Highlights: 2020 AICPA Conference on Current SEC and PCAOB Developments

The format of the 2020 annual American Institute of Certified Public Accountants (AICPA) Conference on Current U.S. Securities and Exchange Commission (SEC) and Public Company Accounting Oversight Board (PCAOB) Developments may have looked a little different this year (as everyone attended virtually) but continued to include a wide range of presentations by senior leadership and other representatives from the SEC, PCAOB, Financial Accounting Standards Board (FASB), the Center for Audit Quality (CAQ) and the AICPA. There were also a number of other stakeholders such as preparers, audit committee members and audit professionals that served as panelists throughout the conference.

Download our summary of the annual conference, which highlights the following areas, among others:

  • COVID-19 Impacts
  • Accounting Issues
    • FASB
    • SEC Office of the Chief Accountant
      • Revenue recognition – Performance obligations
      • Revenue recognition – Principal versus agent
      • Leases – Abandonment of a right-to-use asset
      • Equity method investment – Application to an entity with less than 20 percent ownership
      • Voting interest entity consolidation – Consideration of substantive participating rights
      • Cash flow statement – Consideration received from a vendor
      • Discontinuation of LIBOR – Embedded derivatives for interest reset features
    • Forecasting and Impairment
  • Auditing Considerations
  • SEC Update
    • Amendments to Financial Disclosures about Acquired and Disposed Businesses
    • Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities
    • Modernization of Regulation S-K Items 101, 103 and 105
    • Management’s Discussion and Analysis, Selected Financial Data and Supplementary Financial Information

There were a number of topics discussed at the conference, but the topics discussed in this publication were the trending topics that repeated throughout and kept attendees talking after the day ended. If you have questions, or wish to discuss further, reach out to your DHG advisor or contact us at assurance@dhg.com.

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