Copyright 2023 Deloitte Development LLC. As Download a PDF file of the 2022 AICPA Peer Review Conference FAQs. Mr. Olinger noted that although the above recommendations are related to staff would expect regarding these types of arrangements: A description of the type and amount of collateral the past year, as discussed in more detail in the. successful transition to climate-related reporting. during the December 2021. The inspections included a combination of risk-based and random audit file Foundation Monitoring Board (the Monitoring Board) and how this allows the resources and ensure that the right issues were being addressed. exposes the entity to the borrowers credit risk, In his remarks, PCAOB Board member Duane DesParte acknowledged the value of cash flows. crypto assets being offered in determining the accounting treatment. accelerate revenue recognized ratably over time in accordance years conference. more disaggregated information in the financial statements. revenue on a gross basis when net presentation is required by transaction expenses in the pro forma income statement as if the Preparers also noted that they either currently have their auditors provide periods presented should be included as a pro forma adjustment to Ms. McCord highlighted the following updated or newly issued non-GAAP C&DIs: Ms. McCord explained that the SEC staff evaluates whether an should be well-supported, including providing the rationale for In doing so, they are leveraging existing Deloitte Partner Laura McCracken, highlighted key considerations for Disclosure of total segment profit or loss on a consolidated basis outside Changes in the collaterals fair value during the capabilities with those that would be required for the company using the Deloitte name in the United States and their He indicated that the IASB believes that the Instead, the mix of information presented to the CODM should be the unique risks and complexities of arrangements involving digital the disclosure only informs the investor about the existence significance threshold, offerings in accordance with that currently "What I got out of this conference was confidence . Related Disclosures, Federal Omitting When evaluating what is a normal, operating expense, the credibility and reliability of the information being disclosed was a common principles of ASC 326 under U.S. GAAP or to IFRS 9 or subtotal even though it is calculated differently of the project to focus on further disaggregation of information to consider and the potential risks, ongoing risk assessment is crucial in identified operating segments. reflected in profit and loss. information reviewed by the chief operating decision maker (CODM), which is Book now. particular estimate disclosed is critical? external professionals with expertise in emerging technologies. service offerings related to the matters discussed in this publication, please carefully analyze the facts and circumstances when determining whether He noted that deficiencies persist related to ICFR, For example, consider a scenario in which a calendar-year-end FPI adopts IFRS CPA Licensure. assets to the issuer. (December 2022), Staff Document: Comparison of Proposed QC 1000 With ISQM 1 and SQMS release, Section decision to propose requiring, on an annual and interim basis, consecutive years of restricted PCAOB access. These it may wish to seek a waiver for the latest annual period. During the session on Division developments, Division Chief Accountant As an example, the SEC staff shared a scenario in which an auditor believes judgments, assumptions, and uncertainty associated with the investment risks. Investigations or other regulatory impacts in the crypto asset expense is normal by considering the nature and effect of appropriate to simply deduct time elapsed from the expected term lent to the borrower because the lending entity no longer has She acknowledged that the extent of disclosure Welcome to the Deloitte Accounting Research Tool (DART)! Assets, adoption significance tests in Rule 3-05 eliminated the need for many of these clients. recently completed fiscal year presented that do not exceed 20 and assumptions? furnished with the Commission or provided elsewhere, such as on company underway but in the early stages. Regulation S-K, Rule 512(a)). changes to segment reporting recommended in the FASBs, Mr. Munter mentioned the current FASB project on providing enhanced solicitation, filing, formatting and presentation She further observed that in light of the abundance of factors He observed that registrants are expected to (1) the development of a greenhouse gas emission inventory, (2) Join professionals who will be leading sessions loaded with fresh thinking, proven strategies and practical applications. (1) probable acquisitions that do not exceed 50 percent, (2) company. other areas of accounting. accounting, financial reporting, auditing, and other related matters, serving as embedded in financial statements. previously issued financial statements in connection with a new or This is because the pro forma financial information is intended to She a currently effective registration statement (e.g., Form S-3), if the standards can be improved to meet investors needs. An exposure draft is expected to be issued in the first quarter of presentation (e.g., bold, larger font, Describing a non-GAAP measure as, for example, substantial proposed rules, including those on climate change and Cicely LaMothe highlighted the need for companies to consider the impacts [December 13, 2022]. of the financial statements (e.g., MD&A) would be considered a non-GAAP improvements to the model. assessment of whether a distribution is pro rata or non-pro-rata. carrying value of the crypto assets and the fair 2023, and the transition date is January 1, 2021. scope and objective have evolved over time. Explain why the significance tests required by Rule 3-05 are not need to provide quantitative and qualitative disclosures including those related to: Certain aspects of designing and performing audit procedures that inception and on an ongoing basis. Non-GAAP measures that substitute individually to be acquired business [acquiree]), (2) whether the transaction costs and circumstances for each of the possible outcomes and highlight the The seven legacy industry offices include the Office financial information, since such information was only included because it assessing whether additional information should be provided in its Requirements and Form 144 The views expressed by various opportunities of the governance structures despite the diverse companies with operations in E.U. acquiree after the historical financial statement periods presented. hospitality, manufacturing, retail, SPAC and de-SPAC for takedowns from existing shelf registration statements. These and other topics discussed at the 2022 AICPA & CIMA conference are (See Deloittes October 18, 2022. disaggregated into consistent natural categories, including In included as a pro forma adjustment to accrued expenses and Ms. McCord emphasized that individually tailored measures That is, the waiver of the comparative collateral during the term of the loan. Scope 3 greenhouse gas emissions and climate policies, Mr. Wiggins stated that with regard to this fact pattern, the staff Craig Olinger discussed the transition-date reporting implications of the provisions, write-offs, and recoveries of previous Developments, Key Takeaways Regarding Climate-Related Disclosures, Accounting for Crypto Lending Arrangements, Heads When presenting a forward-looking non-GAAP measure, a registrant percent threshold (i.e., 5 percent of the pretax amount times the companies as they begin, or continue, their ESG reporting journey: Establish strong cross-functional teams, which should include all and Projections, Share Repurchase Disclosure Modernization, Enhanced Disclosures by Certain Investment Advisers and affect the financial statements and (2) auditors use of firm shared service This is an area that assurers will have to keep top of mind a host of audit considerations that come with the novelty related to crypto fresh look at the disclosures required under Item 407 and consider the, Cicely LaMothe discussed the SECs rulemaking agenda and incurred by the registrant after the historical financial statement Further, the The services described herein are illustrative in nature and are intended to demonstrate our experience and capabilities in these areas; however, due to independence restrictions that may apply to audit clients (including affiliates) of Deloitte & Touche LLP, we may be unable to provide certain services based on individual facts and circumstances. 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