KPMG LLP recently released Issues & Trends: 2016 AICPA National Conference on Current SEC and PCAOB Developments, which provides a comprehensive account of the topics discussed at the 2016 AICPA Conference on December 5-7. The conference featured speakers from the SEC, PCAOB, FASB, IASB, Center for Audit Quality, and AICPA, and preparers, auditors, and others who discussed recent developments and initiatives in accounting, auditing, and financial reporting. Highlights include:
- The importance of internal control over financial reporting and the respective roles of preparers, auditors, and audit committees in developing and maintaining high-quality, reliable financial reporting;
- The continued focus by regulators on registrants’ use of non-GAAP financial measures;
- The critical importance of preparedness for and financial disclosures about the potential effects of adopting the new revenue recognition, leases, and credit losses standards; and
- Areas of focus from the Office of the Chief Accountant and the Division of Corporation Finance, including accounting for and disclosure of revenue, transition disclosures, segments, financial instruments, pension accounting, business combinations and income taxes, and considerations related to non-GAAP measures and management’s discussion and analysis.