SEC Conference 2020: An Accounting & Reporting Update for Public Companies

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Discover what you need to do now about the latest developments—from SEC regulators, Big 4 leaders and industry experts.
 

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SEC Conference 2020: An Accounting & Reporting Update for Public Companies

CPE Credit: 18 Hours

Price: $1,445.00

NASBA Field of Study: Accounting

 

Overview

This is the one SEC Conference that provides you with the latest updates and expert guidance from current SEC and PCAOB regulators—including the SEC’s Divisions of Enforcement and Corporation Finance—plus Big 4 leaders and other experts.

At these events, you will be brought up to speed on how to effectively deal with all of the new financial accounting and reporting requirements and regulations from the FASB, SEC, PCAOB, IASB, AICPA and other rule makers.
 

AGENDA HIGHLIGHTS

•  Key SEC Developments

•  ESG & Financial Reporting      

•  FASB Update

•  Financial Instruments: Credit Losses (ASC Topic 326) & Current Expected Credit Loss (CECL) Model

•  SEC Enforcement Initiatives

•  Public Company Auditing Update

•  Financial Accounting & Reporting Impact of Change to LIBOR Reference Rate

•  Deep Dive Into SEC Comment Letter Trends

•  Frequently Encountered Accounting & SEC Reporting Topics

•  Internal Controls—Hot Topics

 

LEARNING OBJECTIVE  To provide financial professionals with an update on the key issues and regulations that impact the financial
accounting and reporting of listed companies.

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

 

This program is also available via live webinar
SEC Conference 2020: An Accounting & Reporting Update for Public Companies Webinar

Agenda

DAY ONE AGENDA*


Deluxe Continental Breakfast & Registration
8:15 – 8:45 AM

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

Key SEC Developments
9:00
 – 10:30 AM
SEC Staff Changes
  – Staff/administration leadership focus

Capital Formation
  – “Test-the-Waters” for All (Rule 163B)
  – Direct Listings
  – S-X Rule 3-13 relief
  – Key disclosure and reporting matters
  – Nonpublic review scope expanded
  – New definition of smaller reporting company
SEC Rulemaking Update

  – Proposed changes to reporting acquisitions and dispositions
  – Proposed amendments to MD&A and Guidance on Key Performance Metrics

  – Proposed changes to rules governing proxy advisors and proxy solicitations
  – Proposed changes to accelerated filer threshold
  – Proposed definition of non-accelerated filers
Communication of Critical Audit Matters (CAMs)
Proxy Season Update—Company & Shareholder Proposals
  – SEC staff revises procedures for handling shareholder proposals (Rule 14a-8) and confidential
     treatment requests

ESG Disclosures & Related Trends

Break
10:30
 – 10:45 AM

Key SEC Developments (continued) 
10:45 AM – 12:30 PM
Cybersecurity
  – Disclosures
  – Best practices
  – SEC enforcement priority
Legislative Update
  – Dodd-Frank Reform
  – JOBS Act 3.0
Disclosure Trends
  – SEC comment letter trends
  – Contract modifications in revenue recognition
Key Disclosure & Reporting Matters with Non-GAAP Measures
  – Non-GAAP disclosure measures
  – Trends in Brexit, LIBOR phase-out, Coronavirus and other risk disclosures
SEC Statement on Key Reminders for Audit Committees
ASC Updates
  – ASU 2019-10 and new FASB approach to setting transition provisions for future accounting
     standards

SEC Reporting Implications of FASB Transition Approach—Various Standards
  – Credit impairment (ASC 326)
Select Projects on FASB Agenda

Luncheon
12:30
 – 1:15 PM

ESG & Financial Reporting
1:15 – 2:45 PM
The focus on environmental, social and governance issues continues to accelerate as investors and other stakeholders are increasingly looking to understand and assess material ESG factors in their investment, purchasing and employment decisions. This panel will discuss the key drivers demanding corporate attention on ESG, and how financial reporting teams can help companies to identify, assess and disclose ESG issues in ways that increase trust with stakeholders and enhance corporate reputation and long-term value.

Break
2:45 – 3:00 PM

FASB Update
3:00 – 4:15 PM

FASB Current Active Agenda
Recently Completed Projects & Related Implementation Issues
Recently Issued Exposure Drafts & Other Formal Projects 
Accounting Updates with Upcoming Effective Dates

Disclosure Effectiveness
Simplification Projects
EITF Update

Financial Instruments: Credit Losses (ASC Topic 326) & Current Expected Credit Loss (CECL) Model
4:15 – 5:30 PM

The FASB’s New Standard on Credit Losses changes the accounting rules for impairment of financial instruments by adding a CECL model based on expected losses rather than incurred losses. This session will focus on:

Background & Reasons for New Standard Issuance
Incurred Loss Model vs. Current Expected Loss Model
CECL Core Concepts
  – Amortized cost
  – Pooling of assets based on similar risks
  – Qualitative/quantitative factors with Zero Loss Loans

  – Contractual life of an asset
  – Reasonably expected TDRs
  – Relevant information for assessing expected credit losses

Modeling Considerations & Challenges
  – Differences between incurred loss framework and CECL
  – Methods available to estimate credit losses
CECL Methodology

AFS Debt Security Impairment Model
Presentation & New Disclosure Requirements

Project Phases & Timeline
  – Implementation roadmap and lessons learned

Cocktail Reception
5:30 – 6:30 PM

 

DAY TWO AGENDA*


Deluxe Continental Breakfast
8:00 – 8:30 AM

SEC Enforcement Issues
8:30 – 10:00 AM
SEC Enforcement: The Current Landscape
Current SEC Commissioners
New SEC Enforcement Policy Focus: Technology & Individuals
SEC Enforcement Actions, Penalties & Trends
The Share Class Initiative Influenced Trends in FY 2019
SEC Whistleblower Program Update & Awards
Arsenal of SEC Enforcement Weapons
Examples of Specific Risks for the Initiation of SEC Investigations
Accounting Areas of Focus
Recent Accounting & Reporting Case Examples

Recent Cases Against Individual Auditors & Accountants
Litigated Financial Fraud & Auditor Cases
Recent FCPA Cases
SEC Focus on Cyber: Disclosure, Internal Controls, Cryptocurrency, etc.
Insider Trading
Questions

Break
10:00
 – 10:15 AM

Public Company Auditing Update
10:15 – 11:30 AM
The PCAOB’s 2019-2023 Strategic Plan
Inspections Outlook for 2020
Reporting & CAMs
  – Auditor reporting overview
  – Auditor reporting model—Phase 2: CAMs
  – Communication of critical audit matters
  – How will auditors determine CAMs
  – What will auditors communicate about CAMs
  – Language to be used in communicating CAMs
  – Will auditors disclose on “original information?”
  – Early learnings and trends
Internal Controls Over Financial Reporting
  – Relationship of disclosure controls and procedures and ICFR
  – Management review control challenges

  – Evaluation of a deficiency
  – SEC Report of Investigation regarding certain cyber-related frauds perpetrated against public
     companies and related accounting controls requirements

  – Consideration of cybersecurity incidents
Standard Setting

  – Standard setting updates: PCAOB’s current activities
  – Strengthened requirements related to auditing accounting estimates and fair value measurements
  – New standards addressing the use of specialists
  – Use of other auditors
  – Quality control standards, including assignment and documentation of firm supervisory
     responsibilities

  – Research agenda

Financial Accounting & Reporting Impact of Change to LIBOR Reference Rate
11:30 AM – 12:30 PM
The upcoming phase-out of the London Interbank Lending Rate (LIBOR) in favor of alternative reference rates will lead to extensive changes to global finance. LIBOR is used extensively in the US and global markets as a reference interest rate in a broad range of financial instruments and commercial agreements, but the banks that report information used to set this rate will no longer be required to do so after 2021. Regulators in various jurisdictions have been working to replace LIBOR and other interbank offered rates with reference interest rates that are more firmly based on actual transactions from liquid markets. The transition to new reference interest rates will require countless contracts, such as derivative contracts and variable rate debt agreements, to be modified. Accounting changes to contracts stemming from reference-rate reform could be costly and burdensome to apply and could have significant effects on financial reporting, including increased earnings volatility.
This session will focus on the accounting impact from the LIBOR transition including:

Hedge accounting and inventorying all hedge accounting elections
Debt agreements and modifications
Discount rate development applied in key models such as lease accounting and fair valuation

Establishing a process to inventory applicable instruments, implementing controls to ensure any
  practical expedients elected are eligible

Luncheon
12:30 – 1:15 PM

Deep Dive Into SEC Comment Letter Trends
1:15 – 2:15 PM
The SEC Division of Corporate Finance’s filing review process is a key function utilized by the SEC staff to monitor the critical accounting of disclosure decisions applied by registrants. Comments are based primarily on a company’s disclosure and other public information, such as websites, press releases, and analyst calls. Nonpublic information, such as whistleblower tips and PCAOB inspection reports, can also be a source of comments. Recent significant changes in ASC topics are responsible for many comments, however that does not tell the whole story. There are often recurring themes.
In this session, SEC experts will explore these recurring themes that should be observed and understood when crafting financial statement disclosures, MD&A disclosures, and investor presentations. In addition, they will also explain the comment letter process and best practices for responding to SEC comment letters and effectively closing a filing review. 

Frequently Encountered Accounting & SEC Reporting Topics
2:15– 3:30 PM
This session will focus on complex and challenging accounting and SEC reporting topics that are frequently encountered by accounting professionals of public companies.

Break
3:30
 – 3:45 PM

Internal Controls—Hot Topics
3:45 – 5:15 PM
This session will provide an update on current trends associated with a company’s internal control environment and expectations for public companies to maintain documentation of the execution of processes and controls based on recent guidance and enforcement action from the Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB).
Topics that will be discussed include:

Documentation expectations associated with management review controls
How to document the controls associated with information produced by the entity
Entity-wide controls

Controls over estimates and significant and unusual transactions
Monitoring activities and evaluating deficiencies

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.

 

This program is also available via live webinar
SEC Conference 2020: An Accounting & Reporting Update for Public Companies Webinar

Speakers

CONFERENCE SPEAKERS


CURRENT REGULATORS

Anne McKinley, Assistant Regional Director, Division of Enforcement, SEC

Alka Patel, Associate Regional Director, SEC

Erin Schneider, Associate Regional Director, Division of Enforcement, SEC

Alexander Vasilescu, Regional Trial Counsel, SEC

George Wilfert, Deputy Director, Office of Research and Analysis, PCAOB
 

FORMER REGULATORS

Era Anagnosti, Partner, White & Case LLP, former Legal Branch Chief/Acting Assistant Director, SEC

Alex Debbink, Manager, Financial Accounting Advisory Services, Ernst & Young LLP, formerly Technical Accounting Assistant at the FASB

Andrew Debbink, Senior Financial Accounting Advisory Services, Ernst & Young LLP, formerly Technical Accounting Assistant at the FASB

Louis Fanzini, Global Controller, Vonage, former FASB Industry Fellow, FASB

Ivan Harris, Partner, Morgan, Lewis & Bockius LLP

Steven C. Jacobs, Partner, Ernst & Young LLP, former Associate Chief Accountant, Division of Corporation Finance, SEC

Henry Klehm III, Partner, Jones Day, formerly in the Division of Enforcement, SEC

David Korvin, Attorney, Gibson Dunn, formerly an Attorney at Division of Corporate Finance, SEC

Susan Markel, Managing Director, AlixPartners, former Chief Accountant, SEC

Jessica Matelis, Attorney, Securities Enforcement & Litigation, Foley & Lardner

James Moloney, Corporate Partner, Gibson, Dunn & Crutcher LLP, former Special Counsel, Division of Corporation Finance, SEC

Brad Mroski, Director, AlixPartners, former Assistant Chief Accountant, Division of Enforcement, SEC

Susan Resley, Partner, Morgan Lewis, formerly in the Division of Enforcement, SEC

Thomas Sporkin, Partner, Buckley Sandler LLP, former Chief of the Office of Market Intelligence, SEC Division of Enforcement
 

CORPORATE LEADERS, BIG 4 & OTHER MAJOR ACCOUNTING FIRMS

Chris Ackerlund, Financial Reporting and Policy, Bank of America

Barbara Ard, Managing Director, Accounting & Transaction Services, MorganFranklin Consulting

Neal Ballew, Assurance Senior Manager, Ernst & Young LLP

Eric Barger, Principal, Matador Consulting, LLC

Gabe Bauer, Manager, Deloitte Advisory

Barry Berkowitz, Technical Accounting, Google

Michael Cahill, Senior, Financial Accounting Advisory Services, Ernst & Young LLP

Ross Collins, Senior Manager, Financial Accounting Advisory Services, Ernst & Young LLP

Matthew Conway, Senior Manager, Ernst & Young LLP

Damon Farley, Executive Director, Ernst & Young LLP

Shelley Finn, Senior Financial Principal/Director, Accounting Policies, DXC Technology

Tai Fung, Director, Starbucks Coffee Company

Ted Guy, Partner, Ernst & Young LLP

Ashima Jain, Managing Director, PwC

Katherine Jenezon, Senior Manager, Financial Services Assurance, Ernst & Young LLP

Karen Keelty, Assurance Partner, National Office, PwC

Allen Klingsick, Senior Vice President and Chief Accounting Officer, Hilton Grand Vacations

Craig Lewandowski, Managing Director, KPMG

Jenn Manship, Senior Manager, Financial Reporting, Starbucks Coffee Company

Polia Nair, Senior Manager, SEC Regulatory Matters, Ernst & Young LLP

Angela Newell, National Assurance Partner, BDO

Beth Paul, Partner, PwC

Brett Rembold, Staff Accountant, Ernst & Young LLP

Lynn Rogers, Senior Vice President, External Reporting, Bank of America

Barbara Ruane, Accounting Policy, Jones Lang LaSalle

Patricia Salkin, Managing Director, Deloitte & Touche LLP

Julie Valpey, Assurance Partner, National SEC Department, BDO
 

LEGAL & OTHER SEC REPORTING SPECIALISTS

Stuart Absolom, Partner, Atlantic Region Leader, Accounting & Reporting Services, BDO

Alan Bannister, Partner, Gibson, Dunn & Crutcher LLP

Maia Gez, Partner, White & Case LLP

Hillary Holmes, Partner, Gibson, Dunn & Crutcher LLP

John Tang, Partner, Jones Day

Mike Titera, Associate, Gibson, Dunn & Crutcher LLP

Geoffrey Walter, Associate Attorney, Gibson Dunn & Crutcher LLP

Robyn Zolman, Partner, Gibson, Dunn & Crutcher LLP

 

This program is also available via live webinar
SEC Conference 2020: An Accounting & Reporting Update for Public Companies Webinar

Workshop

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Forum

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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.

 

Omni Mandalay Hotel at Las Colinas
221 East Las Colinas Boulevard
Dallas, TX 75039
(972) 556-0800

 

The Ritz-Carlton, Tysons Corner
1700 Tysons Boulevard
McLean, VA 22102
(703) 506-4300

 

The Ritz-Carlton, Laguna Niguel
One Ritz-Carlton Drive
Dana Point, CA 92629
(949) 240-2000

 

Park Hyatt Chicago
800 North Michigan Avenue
Chicago, IL 60611
(312) 335-1234

 

The Camby Hotel
2401 East Camelback Road
Phoenix, AZ 85016
(602) 468-0700

 

JW Marriott Hotel Houston
5150 Westheimer Road
Houston, TX 77056
(713) 961-1500

 

InterContinental New York Times Square
300 West 44th Street
New York, NY 10036
(212) 803-4500

 

San Mateo Marriott San Francisco Airport
1770 South Amphlett Boulevard
San Mateo, CA 94402
(650) 653-8000

 

This program is also available via live webinar
SEC Conference 2020: An Accounting & Reporting Update for Public Companies Webinar

 

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

Conference: $1445
Workshop: $595
Conference & One Workshop: $1850
Conference & Two Workshops: $2150