SEC Virtual Conference for Asia-Based US Listed Companies

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

SEC Virtual Conference for Asia-Based US Listed Companies

CPE Credit: 16 Hours

Price: $1,099.00

NASBA Field of Study: Accounting



Our Virtual SEC Conference: An Accounting & Reporting Update for US Listed Companies 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.


•  Regulatory Update: Future of China in US Capital Market

•  SEC Hot Buttons

•  PCAOB & Auditing Developments

•  Migrating Listings to Hong Kong

•  Recent Accounting Developments (FASB/IASB Update)

•  Update on SEC Enforcement Initiatives for Asia-Based Companies

•  Communications with Stakeholders—Panel Discussion

•  Accounting for Leases: Implementation, Transition & Lease Modifications

•  International Lease Accounting Issues

•  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.

DELIVERY METHOD  Group Internet-Based.



Welcome & Opening Remarks
 – 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?  

9:45 – 9:50 AM

SEC Hot Buttons
9:50 – 11:00 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

11:00 – 11:05 AM

SEC Hot Buttons (continued)
11:05 AM – 12:05 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

12:05 – 12:50 PM

PCAOB & Auditing Developments
12:50  – 2:05 PM
• 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
  – Research agenda

2:05 – 2:10 PM

Migrating Listings to Hong Kong
2:10  – 3:25 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?

3:25 – 3:30 PM

Recent Accounting Developments (FASB/IASB Update)
3:30 – 4:30 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



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

Update on SEC Enforcement Initiatives for Asia-Based Companies
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

10:15 – 10:20 AM

Communications with Stakeholders—Panel Discussion
10:20 – 11:20 AM
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.

Accounting for Leases: Implementation, Transition & Lease Modifications
11:20 AM – 12:20 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

12:20 – 1:05 PM

Accounting for Leases: Implementation, Transition & Lease Modifications (continued)
1:05 –  2:05 PM

• 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

International Lease Accounting Issues
2:05  – 2:50 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:
• 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

2:50 – 2:55 PM

Internal Controls—Hot Topics
2:55 – 4:10 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
4:10 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.



Edward Au, Southern Region Managing Partner, Deloitte China

Colum Bancroft, Managing Director, AlixPartners

Paul Boltz Jr., Partner, Gibson, Dunn & Crutcher LLP

Shas Das, Counsel, International Trade and Government Matters, KSLAW

Shu Du, Skadden

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

Linda Gu, Partner, 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

Crystal Liu, Corporate Tax Advisory, KPMG

Will Lo, Finance Group Manager, Microsoft

Greg Moore, Lead Director/Board Member, Texas Roadhouse, and Member of the Board of Directors at Newegg

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.

Hui Huay Siow, Manager, EY

Yulanda Tang, Director, US Markets National Service Team, PwC

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

Jason Wong, Associate Director, KPMG

Robin Yang, Managing Director, ICR


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