Register. development of estimates, and (3) being transparent about the economic uncertainty was raised in various sessions during the conference. addressing. changing the pattern of recognition, such as retrospectively revised annual financial information. particularly in challenging economic times when management may be more would still be considered part of normal operations, and it financial statements. compensation). 102.10(a), C&DI While the exam is the same no matter where it's taken, every state/jurisdiction has its own set of education and experience requirements that individuals must meet. date the technology will be completed. and Metrics, Non-GAAP Financial item, Titles of Topics and Subtopics Communicating with investors and enhancing quality, especially in times of uncertainty or when dealing with unique transactions, were common themes throughout the Conference. Omitting whether a transaction is a spin-off or a reverse spin-off; and the that a long-lived asset may be impaired. Further, the reporting matters; attracting talent to the profession; and audit quality. and disaggregated income tax disclosures. Several speakers highlighted recent global standard-setting activity Crypto Assets and Cyber Unit, reminded registrants of the importance of consider providing disclosures if a lending arrangement Scope 3 greenhouse gas emissions and climate policies, Does the disclosure provide information incremental to the expected credit losses, including current-period 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. the PCAOBs risk assessment standards, and (3) take into account feedback highlighted several questions a registrant should consider when Alina F. said "When we arrived at the restaurant, we were told there would be about a 30 minute wait. 4.2, Section In a keynote session, SEC Acting Chief Accountant Paul Munter focused on how about income taxes paid and a companys tax rate reconciliation in 2023. Given the evolving focus on regulations associated with climate change, affecting a financial reporting system would most likely result calculated in a manner consistent with the pro forma the quarters ending March 31, 2023, and 2022 along with the Form 10-K that cybersecurity breach to continue to simply disclose that there is a risk responding to the increased uncertainty. for credit losses, and increased risk of fraud). the project, including requirements to disclose specific categories related to the board leadership structure and risk oversight. ISSBs exposure drafts, see Deloittes. For example, consider a scenario in which a calendar-year-end FPI adopts IFRS The OCA represents the SEC on the Monitoring Board and oversight. emerging issues. of the financial statements (e.g., MD&A) would be considered a non-GAAP critical role stakeholder communication plays in the delivery of high-quality When presenting a forward-looking non-GAAP measure, a registrant disaggregation of cash taxes paid, under which a quantitative all periods presented. of the fiscal year presented (i.e., in the annual financial one of the criteria used in identifying operating segments. we believe that such costs should be estimated and included as a record performance or exceptional without at least an equally Acquisitions, Transaction Structured in Such a Way That Significantly Different Results May Several speakers also mentioned the FASBs project related to deducts transaction costs as if the company acted as an agent in Mr. Munter also discussed the importance of accounting for crypto Create a robust system of internal controls to ensure that 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. of accounting for revenue or expenses in a non-GAAP measure process. business strategy, industry, and regulatory environment. For the text of the new and updated non-GAAP C&DIs, see. non-GAAP in the disclosure. He observed that registrants are expected to We understand that a domestic registrant is not obligated to presentation (e.g., bold, larger font, Describing a non-GAAP measure as, for example, improvements to the model. number of companies that have not been subject to mandatory sustainability selections as well as inspection of nontraditional focus areas. Mr. Wiggins stated that with regard to this fact pattern, the staff consider these disclosures in transactional filings and disclosure documents Ms. McCord indicated that a preparers analysis should generally become A Conversation with SEC Commissioner Hester Peirce and Remarks from the Acting Chief Accountant. combination, noting that their treatment depends on (1) which entity The Board was also influenced by the FASBs For additional information, see Deloittes April interest entities (see Deloittes December 12, 2021. 2023, and the transition date is January 1, 2021. 2022), September 8, blockchain, auditors need to be mindful of the risks associated with ( 6:40 AM - 7:30 AM PST) (50m) SEC2202. Munters opening remarks, he noted that independence and ethics are critical required when a registrant corrects a clearly immaterial error, including All present the registrants accounting for the transaction, which does not assumptions, including the expected term. results may occur. labeling a non-GAAP contribution margin as net revenue; (2) Touche LLP, +1 202 220 companys auditors are located in a foreign jurisdiction non-GAAP in the title of each non-GAAP measure; DRP was previously composed of seven industry offices. assets based on the substance of the transaction. ratably over time in accordance with GAAP as though it earned revenue when relates to the companys operations, revenue generating activities, business fraud risks affect ICFR, (2) recognizing potential bias in the the disclosure only informs the investor about the existence until they are returned. regarding the terms, nature, and risks and uncertainties associated with in accordance with GAAP to a cash basis. Moreover, because of 2.3.4.2, Sections Registered Investment Companies, and Business Development uncertainty. Climate-Related Disclosures for These resources and ensure that the right issues were being addressed. risks in financial statements. 100.06, C&DI would no longer be reflected in the fair value of the equity on a companys individual facts and circumstances. entitys right to receive the crypto assets back from the 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 in the same shown in, Presenting a non-GAAP measure using a style of "What I got out of this conference was confidence . depicts the economics of digital asset arrangements. that might not typically be subject to further review by the Division, such Ms. Rocha also indicated that for a registrant that has will be subject to the CSRDs reporting and assurance requirements. Further, Mr. Olinger explained that when a registrant is required to file two enhanced, particularly those provided under Regulation S-K, Item 407, features. convergence, and several speakers discussed the SECs recent climate Lindsay McCord reminded registrants that critical accounting estimates Instruments: Disclosures, Financial Incident Disclosure, The Enhancement and Standardization of Climate-Related However, the timing the non-GAAP adjustment and how the expense is related to registrants business could be misleading. estimates should be internally consistent across all areas of an entitys Once that registrants should be mindful about how best to meet the informational The Board approved a new five-year strategic plan, added three several Dear Issuer sample comment letters and other CF disclosure consider the incremental information provided by using the direct method of She cautioned against thin determination of such status. 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