SEC Conference 2017: An Accounting & Reporting Update for US Listed Companies

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Asia's premier conference for financial professionals serving US listed companies

SEC Conference 2017: An Accounting & Reporting Update for US Listed Companies

CPE Credit: 16 Hours

Price: $1,795.00

CPD Credit: 14 Hours

NASBA Field of Study: Accounting
 

Presentation will be in English with simultaneous translation in Mandarin

 

Overview

Asia’s premier conference for financial professionals serving US listed companies!

US regulators, thought leaders from the Big 4 and industry panelists will provide you with a critical update on US financial accounting and reporting, with a special focus on issues that impact Chinese and other Asia-based companies.
 

AGENDA HIGHLIGHTS


•  Insights from the SEC’s Division of Corporation Finance

•  SEC hot buttons 

•  Recent accounting developments (FASB/IASB update)

•  Update on SEC enforcement initiatives for Asia-based companies

•  Common issues for China's Fintech businesses

•  PCAOB and auditing developments  

•  Cybersecurity

•  Accounting for leases: implementation and transition  

•  Revenue Recognition Standard: navigating the new landscape 

•  A deep dive into the New Revenue Recognition Standard 

•  Accounting for business combinations and strategic investments

•  Material weaknesses and SOX compliance
 

LEARNING OBJECTIVE  To update financial executives on important US financial accounting and reporting topics, with a special focus
on issues that affect Chinese and other Asia-based companies.

PREREQUISITE  None.    ADVANCE PREPARATION  None.    PROGRAM LEVEL  Update.    NASBA FIELD OF STUDY  Accounting.
DELIVERY METHOD  Group-Live.

Agenda

DAY ONE AGENDA*


Deluxe Continental Breakfast & Registration
8:00
 – 8:45 AM

Welcome & Opening Remarks
8:45
 – 9:00 AM

SEC Hot Buttons  
9:00
 – 10:30 AM
A review of recent and ongoing developments at the SEC and Division of Corporation Finance, featuring an overview of key SEC Initiatives and recent rulemaking activities, including:
Disclosure effectiveness initiative
Finalizing rules to update Regulations S-K and S-X, eliminating redundant, duplicative disclosures
Finalizing amendments to increase the threshold for smaller reporting companies
Issuers’ implementation of Revenue Recognition and Leases Standards and controls related to the
  implementation

Financial Reporting Manual update, including reporting issues related to adoption of new accounting
  standards

Enforcement update

Break
10:30
 – 10:45 AM

SEC Hot Buttons (continued)
10:45 AM – 12:15 PM
SEC staff comments and trends update
  – MD&A
  – Revenue recognition
  – Goodwill impairment
  – Acquisitions and business combinations
  – Income taxes
  – Segment reporting
  – ICFR
Working with SEC staff
  – Recent developments
  – Filing review process
  – Best practices in resolving comments and outstanding issues

Luncheon
12:15
 – 1:15 PM

Recent Accounting Developments (FASB/IASB Update) 
1:15 – 2:30 PM
FASB/IASB agenda and status of convergence projects
• Recently completed projects and related implementation issues
• Recently issued exposure drafts and other formal projects
• Accounting updates with upcoming effective dates
• Disclosure and conceptual framework projects
• Current SEC views related to IFRS and convergence in the US system

Break
2:30
 – 2:45 PM

Update on SEC Enforcement Initiatives for Asia-Based Companies
2:45 – 4:15 PM
SEC enforcement trends
• Financial reporting and disclosure cases—back on the rise
• SEC investigation process and case sources
• Financial Reporting and Audit (FRAud) Group Initiatives and their proactive approach to identify
  financial fraud
• Use of the SEC’s latest enforcement detection tool—big data
• Review and focus of recent cases:
  – Revenue recognition
  – Consolidation accounting issues (as M&A increases)
  – Earnings management
  – Increased emphasis on issuer compliance and controls
  – Focus on individuals and gatekeepers
  – ICFR and disclosure controls
  – Valuation and impairment issues
  – Auditor independence
  – Auditor fraud
• Whistleblower update
• FCPA enforcement trends
• Insider trading
• Continued focus on cybersecurity

Common Issues for China's Fintech Businesses 
4:15
 – 5:30 PM
An overview of the Fintech (including peer-to-peer lending) industry
The rapid increase of peer-to-peer lending in China
Financial innovation and recent developments in China
China’s regulatory environment over the industry and related transactions
Considerations for including assets on balance sheets
Understanding of guarantee accounting requirements
Common implications on revenue recognition
Upcoming developments and the future of China’s Fintech companies

Cocktail Reception
5:30
 – 6:30 PM
 

DAY TWO AGENDA*


Deluxe Continental Breakfast
8:15
 – 8:45 AM

Welcome & Opening Remarks
8:45
 – 9:00 AM

PCAOB & Auditing Developments   
9:00
 – 9:45 AM
PCAOB inspection of audit firms and impacts on issuers
  – Changes to PCAOB inspection reports
  – New PCAOB inspection briefs
  – PCAOB 2017 inspection focus areas and impacts on issuers
• Revising audit committee disclosures
• New PCAOB requirement for disclosure of the engagement partner and other audit participants
• PCAOB auditing standards and projects update
  – Changes to auditing standard on related parties
  – Audit quality indicators

Cybersecurity
9:45
 – 10:30 AM
The massive international cyber attack on Sony, and its many costly and embarrassing repercussions,  sounded the alarm for other international companies that also could be vulnerable to these ever-rising cybersecurity threats.
That’s why companies must now proactively take steps to protect themselves against security breaches, loss of company or customer data, damage to critical business systems, and the theft of intellectual property and other proprietary information. This session will address the cybersecurity issues that most global organizations face today and the best ways to handle them.

Cybersecurity threats: the current US landscape, as well as the international landscape
Cybersecurity best practices
Handling a cyber attack, its aftermath and repairing the damage
How to deal with differing information security and cybersecurity rules across the globe

Break
10:30
 – 10:45 AM

Accounting for Leases: Implementation & Transition   
10:45 AM – 12:15 PM
• Overview, effective date and timeline of the New Standard
• Scope of and identifying a lease
• Separating lease and non-lease components
• Determining and allocating the consideration in the contract
• Key concepts (lease term, lease payments and discount rates, and other items)
• Issues to be discussed include:
  – Lease classification
  – Lessee and lessor accounting and presentation
  – Summary of lessee’s potential financial statement impact
  – Lessor accounting—operating leases, sales-type leases, direct financing leases

Luncheon
12:15
 – 1:15 PM

Revenue Recognition Standard: Navigating the New Landscape  
1:15
 – 2:45 PM
Overview and recent developments identified by the Transition Resource Group
  – Identifying performance obligations and licensing
  – Proposed ASU on Narrow-Scope—current projects related to issues—improvements and
     practical expedients
  – Clarification to principal vs. agent guidance (reporting revenue gross vs. net)
• Understand transition decisions and retrospective adoption alternatives
• Revisit current accounting policies to determine required accounting process changes
• Disclosure requirements
• Implementation challenges
  – Establish governance, project management and change management
  – Determine the impact on people, processes and systems
  – Communication and education
• Contract reviews
• Adoption examples

Break
2:45
 – 3:00 PM

A Deep Dive into the New Revenue Recognition Standard  
3:00
 – 3:45 PM
• Implementation date
• The journey to the New Standard, including overview, objectives and scope
• Update on the far-reaching impacts of the New Standard
• How to evaluate contracts with customers using a principles-based approach
• Choosing the right transition alternative for your company: full retrospective vs. modified
  retrospective approach
• Key issues, including the pros and cons of each method
• Relevant differences under the New Standard
• Areas which require more judgments and estimation
• New Standard in depth: five key steps of the model
  – Identify the contract with the customer
  – Identify the performance obligations in the contract
  – Determine the transaction price
  – Allocate the transaction price to separate performance obligations
  – Recognize revenue when each performance obligation is satisfied
• How to best handle the expanded qualitative and quantitative disclosure considerations (annual
  and interim)
• Joint Transition Resource Group update
• New amendment on principal vs. agent guidance
• Recently approved amendments on performance obligations and licenses
• Proposed amendments dealing with collectability and more

Accounting for Business Combinations & Strategic Investments 
3:45
 – 4:30 PM
The accounting for business combinations (ASC 805), discontinued operations, and related topics continue to pose many challenges and remain on the SEC’s radar screen. In addition, strategic investments by companies and partnerships that companies are entering into also pose difficult accounting questions.
This session will focus on:

Accounting for disposal activities, exit costs and restructuring costs
Risk management considerations
Cross-border acquisitions
Post-acquisition issues
Earn-out pitfalls
Accounting for a partial acquisition
SEC reporting requirements
Accounting for Strategic Partnerships, equity interest and cost method investments

Material Weaknesses & SOX Compliance 
4:30
 – 5:15 PM
Evaluating the severity of deficiencies and material weaknesses is a primary target for regulators. That is why avoiding material weaknesses (MWs) is a critical goal for all filers. This session will spotlight the current MWs being seen in the market today, based on recent filings, and will show you the best ways to avoid and deal with these material weaknesses.
This session will also focus on SOX compliance challenges that companies face today, and share the latest leading practices relating to risk and control responsibilities that will aid organizations in achieving their regulatory objectives.

Conference Ends
5:15 PM

 

* PLEASE NOTE: Session topics and times are subject to change based on location and speaker availability. Please call 1-800-544-1114 for specific agenda details.

Speakers

CONFERENCE CO-CHAIRS


Laura Butler is a Partner with PwC in the US Capital Markets Group in the Beijing Office. Ms. Butler has over 20 years of experience advising companies on US GAAP, IFRS and SEC technical matters in relation to their US IPOs, Private Placements and ongoing registration requirements. She has extensive experience working with telecommunication, technology and media companies in complex areas such as revenue recognition, purchase accounting for acquisitions and consolidation analysis for variable interest entities. Ms. Butler’s recent projects have included completion of three US IPOs for Chinese companies in the entertainment and media sector.
 

Chris Lin is a Partner in the Hong Kong office of Simpson Thacher & Bartlett LLP, where he participates in corporate finance, M&A, direct investment and project finance transactions in the Greater China area. Among his numerous achievements, he has been involved with US SEC registered offerings in Taiwan, Hong Kong and Singapore, as well as the global private placements of equity securities and bonds in numerous businesses, ranging from banking and technology, to media and industry. Mr. Lin is proficient in Rule 144A placement and Regulation S offerings, and specializes in Initial Public Offerings, corporate governance, capital markets and crisis management. He is a graduate of Columbia Law School and the National Taiwan University College of Law.

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Location

CPE INC. has reserved a block of rooms at preferential rates. To make your hotel reservation,
call CPE INC. or the hotel’s reservation department and ask for the CPE INC. special room rate.

 

The St. Regis Beijing
21 Jianguomenwai Dajie
Beijing 100020 China
(86 10) 6460 6688

 

Increase your savings by taking one or more of our pre- and post-conference workshops. Pricing is as follows:

Conference: $1795/¥11800
Workshop: $695/¥4500
Conference & One Workshop: $2200/¥15000
Conference & Two Workshops: $2600/¥17500

In addition to these discounts, you may be entitled to Early Bird and Customer Loyalty Discounts.
To take advantage of these discounts, please enter your reference number at checkout.