Issues & Trends | December 2020

 

Insight

2020 AICPA Conference on Current SEC & PCAOB Developments

KPMG reports on the important messages coming from this year’s conference.

Matthew Doyle

Matthew Doyle

Chief Auditor, Dept. of Professional Practice, KPMG US

+1 212-954-2187

Rob Tockman

Rob Tockman

Chief Accountant, Dept. of Professional Practice, KPMG US

+1 713-319-2200

KPMG reports on conference highlights from the SEC, PCAOB, FASB and others. The effect of COVID-19 on financial reporting and auditing was a major theme throughout this year’s conference, among other important updates on key issues.

Applicability

  • All public companies

Relevant dates

  • Effective immediately

Key impacts

  • Members of the SEC and PCAOB discussed the impacts of COVID-19 on companies and their auditors and provided important considerations and reminders.
  • Staff from the SEC’s Office of the Chief Accountant described recent consultations in challenging accounting areas, including revenue, leases and consolidation.
  • Staff from the SEC’s Division of Corporation Finance discussed considerations related to COVID-19 disclosures and non-GAAP measures, and highlighted rulemaking efforts that were finalized throughout the year.

Report contents

  • How COVID-19 is affecting financial statements and their preparation
  • Major accounting standards – The beat goes on
  • Important developments on the auditing front
  • What’s new from the SEC in 2020 and what you can expect in 2021 

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