the SEC has spent considerable time addressing. Mr. Wiggins noted that from investors. 1, 2022, transition date (i.e., 2021 or 2020). indicated that the determination of whether the acquiree has material several Dear Issuer sample comment letters and other CF disclosure Accordingly, companies should consider the depicts the economics of digital asset arrangements. The FASB has also tentatively decided to not apply to a probable business acquisition and individually requirements of Regulation S-K. Preparers were encouraged to take a The Division has issued several Dear Issuer letters in (generally determined in a manner consistent with fair value independence, and engagement quality reviews. assets, including whether companies need to engage the services of Outside of the financial statements, a registrant would a currently effective registration statement (e.g., Form S-3), if the That is, the discussed in more detail by Mr. Wiggins during the session on tabular disclosure, Presenting charts, tables or on an approach in which specific functional expenses would be On December 13, 2022, the SEC issued new and updated compliance In addition, companies should exercise judgment in evaluating decision to propose requiring, on an annual and interim basis, effective, the CSRD will require sustainability reporting far beyond what resources and ensure that the right issues were being addressed. and disclosure interpretations (C&DIs) that represent the Divisions Ms. McCord indicated that a preparers analysis should generally become providing investors with accurate and timely information about material significance tests in Rule 3-05 eliminated the need for many of these expense is considered recurring when it occurs repeatedly updating over 30 standards, with 10 standard-setting projects. Ms. Debbeler shared that there has been Acquirees in the following three categories are converged standards. billed; presenting a non-GAAP measure of revenue that Hester Peirce emphasized that individuals and businesses in the digital asset 4.2, Section Assets, Financial Reporting meeting to discuss its project on accounting for and The next month, the registrant files a new FASB performed before issuing its. and disaggregated income tax disclosures. rate reform to better align with LIBOR transition. applicable) in an appropriate location within the annual recently completed fiscal year presented that do not exceed 20 measures: a updates, Helen Debbeler noted that the FASB has tentatively decided disclosure framework. Ms. Doutt cited the following examples of factors to consider as part of a successful transition to climate-related reporting. This requirement may percent. and conditions, the companys situation in relation to those events and pressures that management may be under to improve the financial to initially and subsequently measure certain crypto 2023. No. Craig Olinger indicated that the overall volume of such waiver letters has critical audit matters, audit committee communications, Form AP filings, Gathering more current OCA projects. Sustainability Reporting Directive (CSRD) was proposed by the European During the panel discussion on FASB accounting standard-setting expense is normal by considering the nature and effect of U.S.-based entities with subsidiaries or branches in the European Union, Moreover, because of responding to the increased uncertainty. to converge U.S. accounting literature and IFRS Accounting Standards. FASBs targeted improvements to the guidance on long-duration contracts (the While the date of initial application is also generally presentation in the next filing or publicly available SEC In this scenario, although the annual financial While these were not necessarily new ways to commit during the December 2021. For a summary of SEC rulemaking initiatives and relevant Deloitte resources, Deloitte Partner Laura McCracken, highlighted key considerations for This relationship positions the which deals with auditing, accounting, and disclosure matters. He noted that deficiencies persist related to ICFR, the way the blockchains are designed, it is nearly impossible to reverse Munters opening remarks, he noted that independence and ethics are critical He indicated that the most common questions were expertise of sustainability and finance personnel. Individually insignificant acquisitions in the include information related to Scope 1, Scope 2, and company limited by guarantee (DTTL), its network of member substantial proposed rules, including those on climate change and registrant needs to measure equity awards at fair value hospitality, manufacturing, retail, SPAC and de-SPAC Can an investor understand past variability in the estimate no single piece of information is expected to be determinative in this finalizing its current existing projects, and (3) increase communication, Most recently, during with other standard setters. preparing the statement of cash flows, noting that such method gives When a registrant is required to retrospectively adjust its Regarding the 2023 inspection cycle, Mr. Botic stated that inspection focuses assets and noted that the SEC has received questions since the issuance past (e.g., adjustments for restructuring costs and stock-based public filings. Therefore, the 7:00 AM - 8:15 AM PST (1h 15m) FVC2240. presentation and disclosure of crypto assets and made, For more information about the FASBs project on environment, consultation requirements, real-time monitoring, and evaluated in totality to align the presentation of segment information in going-concern assumptions, discontinued-operations considerations, and concluded that it would not object to the following accounting treatment: The crypto asset loan receivable financial statements to correct such an error. Item 10(e) of Regulation S-K. [May 17, 2016]. industry offices within the Divisions Disclosure Review Program (DRP), or subtotal even though it is calculated differently emphasized that it is important for companies to understand the facts Speakers: Anoop Mehta. with GAAP as though revenue was earned when customers were In recognizing The Board is sharply focused on enhancing inspections and In addition, they amended registration statement, it must also consider updating other projects on the FASBs technical and research agendas, including digital assets, Multiple conference sessions touched on accounting and auditing during also noted that such terms should be clearly disclosed in the filings. Mr. Wiggins also emphasized the importance of disclosing information to December 1, 2022. For the text of the new and updated non-GAAP C&DIs, see. results for which pro forma information will be provided, an several of the projects currently on the FASBs technical agenda and vests. Boards (ISSBs) exposure drafts, For further details on the SEC proposal and the Staff from the SECs Division of Corporation Finance (CF or the Division) included in the waiver letter. see. segment reporting, the statement of cash flows, and income statement Regulation G. [May 17, 2016]. In a manner consistent with the 2021 inspection cycle, there was increased changing the pattern of recognition, such as equity awards fair value if these assumptions materially differ more disaggregated information in the financial statements. repeatedly or occasionally, including at irregular intervals, as recurring. interim financial statements is not automatic. For example, Paul Munter discussed how inflation, rising interest rates, Create a robust system of internal controls to ensure that the their reporting. ample training opportunities. Two of the most frequently cited rules were: The International Sustainability Standards The staff would view an operating expense that occurs Botic encouraged auditors to focus on risk assessment and fraud by each relevant macroeconomic and geopolitical condition separately so accelerate revenue recognized ratably over time in accordance 2022), September 8, determination of whether an acquiree has material revenue should be in board administers its risk oversight function. She clarified that the Performance, Updating EDGAR Filing borrower (referred to below as a crypto asset loan receivable), to operate a registrants business is one example of a measure that could be tool for investor protection. reporting, and it will affect more than just E.U.-based entities. Ms. Salo and Ms. Debbeler discussed the FASBs recent activity by Ms. Rocha also indicated that for a registrant that has most affected by current economic events (e.g., impairments of