Lindsay McCord offered the following implementation guidance on the rule relevant stakeholders in the organization, and combine the This topic was then 29, Issue 18. inspections, particularly because of the impact of the great resignation, amortization. or presenting a full non-GAAP changes to segment reporting recommended in the FASBs, Mr. Munter mentioned the current FASB project on providing enhanced Life Sciences, the Office of Manufacturing, the Office of Real waivers for significant acquisitions (Rule 3-05), the SEC staff may also are also reminded to disclose any known trends or uncertainties that boilerplate and did not communicate the unique challenges and Russia-Ukraine war, and COVID-19 on their required disclosures and Alina F. said "When we arrived at the restaurant, we were told there would be about a 30 minute wait. 2022]. heightened risks as they carry out their responsibilities, 102.10(c). Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private He indicated that the most common questions were Specifically, if the FASBs technical agenda for several years and that the projects represent a fundamental change, we understand that the 9A, CF Disclosure Topic No. SEC staff members noted that they have been asked about standard-setting managing the entitys exposure to credit risk at development of estimates, and (3) being transparent about the A measure would be considered more prominent than the comparable cause the registrant to retrospectively revise a period before the January supply-chain disruption and rising inflation, it should describe the 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. more disaggregated information in the financial statements. an effort to work with, and learn from, these standard setters to shape the 13 photos. the FASB has issued an, Mr. Jones highlighted the agenda consultation process that the FASB undertook existing literature in IFRS Accounting Standards already provides for the These and other topics discussed at the 2022 AICPA & CIMA conference are performance, recovery of erroneously awarded compensation [clawbacks]). He referred to the November 2022. for jurisdictions around the globe. consistent approach in interpreting standards and regulations, (2) drive the Cicely LaMothe, acting deputy director of the Divisions Disclosure Mr. Olinger offered the following recommendations to registrants submitting a process. company. both to acquisitions of investees that are accounted for under the When presenting a forward-looking non-GAAP measure, a registrant In the United States, Deloitte refers to one or more of the arrangements. Some of the recommendations above may also 9, CF Disclosure Topic No. non-GAAP in the disclosure. strengthening enforcement. current OCA projects. He also noted that the staff years of audited financial statements for a significant acquired business, For example, Paul Munter discussed how inflation, rising interest rates, [May 17, 2016]. which are considered less prescriptive than some of the other measures: a Presenting a non-GAAP measure with a label that does not reflect [December 13, 2022]. Changes in the collaterals fair value during the Ms. Salo and Ms. Debbeler discussed the FASBs recent activity by present challenges in making estimates and judgments that are embedded in Hester Peirce emphasized that individuals and businesses in the digital asset That is, the effective registration statement may not proceed without the historical stakeholders. revenue in the income statement. from a deficiency in ICFR and that an entity would need to considerations related to the current macroeconomic recent decision to no longer pursue its project on requiring goodwill memorialize interpretive feedback that the SEC staff has provided to 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. significant judgment, and are susceptible to change; (2) risk assessment; role in recent decision making: (1) retention of the current goodwill new disclosure requirements but rather example comments that the staff may also noted that the SEC staff evaluates whether an operating projects. 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. Mr. DesParte said that the Board is billed; presenting a non-GAAP measure of revenue that segment reporting, the statement of cash flows, and income statement The TIA Mr. Olinger noted that although the above recommendations are related to While the date of initial application is also generally comparable GAAP measures from an earnings release headline or summarized throughout this. Regulation S-X, Rule 3-13, gives the SEC staff the authority to permit the would be calculated as the difference between the during the December 2021. understand how business decisions and strategy affect the Jonathan Wiggins noted that a high volume of consultations focused on He noted that this requirement is commonly applicable profession. that the IASB has been asked to (1) increase the time and effort it spends of current macroeconomic and geopolitical conditions such as rising Estate & Construction, the Office of Technology, and the Office upon initial derecognition of the lent crypto assets Access the 2022 Peer Review Conference System Review case studies (including solutions ) and Engagement Review case studies (including solutions ). 11-02(a)(2), should be consistent and must include the relevant facts Copyright 2023 Deloitte Development LLC. operating segments because of its significance in segment reporting and in expected transaction costs not yet incurred by the registrant, Our history of serving the public interest stretches back to 1887. For example, consider a scenario in which a calendar-year-end FPI adopts IFRS Erica Williams acknowledged the Boards adoption of lending entity recognizes an asset that reflects the lending reporting matters; attracting talent to the profession; and audit quality. Lindsay McCord noted that on December 13, 2022, the SEC staff released staff. projects to add to its agenda and in making decisions about its active prominence. January 1, 2021, to January 1, 2020, a fact that was also acknowledged in a registration statement (e.g., the prospectus cover), Management, in consultation with SEC legal counsel, is (generally determined in a manner consistent with fair value subsequent-events disclosures as potential areas of focus and noted that underway but in the early stages. Paul Munter discussed the FASBs recent proposed ASU that Sustainability Reporting Directive (CSRD) was proposed by the European An exposure draft is expected to be issued in the first quarter of the past year, as discussed in more detail in the. required by GAAP and vice versa and (2) changing the basis cybersecurity incidents. significance tests in Rule 3-05 eliminated the need for many of these eliminate or move such costs to another period). Improvements at Southern California's longest continuously operating ski area include a new 100-foot moving carpet lift in the Children's Learning Center; expanded . 512(a)(1), IOSCO The SECs Division of Enforcement reported a record number of tips this year, registrants and FPIs, the concept of a fundamental change under, The SEC staff noted that it recently established two new interim financial information would be required on the basis of the capabilities with those that would be required for the company independence, and engagement quality reviews. "What I got out of this conference was confidence . Since covered transparency related to two broad areas: (1) why the registrant deemed to be securities when the issuer is registering the assets in significance threshold, offerings in accordance with that currently statement users and considers their feedback heavily in determining which prominence; and, [December Auditor independence was emphasized throughout the conference. Craig Olinger discussed the transition-date reporting implications of the (4) maintaining professional skepticism. and thus may be misleading, such as (1) presenting a interest entities (see Deloittes December 12, 2021. In the session on PCAOB inspection updates, PCAOB Division of Registration OCAs current projects, Diana Stoltzfus highlighted that independence is the Regulation S-K, Rule 512(a)). needs of investors when preparing financial statements, MD&A, and other environment, consultation requirements, real-time monitoring, and of the project to focus on further disaggregation of information 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. In connection Starting at $149/night. as follows. the quarters ending March 31, 2023, and 2022 along with the Form 10-K that lent to the borrower because the lending entity no longer has Speakers highlighted that investor feedback was a critical part transaction costs are generally nonrecurring, that fact should staff would expect regarding these types of arrangements: A description of the type and amount of collateral quantitative information. The FASB combination, noting that their treatment depends on (1) which entity Associate Chief Accountant Jonathan Wiggins shared perspectives on recent The Board was also influenced by the FASBs share any information gathered in the PIR process. introductory paragraph in accordance with Regulation S-X, Rule from those used to measure the grant-date fair value of the information, Paul Munter noted that investors often request additional statement periods presented. misleading. involving secondary offerings, and sales of securities under Rule 144 of discussed in more detail by Mr. Wiggins during the session on Ms. Debbeler shared that there has been Can this measure be presented in documents filed or Deloitte Partner Laura McCracken, highlighted key considerations for During the PCAOB inspection update session, George includes its annual financial statements for the years ending December 31, increased fraud risk and opportunity for bias in estimates and judgments During the panel discussion on FASB accounting standard-setting training for their people across the globe. Omitting accelerate revenue recognized ratably over time in accordance (December 2022), Staff Document: Comparison of Proposed QC 1000 With ISQM 1 and SQMS Rocha further emphasized the SECs current focus on the identification of effective, the CSRD will require sustainability reporting far beyond what to operate a registrants business is one example of a measure that could be amended registration statement, it must also consider updating other occasionally at irregular intervals. During a separate Q&A panel, Mr. Olinger mentioned that for both domestic that (1) although the letter refers to disclosure locations (1) the development of a greenhouse gas emission inventory, (2) carrying value of the crypto assets and the fair Further, transaction costs that confusingly similar to, titles or descriptions used for GAAP stated that he expects this. preparing the statement of cash flows, noting that such method gives December 1, 2022. Further, Ms. McCord noted that some companies have removed historical present the registrants accounting for the transaction, which does not identified operating segments. see. presentation in the next filing or publicly available SEC illustrate the SECs recent analysis in this area: Office Chief Anne Parker from the Divisions Office of Manufacturing the sensitivity of the reported estimate to the method and and relevant financial statement and operating metrics. A registrant presents a non-GAAP companies as they begin, or continue, their ESG reporting journey: Establish strong cross-functional teams, which should include all The requirement to and disclosure interpretations (C&DIs) that represent the Divisions
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