SEC Conference 2020: 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 2020: An Accounting & Reporting Update for US Listed Companies

CPE Credit: 16 Hours

Price: $1,795.00

NASBA Field of Study: Accounting

 

Overview

Our 2020 SEC Conference: An Accounting & Reporting Update for US Listed Companies, in Beijing, is designed to help Asia-based companies navigate through the complex rules and regulations for doing business in the US. US regulators, thought leaders from the Big 4, and industry panelists will provide you with the latest, critical updates on US financial accounting and reporting, with a special focus on issues that impact Chinese and other Asia-based companies.
 

AGENDA HIGHLIGHTS

•  Regulatory Update: Future of China in US Capital Market

•  SEC Hot Buttons

•  Update on SEC Enforcement Initiatives for Asia-Based Companies

•  Recent Accounting Developments (FASB/IASB Update)

•  Communications with Stakeholders—Panel Discussion

•  PCAOB & Auditing Developments

•  Accounting for Leases: Implementation, Transition & Lease Modifications

•  International Lease Accounting Issues

•  Migrating Listings to Hong Kong

•  Internal Controls—Hot Topics

 

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*


Welcome & Opening Remarks
8:30
 – 8:45 AM

Regulatory Update: Future of China in US Capital Market
8:45 – 9:45 AM
Relationships between the United States and China have run aground on rocky shores, with COVID-19 complicating an already difficult relationship that has seen conflict over trade, borders, and human rights. Attention has turned to the large number of Chinese companies that have tapped US capital markets. Will the US ban Chinese companies from listing in the US? Will pension funds be banned from Chinese investments? What happens to multinationals with significant Chinese operations?  

Break
9:45 – 9:50 AM

SEC Hot Buttons
9:50 – 11:05 AM
• SEC Commission & Staff Changes
  – Staff/administration leadership focus
• SEC Reporting in the COVID-19 Environment
  – Deferral of Exchange Act reports
  – Corp Fin Disclosure Topic No. 9
  – Non-GAAP Measures
• SEC Financial Disclosure Rulemaking
  – Change to non-accelerated filer definition
  – New definitions of accelerated and large accelerated filers
  – Amendments to Rule 3-10 and Rule 3-16
     – Guaranteed debt or debt-like securities
  – Rule 3-13 Waiver requests
     – S-X Rule 3-13 relief
     – SEC staff waiver requests
  – Amendments to Rule 3-05 and Article 11
     – Changes to reporting acquisitions and dispositions
     – Reduced requirements for registration statements
     – Pro forma information
     – Disclosure effectiveness
• Proposal to Modernize & Simplify Certain Parts of Regulation S-K
• Inline XBRL

Break
11:05 – 11:10 AM

SEC Hot Buttons (continued)
11:10 AM – 12:20 PM
• SEC Interpretive Guidance
  – Key performance indicators and metrics in MD&A
• Critical Audit Matters (CAMs)
  – Applicability of CAM Reporting
  – Communication
  – Early observations and examples
• Cybersecurity
  – Disclosures
  – Best practices
  – SEC enforcement priority
• Legislative Update
  – JOBS Act 3.0
  – Financial services reform
• SEC Reporting Implications of FASB Transition Approach—Credit Impairment (ASC 326)
  – Key disclosure changes
  – COVID-19 implications
• SEC Staff Comments & Trends
  – SEC staff focus areas
  – ASC 606, Revenue from Contracts with Customers
  – Non-GAAP measures
  – MD&A
  – Goodwill issues

Lunch
12:20 – 1:05 PM

Update on SEC Enforcement Initiatives for Asia-Based Companies
1:05 – 2:55 PM

• 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
2:55 – 3:00 PM

Recent Accounting Developments (FASB/IASB Update)
3:00 – 4:00 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

Break
4:00 – 4:05 PM

Communications with Stakeholders—Panel Discussion
4:05 – 5:05 PM
This panel discussion will include investor-relations experts, an audit-committee chairperson, SEC legal counsel, and a representative from a stock exchange, who will discuss their recommendations and experiences for best practices relating to companies' communications with stakeholders.

 

DAY TWO AGENDA*


Welcome & Opening Remarks
8:30 – 8:45 AM

PCAOB & Auditing Developments
8:45 – 10:00 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

Break
10:00 – 10:05 AM

Accounting for Leases: Implementation, Transition & Lease Modifications
10:05 AM – 12:05 PM
• Overview of the Standard
• Implementation Issues
  – Identifying the population of leases
  – Separating lease and non-lease components
  – Optimizing practical expedients
  – ICFR changes required by the New Standard
• Lease Classification & Financial Statement Impact
• Lessee & Lessor Accounting & Presentation
• Transition & Disclosure
  – Enhanced qualitative and quantitative disclosures
  – Evolving SAB 74 disclosures
• Impact the New Standard Will Have on ICFR
• COVID-19 Impact
• Accounting for Lease Modifications by Lessee & Lessor with Examples
• Accounting for ROU Asset Impairments
• When to Reassess Discount Rates, Lease Classification & Lease Liability Obligations
• Restructuring Lease Contracts
• Financial Statement Disclosures

Lunch
12:05 – 12:50 PM

International Lease Accounting Issues
12:50 – 1:35 PM
The New Lease Accounting Standards present major challenges for companies that report under both US GAAP and IFRS. As a result, there’s a need to maintain two sets of lease calculations for each operating lease, and two sets of balance sheet reconciliations to track liability and asset balances. This session will focus on:
• US GAAP vs. IFRS
• Recording Operating Leases Under ASC 842
• ROU Asset Balances, Depreciation & Liability Under IFRS 16
• Significant Differences in EBITDA & EBTDA Under US GAAP & IFRS
• Discount Rate Requirements & De Minimus Assets
• Software & Additional Controls for Maintaining Two Different Income Statements

Break
1:35 – 1:40 PM

Migrating Listings to Hong Kong
1:40 – 3:10 PM
This panel will explore the process of moving a listing from US stock exchanges to the Hong Kong Stock Exchange. Several large US listed Chinese companies have established a secondary listing in Hong Kong. Is this a pathway for others? What are the obstacles to moving a primary listing to Hong Kong? What other exchanges should Chinese companies consider?

Break
3:10 – 3:15 PM

Internal Controls—Hot Topics
3:15 – 4:30 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
• Control over Estimates & Significant & Unusual Transactions
• Monitoring Activities & Evaluating Deficiencies

Conference Ends
4:30 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

SPEAKERS INCLUDE


Colum Bancroft, Managing Director, AlixPartners

Shu Du, Skadden

Paul Gillis, Professor of Practice, Peking University’s Guanghua School of Management

Linda Gu, Senior Manager, KPMG

Grace Guo, KPMG

Ned He, Manager of Risk Assurance, PwC

Peter Huang, Skadden

Rita Jiang, KPMG

Steve Kwok, Partner, Skadden

Haiping Li, Partner, Skadden

Will Lo, Finance Group Manager, Microsoft

Charline Ni, PwC

Rachel Pan, Senior Manager, PwC

Susan Resley, Securities Enforcement and Litigation Partner, Morgan Lewis

Kenny Schek, Director, AlixPartners

Peter Schloss, Managing Partner and CEO, CastleHill Partners Ltd.

Randal Vallen, Partner, Assurance Services, PwC

Alexander Vasilescu, Trial Unit Chief for SEC's New York Regional Office

Ciro Wang, Partner, KPMG

Jason Wang, Senior Manager, PwC

Amanda Wong, Assurance Associate, PwC

Robin Yang, Managing Director, ICR

Workshop

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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
861064606688

 

 

 

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

 

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

Conference: $1795/¥12500
Workshop: $695/¥4900
Conference & One Workshop: $2200/¥15400
Conference & Two Workshops: $2600/¥18200

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.