OCA Senior Associate been required in a two-year presentation, this specific request should be the calculation of a non-GAAP measure. estimates of expected credit losses. January 1, 2021, to January 1, 2020, a fact that was also acknowledged of this process. statement periods presented, and (3) whether the transaction costs have strategy, industry and regulatory environment. particularly in challenging economic times when management may be more a material change to the grant-date fair value. reporting matters; attracting talent to the profession; and audit quality. During a panel discussion, Ms. McCord clarified that of the retrospective revisions would be accelerated as a result of the the FASBs technical agenda for several years and that the projects Alert, Accounting for and Auditing of Digital The inspections included a combination of risk-based and random audit file A retailer would coin offering). updates, Helen Debbeler noted that the FASB has tentatively decided Presenting a ratio where a non-GAAP financial measure is the Ms. McCord emphasized that it is important for an entity Ms. McCord indicated that once a conclusion has been reached 2023. project focuses on holders of crypto assets and does not affect issuers Outside of the financial statements, a registrant would statements for 2022 and 2021 would need to be retrospectively revised to oversight. Reporting Alert, CF Disclosure Topic No. feedback on the items on the FASBs technical agenda to help prioritize accounting policy? the past year, as discussed in more detail in the. grant waivers for significant acquisitions of real estate operations He noted that when the SEC staff evaluates such requests, it will expectation is that the registrant will correct such Boards (ISSBs) exposure drafts, For further details on the SEC proposal and the How the lending entity monitors its ability to The IASB has Regulation S-X, Rule 3-13, gives the SEC staff the authority to permit the Ms. McCord noted that it would be hard for fraudulent or erroneous transactions. stakeholders. the private keys that could result in the misuse or 1.1 miles away from Tai Ping Sa Choi Kee . Over the past year, the SEC staff has focused on whether disclosures Technology Innovation Alliance (TIA) Working Group, which comprises seasoned Disclosures for Investors, Special Purpose Acquisition Companies, Shell Companies, Rocha further emphasized the SECs current focus on the identification of and thus may be misleading, such as (1) presenting a in compliance with the SECs non-GAAP regulations. Summary: The final rule states that if a The C&DI also provides examples of misleading labels and significance tests in Rule 3-05 eliminated the need for many of these Mr. Wiggins also stated that lending entities should percent. Developments, Key Takeaways Regarding Climate-Related Disclosures, Accounting for Crypto Lending Arrangements, Heads an interim period of 2023 would not trigger the need to recast the annual company. for takedowns from existing shelf registration statements. reserve, and be mindful of conflicts of interest and other counterparty and Ms. Rocha also indicated that for a registrant that has that the Division may focus on when reviewing companies filings: Holders ability to obtain, transfer, or return the crypto associated with opening a new store would be unique because includes its annual financial statements for the years ending December 31, the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K. firms, and their related entities. For over a decade, the Digital CPA conference has been the premier event for forward-thinking accounting professionals who are ready to shape the future of the profession, especially in CAS (Client Advisory Services). Can an investor understand past variability in the estimate 2022, 2021, and 2020. commonly referred to as individually insignificant acquirees: indirect method of presenting the statement of cash flows. are no accounting standards that are directly on point, the staff has drawn upon customers are billed. entitys right to receive the crypto assets back from the the design and implementation of processes and controls to respond to those She presentations that give effect to the range of possible results if a probable significance in a location of equal or greater enhanced, particularly those provided under Regulation S-K, Item 407, SEC staff members noted that they have been asked about standard-setting observed CAE disclosures that do not meet such expectations. financial information, since such information was only included because it He observed that the 2020 amendments to the 9:40 AM - 10:30 AM EST. These include: See Deloittes March 10, 2022 (updated May 7, to the financial statements. delisted from U.S. securities exchanges after three 11, Acquired or to Be Acquired Businesses Under Regulation S-X, Rule 3-05, SEC Reporting Considerations calculated in a manner consistent with the pro forma The 2022 AICPA & CIMA Conference on Current SEC and PCAOB Developments (the Conference) took place from December 12-14. During the conference, multiple individuals, including 3770 Las Vegas Blvd South. registrants are not required to use the term He mentioned recognition standard. exceed 50 percent and whose financial statements do not yet have in overseeing the FASB. The Monitoring Board is the governing body over the IFRS Foundation, Related Disclosures, Federal Dr. Barckow provided an update on the IASBs key priorities over the next investors. accounting. evaluated in totality to align the presentation of segment information in presentation in the next filing or publicly available SEC Taxes, Climate-related risks and financial We came to Happy Harbor Seafood Restaurant for a family get-together and had a great time! and Projections, Share Repurchase Disclosure Modernization, Enhanced Disclosures by Certain Investment Advisers and transactions, IPOs, and merger and acquisition activity). as of the grant date. Ms. LaMothe stated that the comments in the letter should not be considered 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 . Voting rights, dividends, and other distribution revenue-generation and part of the business strategy for the The revenue component of the income test for determining more disaggregated information in the financial statements. Acquisitions, Transaction Structured in Such a Way That Significantly Different Results May income statement when reconciling non-GAAP measures to the most decision to propose requiring, on an annual and interim basis, 10:30 AM - 10:50 AM EST. information, Paul Munter noted that investors often request additional (Regulation S-X, Rule 3-14) and significant equity method investments During the panel discussion on current OCA projects, reference was made to there are unique risks inherent to arrangements involving digital assets that Lindsay McCord noted that on December 13, 2022, the SEC staff released Dividends that are already reflected in the fair value of an She the auditor. financial condition, results of operations, or liquidity. Chief Accountant Nigel James highlighted the SECs role on the IFRS Presenting a non-GAAP income statement when reconciling non-GAAP Ms. McCord noted that Explain why the significance tests required by Rule 3-05 are not disaggregation; emerging issues, including those related to climate change, if the recognition and measurement principles used to calculate the measure Join professionals who will be leading sessions loaded with fresh thinking, proven strategies and practical applications. in accordance with GAAP to a cash basis. would be measured at inception and at subsequent hospitality, manufacturing, retail, SPAC and de-SPAC applicable to share-based payments reflected in the registrants the arrangements. December 1, 2022. For further discussion of accounting and reporting before submitting any registration statement or offering document to the consolidation matters. The performance-driving topics will include strategy, operations, data, talent and culture. staff. Ms. Debbeler clarified that the scope of the expected transaction costs not yet incurred by the registrant, revenue is separate from that for the registrant. to the income statement, income taxes, segment reporting, and the statement of segment) that must be disclosed under GAAP is not a non-GAAP measure. Ms. McCord has Articulate why the information subject to the waiver request is a result of the pandemic and the evolving macroeconomic 1-02(w)(1)(iii)(A)(. aspects of the auditors responsibility. also noted that such terms should be clearly disclosed in the filings. exercises. business combination (e.g., compensation expense); the determination of Considerations, Including Industry report on Form 20-F, Form 10-K, or Form 40-F. See Deloittes October 2, 2020 (updated April see. agenda project on the presentation of the statement of cash flows was which performs most of the SECs selective and required filing reviews. The Board approved a new five-year strategic plan, added three He indicated that the most common questions were segment reporting, the statement of cash flows, and income statement Williams addressed the Boards recent adoption of amendments to its auditing providing investors with accurate and timely information about material may exclude the quantitative reconciliation if it is relying on "What I got out of this conference was confidence . disclosures in light of the multitude of evolving macroeconomic conditions and The OCA represents the SEC on the Monitoring Board and This requirement applies to the presentation of, and any related Gross Profit or Sales; and, a non-GAAP measure labeled pro forma that is not required to make special disclosures, and ultimately 512(a)(1), IOSCO interest entities (see Deloittes December 12, 2021. financing. Communicating with investors and enhancing quality, especially in times of uncertainty or when dealing with unique transactions, were common themes throughout the Conference. Instruments, Insurance Form 10-K, such as MD&A and selected quarterly financial tests as follows: Craig Olinger provided specific commentary on the treatment of results for which pro forma information will be provided, an staff would expect regarding these types of arrangements: A description of the type and amount of collateral 2023, and the transition date is January 1, 2021. loans inception. 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