Issues & Trends  |  December 2017

 

2017 AICPA Conference on Current SEC and PCAOB Developments

KPMG reports on the important messages coming from this year’s conference. This year-end, an “out with the old, in with the new” theme was prevalent.

Applicability

  • All public companies

Relevant dates

  • Effective immediately

Key impacts

  • Focus by regulators on promoting the US public capital market by reducing the compliance burden without compromising investor protections
  • Focus by regulators on enhancing investor confidence through increased transparency in the communication of financial information
  • The importance of managing the enormous changes occurring in financial reporting through strong processes, procedures and controls
  • Critical last minute details in adopting the new revenue standard
  • The critical importance of preparing for the leases and credit losses standards by gathering the appropriate information and assessing the potential effects of the standards
  • The importance of understanding and addressing emerging issues such as tax reform and the effect of new technologies, including cryptocurrencies

Report contents

  • Out with the old, in with the new
  • What are the new SEC leadership’s regulatory priorities?
  • Are you adequately preparing for the new accounting standards?
  • What emerging issues could you face in the next year?
  • What can you expect in 2018 from the SEC review process?
  • What will your company’s disclosures look like in 10 years?
  • How might auditing developments affect your company?
  • Is this the beginning or the end?

 

 

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