Overview
Representatives from the Securities and Exchange Commission (SEC), Financial Accounting Standards Board (FASB), and the Public Company Accounting Oversight Board (PCAOB) shared their views on various accounting, reporting, and auditing issues at the annual AICPA & CIMA Conference on Current SEC and PCAOB Developments (“Conference”) held in Washington, D.C. on December 9-12, 2024.
This year’s Conference focused on recent rulemaking, new accounting standards, as well as other accounting and reporting reminders in areas related to:
- SEC reporting matters – the SEC staff shared 1) observations on disclosures related to recent rulemaking, including clawback, cybersecurity, pay versus performance, and special purpose acquisition companies (“SPACs”); 2) its views on the interaction of the new segment reporting disclosures and SEC rules and regulations; 3) disclosure reminders related to non-GAAP measures, management’s discussion and analysis (“MD&A”), and artificial intelligence; 4) guidance and best practices when submitting waiver requests.
- Accounting matters – the SEC staff provided guidance and reminders on upcoming accounting standards, including Accounting Standards Update (ASU) No. 2024-03 related to the disaggregation of income statement expenses, and International Financial Reporting Standards (IFRS) 18, Presentation and Disclosure in Financial Statements. The SEC staff also discussed disclosures related to the statement of cash flows and supplier finance arrangements, certain accounting matters, and tips when consulting with the Office of the Chief Accountant (“OCA”).
- Audit matters – the SEC staff discussed error assessments and independence, and the PCAOB staff discussed inspection results, priorities, and year-end reminders.
This publication shares insight into these matters and other accounting and reporting issues addressed at the Conference. Reference our companion publication, 2024 SEC Reporting Insights, for a more comprehensive discussion of key disclosure and reporting reminders for upcoming filings, the SEC’s rulemaking, and other activities that affect financial reporting, many of which were highlighted at the Conference.