Webcast - SEC Conference 2012: An Accounting & Reporting Update for Public Companies

DAY ONE

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

SEC Hot Buttons
9:00 – 10:30 AM
• Recent commission actions
• Internal controls and the use of pricing services
• Lease default provision
• Retrospective change, other comprehensive income
• Registration statement topics such as pro forma and guarantor information
• European sovereign debt and foreign operations
• Segments, goodwill and deferred taxes
• Contingencies, pensions, non-GAAP, error vs. reclass

Break
10:30 – 10:45 AM

SEC Hot Buttons (continued)
10:45 AM – 12:00 PM
• Comments from new Corp Fin review group
• Confidential filings, location of auditor and Corp Fin disclosure guidance
• Recent market conditions
• SEC comment letter trends
• XBRL/interactive data update
• Effective use of the SEC’s website
• Other SEC rulemaking activities

Luncheon
12:00 – 12:45 PM

Preparing for the SEC Staff Comment Process
12:45 – 2:00 PM
• The key issues the staff is likely to raise and why
• Potential consequences of staff inquiries
• How staff comments lead to an enforcement inquiry or investigation
• The best ways to bulletproof your financial statements and disclosures to withstand staff inquiries

Reporting on Acquisitions & Dispositions
2:00 – 3:00 PM
• The basics
   – Regulation S-X 3-05 financial statements
   – Regulation S-X Article 11 pro forma financial information
• Obtaining waivers from the SEC staff
• Form 8-K filing requirements
• Special issues when buying non-US businesses

Break
3:00 – 3:15 PM

SEC Enforcement: The Current Landscape
3:15 – 4:15 PM
• Current investigative priorities related to accounting and reporting
• Recent cases against issuers and inside accountants
• Recent cases against auditors
• Materiality from an enforcement perspective
• The Section 10A process from an enforcement perspective
• Whistleblower awards update

Revenue Recognition: The New Exposure Draft & the Latest Developments
4:15 – 5:30 PM
• Performance obligations/deliverables
• Separation and allocation
• Variable consideration and collectability
• Transition issues
• Disclosures (qualitative and quantitative information, significant judgments and reconciliations
  of contract balances)
• Practical implementation considerations: what you should be doing now

Cocktail Reception
5:30 – 6:30 PM

DAY TWO

Public Company Auditing Update
8:30 – 9:45 AM
• Recent PCAOB’s activities and their direct effects on issuers
• Re-proposal on communications with audit committees
• Auditor independence: audit firm rotation
• Revising the auditor’s reporting model
• Improving transparency through disclosure of the engagement partner and other audit participants
• Impact of PCAOB inspections on companies
• COSO’s update to its Internal Control—Integrated Framework and its far-reaching implications
  for public companies

Break
9:45 – 10:00 AM

FASB/IASB Projects Update
10:00 – 11:15 AM
• Recently completed projects and related implementation issues
• Short-term projects and implementation issues
• Disclosure and conceptual framework projects
• Industry-specific guidance
• SEC activities related to IFRS or convergence

Leases: Major Changes on the Horizon
11:15 AM – 12:30 PM
• Background and objectives of the current lease accounting project
• Current status of the joint project
• Detailed discussion of the proposed new rules
• Differences between the current FASB and IASB positions in this project
• Business and operational implications of the current proposals
• Practical concerns for accounting organizations

Luncheon
12:30 – 1:15 PM

Loss Contingencies: The Target of Increased SEC Scrutiny
1:15 – 2:30 PM
• Business Section Disclosures (Item 103 of Reg. S-K)
• MD&A Section Disclosures (Item 303 of Reg. S-K)
• Financial Statement Accounting & Disclosures (ASC 450/SFAS 5)

Break
2:30 – 2:45 PM

Breakout Sessions (Select One)
2:45 – 4:00 PM

COSO Update of its Internal Control—Integrated Framework
• COSO’s Exposure Draft of an update to its Internal Control—Integrated Framework
• Background on what led to this update project
• Objectives of the Framework update project
• Significant changes from the 1992 Framework
• Potential effects on internal control implementation and assessment of effectiveness
• Significant comments submitted by respondents
• Proposed revisions and observations based on comments
• Expected timeline and transition

Revenue Recognition: Disclosure Matters—Debits & Credits Aren’t Enough
• Absolute must-have supporting business section disclosures
• Illuminating MD&A disclosures, including critical accounting policies
• Robust footnote disclosures, including significant accounting policies
• Transparent supplementary Schedule II contra-revenue disclosures

Financial Instruments: What’s Next?
• Overview of project and status of convergence efforts
• Classification and measurement proposals—will there be three buckets or two?
• Impairment of financial assets—is that your final answer?
• Hedge accounting—will there be a major overhaul or simplification only?
• Disclosures and presentation
• Transition

Break
4:00 – 4:15 PM

Breakout Sessions (Select One)
4:15 – 5:30 PM

Management's Discussion & Analysis (MD&A): The Good, The Bad & The Ugly
• Best practices, worst mistakes
• Frequent SEC review comments
• Illustrative real company critiques

Business Combinations: Accounting & Valuation Issues in the Current Environment
• Background and current FASB/IASB activity
• Provisional and retrospective adjustments
• Cash flow classifications and implementation issues
• Effect of volatile stock prices and related disclosures
• Fair value adjustments in a business combination
• Goodwill impairment considerations
• Contingent consideration and defensive intangible assets

Living with XBRL: How to Handle Routine Challenges
• Transition issues for filers, best practices and tools
• What happens if you are late with your XBRL file
• What happens when you make amended filings
• XBRL issues in Securities Act registration statements
• Internal controls over the XBRL process
• XBRL is not tag-it once and move
• Why XBRL requires quarterly review

Conclusion
5:30 PM