Overview
This is the one Virtual 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.
In this exclusive, online Conference, you'll be brought up to speed on how to effectively deal with all of the new financial accounting and reporting requirements, regulations, and the impact of COVID-19 (Coronavirus), from the FASB, SEC, PCAOB, IASB, AICPA and other rulemakers. Plus, our new immersive platform allows you to interact with the speakers and other attendees, as well as participate in lively panel discussions.
This two-day Virtual Conference is comprised of two 9-hour sessions. Take both days for just $899!
DAY ONE AGENDA HIGHLIGHTS • Key SEC Developments • The Impact of COVID-19 • ESG & Financial Reporting • FASB Update • Financial Instruments: Credit Losses (ASC Topic
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DAY TWO AGENDA HIGHLIGHTS • SEC Enforcement Issues • Public Company Auditing Update • Deep Dive Into SEC Comment Letter Trends • Recent Developments in Business • Financial Accounting & Reporting Impact of • 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 Internet-Based.
Agenda
DAY ONE AGENDA
Welcome & Opening Remarks
8:45 – 9:00 AM
Key SEC Developments
9:00 – 10:30 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
10:30 – 10:40 AM
Key SEC Developments (continued)
10:40 AM – 12:25 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 and Trends
– SEC staff focus areas
– ASC 606, Revenue from Contracts with Customers
– Non-GAAP measures
– MD&A
– Goodwill issues
• CARES Act Accounting Issues
– Paycheck Protection Program (PPP)
– Loan Modifications related to COVID-19
Lunch
12:25 – 1:10 PM
ESG & Financial Reporting
1:10 – 2:40 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
2:40 – 2:45 PM
FASB Update
2:45 – 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
Financial Instruments: Credit Losses (ASC Topic 326) & Current Expected Credit Loss (CECL) Model
4:05 – 5:20 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:
• CECL Core Concepts
– Amortized cost
– Contractual life of an asset
– Available relevant information
– Risk of loss
– Key changes from Incurred to Expected loss
• Impact to Trade Receivables
– Methodology considerations—accounts receivable
– Level of aggregation
– Developing the loss estimate
– Method using an aging schedule
• Recent Developments
– Freestanding insurance contracts
– CARES Act
– COVID-19
– Summary of CECL disclosures—Q1 2020
– Estimated impact of ASC 326 adoption (non-banks)
• CECL Implementation Considerations
– Effective date and transition
– New disclosure requirements
– Changes to process and controls
• AFS Debt Security Impairment Model
– What’s changing
– Current guidance vs. New Standard
– Determining whether a Credit Loss exists
– Confirming credit loss and measuring allowance
– Transition considerations
DAY TWO AGENDA
SEC Enforcement Issues
8:45 – 10:15 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
10:15 – 10:20 AM
Public Company Auditing Update
10:20 – 11:35 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
11:35 – 11:40 AM
Deep Dive Into SEC Comment Letter Trends
11:40 AM – 12:40 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 and 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.
Lunch
12:40 – 1:25 PM
Recent Developments in Business Combinations, including Goodwill and Impairments
1:25 – 2:25 PM
• Overview of Business Combination Accounting
– Basic definition and key accounting concerns
– Control obtained through non-traditional events
– Business combinations vs. asset acquisitions
– ASU 2017-01—definition of a business
– Goodwill arising from a business combination
• The “Acquisition Method” (ASC 805): Five Steps
– Identify the acquirer
– Determine the acquisition date
– Measure the consideration transferred
– Recognize and measure the identifiable assets acquired and liabilities assumed
– Recognize and measure goodwill or gain from bargain purchase
• Acquisition-Method Accounting—“Pushdown Accounting”
– Allocation of purchase consideration—assets and liabilities
– Calculation of goodwill
– Reconciliation of acquirer investment to opening equity
• Examples & Case Studies
– Reverse mergers
– Consolidation, deconsolidation and other changes in Investee/Acquiree Equity
– Contingent consideration—equity vs. liability classification
– Equity classification for earn-outs
– Measurement-period adjustments
Break
2:25 – 2:30 PM
Financial Accounting & Reporting Impact of Change to LIBOR & Other Reference Rates
2:30 – 3:45 PM
The upcoming phase-out of the London Inter-bank Offered 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
Break
3:45 – 3:50 PM
Internal Controls—Hot Topics
3:50 – 5:20 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
5:20 PM
Speakers
CONFERENCE SPEAKERS
CURRENT REGULATORS
Robert Hirth, Co-Vice Chair, SASB
Matt Jacques, Chief Accountant, Division of Enforcement, SEC
Anne McKinley, Assistant Regional Director, Division of Enforcement, SEC
Fuad Rana, Assistant Director, SEC
Erin Schneider, Regional Director, Division of Enforcement, SEC
Neil Stewart, Director of Corporate Outreach, SASB
Alexander Vasilescu, Trial Unit Chief for SEC's New York Regional Office
George Wilfert, Deputy Director, Office of Research and Analysis, PCAOB
Kate Zoladz, Associate Regional Director, Enforcement, SEC
FORMER REGULATORS
Jina Choi, Partner, Securities, Enforcement and White Collar Defense, Morrison & Foerster LLP
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
William Fore, Senior Manager, Audit and Assurance, Deloitte
Courtney Haseley, Of Counsel, Gibson, Dunn & Crutcher
Henry Klehm III, Partner, Jones Day, formerly in the Division of Enforcement, SEC
David Korvin, Attorney, Gibson Dunn, formerly an Attorney at Division of Corporation Finance, SEC
Susan Markel, Managing Director, AlixPartners, former Chief Accountant, SEC
James Moloney, Corporate Partner, Gibson, Dunn & Crutcher LLP, former Special Counsel, Division of Corporation Finance, SEC
Brad Mroski, Managing Director, AlixPartners, former Assistant Chief Accountant, Division of Enforcement, SEC
Susan Resley, Partner, Morgan Lewis, formerly in the Division of Enforcement, SEC
CORPORATE LEADERS, BIG 4 & OTHER MAJOR ACCOUNTING FIRMS
Chris Ackerlund, Financial Reporting and Policy, Bank of America
Neal Ballew, Assurance Senior Manager, Ernst & Young LLP
Barry Berkowitz, Technical Accounting, Google
Fiona Burgess, Assistant Director, EY Center for Board Matters, Ernst & Young
Andrea Campion, Team Lead, SEC Reporting, Google
Brendan Clark, Senior Manager, Business Consulting, Ernst & Young LLP
Ross Collins, Senior Manager, Financial Accounting Advisory Services, Ernst & Young LLP
Dennis Dai, FAAS Manager, Derivatives and Financial Instruments, Ernst & Young LLP
Sheri Fabian, National Assurance Partner – SEC Services, BDO
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
Rand Hawk, Senior, Technical Accounting Advisory Services, Ernst & Young LLP
Katherine Jenezon, Senior Manager, Financial Services Assurance, Ernst & Young LLP
Anna V. Johnson, Manager, Financial Accounting Advisory Services, Ernst & Young LLP
Karen Keelty, Assurance Partner, National Office, PwC
Wes Kelly, Assurance Partner, PwC
Bob Kerich, Senior Vice President, Bank of America
Marie Kish, Partner, Ernst & Young LLP
Tim Kviz, National Assurance Managing Partner, SEC Services, BDO
Brandon Landas, Partner, BDO
David Levi, Senior Vice President, Controller & Principal Accounting Officer, Vonage
Mark Levy, Global Head of Accounting Policy and Compliance, JLL
Craig Lewandowski, Managing Director, KPMG
Jesicris Manabat, National Assurance Senior Manager, SEC Services, BDO
Joe Maneri, Audit Senior Manager, Deloitte
Polia Nair, Managing Director, SEC Regulatory Matters & Capital Markets, Ernst & Young LLP
Angela Newell, National Assurance Partner, BDO
Lateefah Odedina, Assurance Director, National Quality Organization, PwC
Andrea Perdomo, MDP Audit Senior Manager, Deloitte
Jonathan Perdue, National Assurance Senior Manager, SEC Services, BDO
Chris Power, Senior Manager of Technical Accounting and SEC Reporting, Salesforce
Barbara Ruane, Global Director of Revenue Recognition, JLL
Tina Schmelcke, Director, PwC
Meaghan Schmidt, Managing Director, AlixPartners
Matthew Slattery, Audit Senior Manager, Deloitte
Kristin Sterling, Senior Manager, Sustainability, Ernst & Young LLP
Tamara Stitt, SEC Reporting Manager, Bank of America
Kendy Thompson, Consulting Senior Manager, Ernst & Young LLP
Hannah Welch, Assurance Senior Manager, Ernst & Young LLP
Bill Witt, Director, Accounting and Transaction Services, MorganFranklin
Alysa Wix, Manager, Audit and Assurance, Accounting and Reporting Advisory, Deloitte
LEGAL & OTHER SEC REPORTING SPECIALISTS
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
Robyn Zolman, Partner, Gibson, Dunn & Crutcher LLP
Workshop
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Forum
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