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.
- 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
- 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?