2023 AICPA SEC & PCAOB Conference Highlights
This publication shares insights from the Conference.
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The annual AICPA & CIMA Conference (“Conference”) on Current SEC and PCAOB Developments was held in Washington, D.C. on December 4-6, 2023, where representatives from the Securities and Exchange Commission (SEC), Financial Accounting Standards Board (FASB), and the Public Company Accounting Oversight Board (PCAOB) shared their views on various accounting, reporting, and auditing issues. This year’s Conference emphasized clear and transparent disclosure tailored to registrants. As macroeconomic conditions remain uncertain and registrants implement new disclosure requirements to comply with recent rulemaking, conference panelists, including members from the Division of Corporation Finance and the Office of the Chief Accountant (collectively, “SEC staff”), discussed the role of the registrant, auditor, and regulators in giving investors meaningful disclosure.
Conference panelists shared valuable guidance, insights, and reminders in areas related to:
- SEC Reporting Matters — SEC staff offered guidance on segment disclosures, the new clawback checkboxes, and non-GAAP measures. The SEC staff also discussed observations on errors in the statement of cash flows, identified areas for improvement in pay versus performance disclosures, and shared reminders in other areas, such as the waiver process and critical accounting estimates.
- Accounting Matters — SEC staff discussed fair value measurements and related disclosures related to crypto assets and collateral dependent loans, and shared their views on recent consultations from special purpose acquisition companies (SPACs). The FASB staff highlighted recent accounting standard updates.
- Audit Matters — SEC staff highlighted the importance of auditor independence and professional skepticism, while the PCAOB staff shared updates to the audit standards, inspection findings, and focus areas for the upcoming year.
This publication shares insights into these matters and other accounting and reporting issues addressed at the Conference. Reference our companion publication, 2023 SEC Reporting Insights, for a more comprehensive discussion of key disclosure and reporting reminders for upcoming filings, the SEC’s rulemaking, and other activities that affect financial reporting, many of which were highlighted at the Conference.