sec comment letter trends kpmg

Webcast on 10/26 at 1:00 p.m. EDT . Define engagement. From time to time, the SEC invites comments from the public on Proposed Rules, Concept Releases, Self-Regulatory Organization filings, Public Company Accounting Oversight Board Rulemaking, Rulemaking Petitions, and Other Releases. SEC Comment Letters on ASC 606. In doing so, the SEC Our Alternative Investments Tax professionals will be discussing key year-end tax planning topics for hedge funds such as: Legislative […] Non-GAAP measures. and does not necessarily represent the views or professional advice of KPMG LLP. As environmental, social, and governance issues-including an increased focus on human capital metrics-garner significant attention from pension funds and with efforts to create standardized reporting gathering steam, the CEOs of major institutional. View image The SEC staff comments for inventory focused on disclosing the basis of accounting for inventory. Comment Letters. The following selection of SEC comment letters specific to income taxes are provided to illustrate areas in which the SEC staff questioned whether the disclosures provided adequate insight for investors to understand a company's income tax environment or when the SEC staff wanted a better understanding of the basis for management's judgments. Please note that SEC only publishes comment letters that have been fully addressed and closed. Keywords: SEC, Accounting Comments are based primarily on a company's disclosure and other public information, such as information on the company's website, in press releases, or discussed on analyst calls. The Division of Corporation Finance spoke about the sample letter at the 2021 AICPA and CIMA Conference on Current SEC and PCAOB Developments; read our SEC Issues & Trends for more information. Webcast on 10/26 at 1:00 p.m. EDT . Heading into 2019, the IPO market will be one to watch as a number of massive unicorns prepare to go public. He has more than 18 years of experience providing assurance, accounting, and other professional se. Trends in 2020 SEC staff comment letters . The changes to the EDGAR Filer Manual were made to facilitate the SEC's implementation of the requirements of the Holding Foreign Companies Accountable Act (HFCAA) of 2020 (see SEC Release No. Deloitte, EY, KPMG, PwC probed by ACCC over cartel conduct The competition regulator is probing the big four consulting firms Deloitte, EY, KPMG and PwC over allegations the firms operate as a cartel, or in an anti-competitive manner, in the way they sell audit and consulting services. us SEC Comment Letter Trends . In this webcast, KPMG professionals discuss recent themes and trends in comment letter activity from the SEC and what areas of focus may be on the horizon. Keywords: SEC; MD&A; 10-K; Regulation S-X; Regulation S-K; 10-K Annual Report; Advanced; Management Discussion and Analysis The accounting for such items often includes critical accounting estimates that require significant judgment. Health systems could get more insight into how the private equity funds they invest in are performing under a U.S . Comment letter trends; Expectations for 2020 . SEC comments We note that your effective tax rate is substantially different than the U.S. Statutory tax rate of 35%. 2021 QUARTERLY CONFERENCE. The SEC staff continues to comment on internal control over financial reporting (ICOFR). . Management letter for the year ended 31 December 2010. Register. Form 10-K for the Fiscal Year Ended July 28, 2012. SEC comment letter trends Free Live CPE Webinars Participants of the live webinar will be eligible for 1 free CPE credit. For continued growth, here are the top tech trends to watch in 2021 according to David Padmos, EY Americas TMT Leader. Non-GAAP financial measures result in frequent comments regarding compliance with Item 10 (e) of Regulation S-K and the related compliance and disclosure interpretations, sometimes resulting in requests to remove or substantially modify non-GAAP metrics. Join KPMG's Venture Capital Practice for our Semiannual IPO and M&A Outlook Webcast where professionals from Goldman Sachs and KPMG will examine the activities and trends that shaped the U.S. IPO and M&A landscape in 2018, and share . KPMG's annual update on SEC financial reporting matters. KPMG addresses questions from our recent SEC comment letter trends webcast. Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities . Comments about non-GAAP financial measures have increased since May when the SEC published additional Participants of the live webinar will be eligible for 1 free CPE credit. SEC Commentary on ASC 606 Revenue Recognition Disclosures. Webcast on 10/26 at 1:00 p.m. EDT . The SEC staff has focused on the . • clarify how trends can be identified and specify how the analysis is made when only one period is presented (this can occur in secondary offerings) • add a requirement to also discuss significant known trends that arose since the end of the last period for which historical financial information is included in the prospectus Earn CPE: Visit Executive Education. how to navigate the comment-letter process. The SEC staff has focused on the . It is incorporated into the SEC's routine consultations, disclosure reviews, and enforcement investigations and we continue to see SEC comment letters regarding ICFR. SEC Comment Letters — Including Industry Insights. Non-GAAP financial measures. As shown in the chart below, most of the letters were uploaded during the second half of 2018, with more trickling in throughout 2019. Many CPA firms use engagement letters containing clauses that seek to minimize their exposure to legal liabilities for audits, reviews, compilations, and other professional services. RESOURCES 4: SEC Required readings. SEC staff comments about registrants' assessments of ICOFR and disclosures in periodic SEC filings for SEC comment letters posted to EDGAR through December 31, 2016 include: — failure to disclose material changes to ICOFR - e.g. Plus, proposed FASB changes, including a shift to a goodwill amortization model for all entities. Register Webcast overview In this webcast, KPMG professionals discuss recent themes and trends in comment letter activity from the SEC and what areas of focus may be on the horizon. level financial results with general industry and economic trends ordinarily do not operate KPMG LLP, a U.S. limited liability partnership, is the U.S. Participants of the live webinar will be eligible for 1.5 free CPE credits. 2. Latest edition: Our comprehensive guide to ASC , Segment Reporting - with analysis, QAs and examples. Comments closed mid-June, with over 550 unique comment letters received. of external communications, disclosure effectiveness, and SEC comment letter trends on MD&A. . Comment letters issued by category 2016. Register for our live @KPMG_US #webcast to learn about recent trends in SEC comment letter activity. The volume of SEC staff comment letters in the year ended 30 June 2020 declined approximately 15% from the previous year, continuing the downward trend of recent years . Thomas Sites, KPMG LLP. For more information about our organization, please visit ey. January 20, 2021 01:00 PM EST. Recent comments from regulators and standard setters may help issuers identify areas for improvements in existing income taxes disclosures in order to provide more robust and relevant information to investors. Register KPMG LLP (KPMG) invites you to join us for our annual year-end tax seminar for hedge […] Free 1:00 pm October 26, 2021 @ 1:00 pm - 2:00 pm EDT . Plus, proposed FASB changes, including a shift to a goodwill amortization model for all entities. FRV podcast: SEC comment letter trends webcast Q&A. . View image Debt, quasi-debt, warrants, and equity securities continue to be sources of restatements and revisions due to errors in the application of the relevant guidance. FRV podcast: SEC comment letter trends webcast Q&A. . On Feb. 9, 2022, the Securities and Exchange Commission (SEC) voted to propose a rule that, if implemented in its current form, would have far-reaching implications for investment advisers to . KPMG professionals and FASB practice fellow Dave Yates discuss the FASB's relief on the goodwill impairment testing date for private companies and NFPs (ASU 2021-03). 16 min. File No. 10221 and 78944, September 27, 2016, available at www.sec.gov. and the longstanding practice of the SEC staff to issue comment letters to registrants requesting more quantitative disclosure. FRV podcast: SEC comment letter trends webcast QA. Number of SEC staff comment letters declined again . SEC private fund rules could affect health system investors, fund managers. Charting the ESG Journey SEC comment letter trends. However, as requested in the Comment Letter, the Company has included the discussion of Adjusted EBITDA in the Form S-4 (this calculation is called Covenant EBITDA in the Form S-4 for the sake of consistency with the Company's recent earnings releases) in the "Liquidity and Capital . changes in IT However, as requested in the Comment Letter, the Company has included the discussion of Adjusted EBITDA in the Form S-4 (this calculation is called Covenant EBITDA in the Form S-4 for the sake of consistency with the Company's recent earnings releases) in the "Liquidity and Capital . At least once every three years, the Securities and Exchange Commission (SEC) staff reviews a company's financial statements and other filings to make sure they are in accordance with the applicable laws. Webinar attendees must answer a minimum of 3 polling questions for each session. Publications Accounting guides IFRS news In brief In depth In the loop PwC comment letters PwC point of view SEC comment letter trends The quarter close Weekly newsletter Podcasts, webcasts and videos PwC's accounting podcast Webcasts Videos On-demand CPE. From a review of comment letters and specific to climate change, our overall impression (across all constituents) is that the TCFD climate disclosures are most favored. Timothy is a Partner in the Department of Professional Practice in KPMG's Audit Quality and Professional Practice Group (DPP). As a member of DPP, Tim provides Securities and Exchange Commission (SEC) reporting assistance and provides guidance in interpreting and implementing new SEC rules and announcements as they occur. +1 408 704 4083. The letters all request that . As of January 31, 2020, the SEC had issued 160 comment letters concerning revenue recognition disclosure requirements (ASC 606-10-50). Register for our live @KPMG_US #webcast to learn about recent trends in SEC comment letter activity. Read a January 2020 report [PDF 79 KB] prepared by KPMG LLP: What's News in Tax: SEC Comments on Accounting for Income Taxes. In addition, we note that the overall comment letter trends remained relatively consistent with the 12 months ended December 31, 2020. Body Modal title Modal Body advisory.kpmg.us https www.kpmg.us www.kpmg.us https audit.kpmg.us audit.kpmg.us https boardleadership.kpmg.us boardleadership.kpmg.us . You will also find an update on some of the SEC's strategic priorities as well as a summary of comment letter trends related to the top 10 topics of frequent comment and other various comment letter statistics. Since mid-2021, the SEC has issued at least three comment letters asking companies to address climate disclosure in the general disclosure section of their filings. KPMG Defining Issues - SEC Warns about Non-GAAP ; Sup#2 C&DI Non-GAAP Financial Measures; 2020 Trends in SEC comment letters.pdf . Register Webcast overview In this webcast, KPMG professionals discuss recent themes and trends in comment letter activity […] In our comment letter to the PCAOB, we support the . KPMG Executive Education has developed and delivered over 1,000 internal and external programs on trending topics and emerging issues in the accounting and finance industry, taught by KPMG leaders, industry specialists, and highly regarded academics from prestigious universities. it provides useful source information on the current issues and trends related to XBRL and other SEC . Insight. Number of SEC comment letters by . This publication contains extracts of frequently issued SEC staff comments, analysis of those extracts, and links to resources that are relevant to SEC filers. Session presentation Video replay. Other features include (1) an update on the SEC's priorities; (2) a summary of comment letter trends related to the top 10 topics of frequent comment in the 12-month period ended July 31, 2019; and (3) topics of focus related to . This webcast will feature: Recent themes and trends in SEC comment letters This engagement letter is intended to be customized to meet the needs of the member's practice and individual engagements (see "Notice to Readers" at the end of the letter). of staff comments to help registrants understand trends and improve their financial statements and disclosures. Register Webcast overview In this webcast, KPMG professionals . SEC and PCAOB on i ncome taxes -2017 AICPA National Conference on Current SEC and PCAOB developments-SEC comment letter trends 3. Using the existence of an SEC comment letter as a proxy for SEC monitoring, we . By the end of this course, participants should be able to understand SEC requirements when SEC Staff Comment Letter Focus Areas. About Engagement Ey Letter . When: Wednesday, September 22, 2021 (deadline to register is Tuesday, Sept 21 st at midnight). Internal controls over financial reporting (ICFR) continues to be a focus area for the Securities and Exchange Commission (SEC). Applicability. Register now. Register now. SEC Comment Letter Trends and Hot Topics; Course Leaders Mary Anne Busse, Former Senior Counsel in the Division of Corporation Finance at the SEC and currently Managing Director of Great Disclosure. KPMG facing $1.8B lawsuit over Carillion audits; . For cost of sales, the SEC staff focused on the components of cost of sales, ensuring non-cash items, like depreciation, were allocated to cost of sales, and questioning the calculation of gross margin when . Handbook: Segment reporting. FRV podcast: Public company reporting update (Sept 2021) We discuss recent developments at the SEC and new NASDAQ diversity requirements. Publication date: 12 Mar 2021. us SEC Comment Letter Trends. November 2017 The 2017 release in Deloitte's SEC Comment Letter series includes extracts of frequently issued SEC staff comments, additional analysis, and links to resources that are relevant to SEC filers. Plus, proposed FASB changes, including a shift to a goodwill amortization model for all entities. playlist_add. Relevance of the sample letter to 2021 year-end filings. Webcast on 10/26 at 1:00 p.m. EDT . Prospective information — The amendments require the disclosure of prospective information that is "reasonably likely" to have a material impact throughout MD&A. 345 Park Ave., New York. In a survey by KPMG's Audit Committee Institute, 8 percent of those polled said their board/audit committee has expanded the audit committee report, and 16 percent said they were considering doing so in light of SEC interest. Issues & Trends: 2016 AICPA National Conference on Current SEC and PCAOB Developments. Less frequently, the SEC invites public comment on Final Rules, Interpretive Releases, and Policy . Filed September 26, 2012. SEC trends and rulemaking update. By the end of this course, participants should be able to: identify recent activity of the SEC, including implementation questions and issues important to SEC registrants impacted by new and amended rules. The relative number of comment letters has increased. Letters; Most Read. CPE Credits: Attendees can earn 1 CPE credit in accounting, 1 credit in Information Technology and up to 2 credits in Specialized Knowledge. 2015. The Company believes that Adjusted EBITDA, like EBITDA, is a useful measure of its operating performance. 3. View image Debt, quasi-debt, warrants, and equity securities continue to be sources of restatements and revisions due to errors in the application of the relevant guidance. Management letter for the year ended 31 December 2010. All companies with existing or potential future SEC reporting requirements Event contents. SEC Release No. Body Modal title Modal Body advisory.kpmg.us https www.kpmg.us www.kpmg.us https audit.kpmg.us audit.kpmg.us https boardleadership.kpmg.us boardleadership.kpmg.us . This population of relevant SEC comment letters was determined and the filings were retrieved via searches within CompanyIQ™¹ based on the following criteria: • SEC Comment letters issued and closed as of March 31, 2018. The Company believes that Adjusted EBITDA, like EBITDA, is a useful measure of its operating performance. KPMG professionals and FASB practice fellow Dave Yates discuss the FASB's relief on the goodwill impairment testing date for private companies and NFPs (ASU 2021-03). KPMG professionals and FASB practice fellow Dave Yates discuss the FASB's relief on the goodwill impairment testing date for private companies and NFPs (ASU 2021-03). As shown in the chart below, most of the letters were uploaded during the second half of 2018, with more trickling in throughout 2019. The SEC staff has frequently commented on certain matters in its recent filing reviews. As of January 31, 2020, the SEC had issued 160 comment letters concerning revenue recognition disclosure requirements (ASC 606-10-50). If the SEC questions anything about the filings, a member of the staff writes a letter to the company . The final rule stems from the SEC's comprehensive review of the disclosure requirements in Regulation S-K (the disclosure effectiveness initiative2), which began in 2013, and reflects public comment on the SEC's January 2020 proposed rule.3 It also demonstrates the SEC's continued focus on improving disclosure effectiveness and modernizing the disclosure requirements in Regulation S-K. pwaas@deloitte.com. View image The SEC staff comments for inventory focused on disclosing the basis of accounting for inventory. 5:30pm - 6:30pm. Our SEC Reporting Update publication highlights key trends in SEC staff comment letters issued during the year ended 30 June 2020, including comments on accounting and disclosures related to the COVID-19 pandemic, the use of non-GAAP measures, management's discussion and analysis and revenue recognition. us SEC Comment Letter Trends . Standard settings update-Leasing standard-ASU 2018- 02: Reclassification of Certain Tax Effects from Accumulated Sep 23, 2021. SEC Chair Gary Gensler spoke to this in a recent speech, noting support for the TCFD disclosures and . In this course, KPMG professionals discuss recent themes and trends in comment letter activity from the SEC and what areas of focus may be on the horizon. . 34-93701 — the "HFCAA adopting release"). The comment period closed on June 13, 2021; read our comment letter. Participants of the live webinar will be eligible for 1 free CPE credit. SEC comment letters indicate that the SEC has reviewed the firm's filings and identified a disclosure issue. KPMG has seen an increase in SEC comments asking how companies are complying with S-X Rule 5-03.2, SAB Topic 11.B and SAB Topic 14.F in their income statements: S-X Rule 5-03 requires companies to state separately net sales and gross revenues, and applicable costs and expenses related to tangible products sold; public utility operating revenues . top concerns expressed by companies in the 2013 FERF survey are the potential for receiving XBRL-related questions in SEC comment letters and the attendant exposure to legal liability. Total comment letters evaluated during the Current Period and Prior Period were approximately 662 and 894, respectively. Applicability All companies with existing or potential future SEC reporting requirements Event […] 2014. Deep Dive Into SEC Comment Letter Trends 11:40 AM - 12:40 PM The SEC Division of Corporate Finance's filing review process is a key function utilized by the SEC staff to monitor the critical accounting and disclosure decisions applied by registrants. One impact of the HFCAA is that all annual reports filed on Forms 10-K, 20-F, or 40-F will include a new item: "Disclosure Regarding Foreign . Legend. Other resources. Register KPMG LLP (KPMG) invites you to join us for our annual year-end tax seminar for hedge funds hosted by the New York office. The accounting for such items often includes critical accounting estimates that require significant judgment. data pursuant to local legislation, including, but not limited to, the 1. Our 25+ years of experience and expertise has helped countless FORTUNE 100, middle-market and global companies . For cost of sales, the SEC staff focused on the components of cost of sales, ensuring non-cash items, like depreciation, were allocated to cost of sales, and questioning the calculation of gross margin when . Nonpublic information, such as whistleblower tips and PCAOB inspection reports, can also be a source of comments. us SEC Comment Letter Trends . us SEC Comment Letter Trends . This edition features: An update on the SEC's priorities. With reference to your reconciliation of United States statutory rates to the effective rates, please revise future The SEC staff has focused on the quality of the disclosure around significant judgments and estimates associated with goodwill and intangible assets, including impairment assessments, frequently commenting on: the identification of reporting units . us SEC Comment Letter Trends The SEC staff has focused on the quality of disclosure around those significant judgments and estimates, frequently commenting on: the valuation techniques and key inputs used to determine the fair value for each significant class of asset or liability, whether determined by management or a third party (e.g . The presentation will also provide a summary of SEC comment letter trends, with a focus on those most significantly impacting the insurance industry. As some comment letters responding to the SEC's Concept Release observed, improving transparency does not . Brandon performs reviews of financial statements and other registered offering documents, while also assisting practice engagement teams on a variety of SEC related matters. FRV podcast: SEC comment letter trends webcast Q&A. . Responding to SEC comment letters. FRV podcast: SEC comment letter trends webcast Q&A. KPMG addresses questions from our recent SEC comment letter trends webcast.

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