Issues & Trends | December 2019

2019 AICPA Conference on Current SEC and PCAOB Developments

KPMG reports on the important messages coming from this year’s conference. An overarching theme became apparent: The accounting profession must respond to – and even embrace – rapid change related to stakeholder expectations, technology and economic landscapes, all while maintaining the high quality financial reporting that is essential to our capital markets.

Applicability

  • All public companies

Relevant dates

  • Effective immediately

Key impacts

  • Companies face the discontinuation of LIBOR, demands for additional corporate information, and other emerging issues.
  • Staff from the SEC’s Office of the Chief Accountant described recent consultations on the new revenue, leases, and credit losses standards.
  • Staff from the SEC’s Division of Corporation Finance discussed expectations for non-GAAP financial measures and structured payables disclosures.
  • The requirement for an auditor to include critical audit matters (CAMs) in its report represents the most significant update to the auditor’s report in decades.

Report contents

  • Rising to the challenges of rapid change
  • Is your company prepared to respond to emerging issues?
  • New accounting standards  – Can you see the light at the end of the tunnel?
  • How is your company affected by the rapid pace of technological change?
  • How has the SEC responded to rapid change in the accounting profession?
  • How will the PCAOB’s work affect your company?

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