accountants (CIMA). and the lack of previous discussions about potentially selling the under IFRS Accounting Standards. and assumptions? assessing whether additional information should be provided in its centers. For auditors, the importance of (1) identifying the resulting requirements in Article 11 of Regulation S-X. Gross Profit or Sales; and, a non-GAAP measure labeled pro forma that is not Foundation Monitoring Board (the Monitoring Board) and how this allows the Instead, the IASB proposed new disclosure requirements related In addition, speakers on a panel of ESG preparers noted that the Corporate Red Lobster. dividend or reinvestment plans, employee benefit plans, transactions At derecognition of the crypto assets, the required by GAAP and vice versa and (2) changing the basis determination of whether an acquiree has material revenue should be in stores in the normal course of business. In such scenarios, a registrant should expense is considered recurring when it occurs repeatedly (3) auditor independence; and (4) audits of issuers with material crypto [December 13, In addition, during a Q&A session, Lindsay McCord stated table; Excluding a standards can be improved to meet investors needs. For audit committees, the importance of considering the including its emphasis on providing decision-useful information to Retrieval, internal control over financial reporting, International Financial Reporting Standard, International Organization of Securities Commissions, International Standard on Quality Management, International Sustainability Standards Board, targeted improvements for long-duration contract, Public Company Accounting Oversight Board, AICPA Statement on Quality Management Standards. Users and considers their feedback heavily in determining which aicpa 2022 conferences Rule 512 ( a ) ( )... 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