© 2021 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. Jun. 11, 2020 To help you prepare your year-end financial statements, listen to PwC partners Heather Horn, Ryan Spencer, and Kyle Moffatt give their observations from SEC comment letters made public in 2020. Keywords: SEC, Accounting Comment letter trends; What to expect in 2021; Featured speakers ... Related content. Professionals from our Department of Professional Practice discuss recent SEC activity, including comment letters, changes to Reg … All entities that file or plan to file with the SEC. it . Partner, Dept. https://home.kpmg/xx/en/home/misc/governance.html. Final Amendments . 01:05 Top 3 comment letter areas 04:40 Future comment letter trends; 09:45 Amendments to Reg S-K, items 101, 103, 105; 13:45 Human capital disclosures; 15:15 Amendments to Reg S-K, items 301, 302, 303; 21:20 Administration changes; 22:45 … Professionals from our Department of Professional Practice discuss the common trends and themes from 2020 reporting of CAMs, PCAOB observations and guidance for preparers. 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. ... June 2020 Insight. However, we have some additional recommendations For questions regarding course content, customized training, Disclosure requirements and related rules adopted in the Modernization of Regulation S-K Items 101, 103, and 105 rulemaking. 2. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more detail about the structure of the KPMG global organization, please visit https://home.kpmg/xx/en/home/misc/governance.html. KPMG reports on the important messages coming from this year’s conference. Your feedback or suggestions about our website and training courses will help Preparing 2020 … KPMG’s annual update on SEC financial reporting matters. a. Standard settings update-Leasing standard-ASU 2018- 02: Reclassification of Certain Tax … SEC addresses acquisition and disposition disclosures. 12, 2020 Memorandum from the Office of the Chief Accountant regarding a June 12, 2020 regarding a telephone conversation with representatives of KPMG Jun. Listen to our 2020 SEC comment letter trends podcast; Listen to our Non-GAAP financial measures: 5 things you need to know podcast; Click on a trend or select a trend from the table of contents to learn more. Current Period (01/01/2020 – 12/31/2020)* All rights reserved. Final Amendments . ... KPMG Podcast: SEC reporting update. Explore the topics at the Financial Reporting View. ... SEC and PCAOB on i ncome taxes -2017 AICPA National Conference on Current SEC and PCAOB developments-SEC comment letter trends 3. The 2020 edition of A Roadmap to SEC Comment Letter Considerations, Including Industry Insights offers perspective on such comment letter trends. For many entities, the 2020 interim financial statements will be the first reporting period in which the impacts of the COVID-19 outbreak are reflected – i.e. For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance. We'll alert you via email to similar publications and upcoming events. a. b. In this year’s report, we’ve combined feedback from two global surveys; a pre-pandemic study (conducted in January/ February of this year) and a more recent COVID-19 © 2021 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. other recent SEC rulemaking activities; comment letter trends; what to expect in 2021. special promotions, technology, or general inquiries, please contact us as follows: Phone: +1 (201) 505-6062 We look forward to hearing from you! The relative number of comment letters has increased. Legend. In addition, we note that the overall comment letter trends remained relatively consistent with the 12 months ended September 30, 2020. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. In addition to discussing top areas of interest—including COVID-19, revenue recognition, non-GAAP, MD&A, and segment reporting—they also provide a few best practices for responding to SEC comments. This course discusses major trends and rulemaking activities, including highlights from the AICPA Conference on Current SEC & PCAOB Developments, and what to expect in 2020. This course discusses some of the accounting, reporting and operational issues encountered when applying IFRS 15, while also highlighting SEC comment letter trends related to revenue recognition matters and summarizing lessons learned following the implementation of IFRS 15. The priorities will drive many of the Office of Compliance Inspections and Examinations’ (OCIE) upcoming examinations; the SEC adds that the scope of individual … The lead engagement partner for KPMG LLP, Charles Lynch, had been copied on the first two responses Square made to the SEC’s comment letters. 3. of Professional Practice, KPMG US. Example 1: Effective Tax Rate Reconciliation The Staff may request additional information on what items are included within the foreign operations How to Search for EDGAR Correspondence. Request the full 2020 KPMG U.S. customer experience excellence report Complete the form below to access the document and join KPMG's Customer First: Real Insights program. Early trends indicate that registrants’ MD&A and risk factor disclosures have been a main focus area related to the pandemic. By the end of this course, participants should be able to recognize: Keywords: Update, Recent, Development, New, SEC, Accounting. the measurement and recognition of assets and liabilities, income and expenses. New York, NY 10154-0102. Proposed Amendments and Comments . Email: us-kpmglearning@kpmg.com, Hours of Operation: Monday through Friday. Ryan shares his observations with respect to the overall trends in SEC comment letters in 2020, including: 13:16 - MD&A 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. 10:27 - Overall trends. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. SEC amends acquisition and disposition disclosures ... KPMG has teamed with Latham & Watkins to provide a desktop reference guide summarizing the financial disclosure requirements under the amended rules. Between 2018 and 2019, the number of comment letters fell by roughly 30%; similarly, between 2017 … a. b. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG webcasts and in-person events cover the latest financial reporting standards, resources and actions needed for implementation. Keywords: SEC; MD&A; 10-K; Regulation S-X; Regulation S-K; 10-K Annual Report; Advanced; Management Discussion and Analysis * Discounts cannot be combined and must be applied at time of initial registration. Professionals from our Department of Professional Practice discuss recent SEC activity, including comment letters, changes to Reg S-K, including human capital disclosures, and other key administrative matters. Business Combinations Business Combinations — SEC Reporting Considerations Carve-Out Transactions Comparing IFRS Standards and U.S. GAAP Consolidation — Identifying a Controlling Financial Interest Contingencies, Loss Recoveries, and Guarantees Contracts on an Entity's Own Equity Convertible Debt (Before Adoption of ASU 2020-06) Current Expected … KPMG's ethical failures are simply unacceptable," SEC Chairman Jay Clayton stated. KPMG refers to the global organization or to one or more of the member firms of KPMG International Limited (“KPMG International”), each of which is a separate legal entity. us improve KPMG Executive Education. I am pleased to introduce KPMG’s 2020 Canadian CEO Outlook, our annual exploration of the opportunities, challenges, and trends dominating boardrooms across the country. The SEC’s 2020 Examination Priorities preview the areas—practices, products, and services—that it believes present potentially heightened risk to investors or to the integrity of the U.S. capital markets. Status of development efforts for new or enhanced products, trends in market demand, and competitive conditions . As former Chief Accountant and Disclosure Program Director in the SEC’s Division of CorpFin, Kyle shares his unique perspective on the SEC’s filing review program and all the parties involved. This publication contains extracts of frequently issued SEC staff comments, analysis of those extracts, and links to resources that are relevant to SEC filers. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. KPMG does not provide legal advice. Insight. By the end of this course, participants should be able to recognize: SEC's current priorities and matters; comment letter trends; expectations for 2020. Sharing our expertise and perspective. KPMG June 17, 2019. 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, 2020; and (3) topics of focus related to disclosures associated with financial statement accounting, SEC … Advance Preparation: There is no advance preparation for this course. CFO Financial Forum Webcast: SEC trends and rulemaking update. Proposed Amendments and Comments . The first comment letters that the SEC issued after the start of the pandemic focused on whether companies had sufficiently described the impact of the pandemic. 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. By the end of this course, participants should be able to recognize: 345 Park Avenue All rights reserved. SEC Says $50 Million Fine For KPMG Is 'Significant' and 'Appropriate' For All That Cheating Going On - Going Concern. Then two EY partners, Dave Cabral and Hal Berliner, were copied on the last letter on November 18, 2019 after EY had been appointed auditor. This course discusses major trends and rulemaking activities, including highlights from the AICPA Conference on Current SEC & PCAOB Developments, and what to expect in 2020. A review of SEC comment letters on forms 10-K, 10-Q, and 8-K shows that the trend of comment letters has continued to decline. Total comment letters evaluated during the Current Period and Prior Period were approximately 765 and 955, respectively. 9:00 AM to 5:00 PM Eastern Time, KPMG Executive Education In-depth analysis, examples and insights to give you an advantage in understanding the requirements and implications of financial reporting issues. Delivering insights to financial reporting professionals. Thomas Sites, KPMG LLP. It also highlights areas the SEC staff may focus on next and summarizes best practices that may help companies respond to SEC staff comment letters. In addition to extracts of letters and links to relevant related resources, it contains analysis of staff comments to help registrants understand trends … 2020-115 Washington D.C., May 18, 2020 — The Securities and Exchange Commission today announced settled charges against three former KPMG LLP audit partners for improperly sharing answers to internal training exams and for subsequent wrongdoing during an investigation of exam sharing misconduct at the firm. Technical update coverage includes new and proposed FASB Accounting Standards Updates, recent SEC regulation, FASB agenda projects, and hot topics from the most recent AICPA national conference, including a discussion of trends in recent SEC comment letters. KPMG reports on the important messages coming from this year’s conference. Informing your decision-making. Updated: The SEC adopts amendments to modernize MD&A and other financial disclosures. Resources material to a registrant’s business . SEC adopts rule to provide investors with more meaningful disclosures about acquired and disposed businesses. Raw materials (ii). The SEC is publicly releasing comment and response letters relating to disclosure filings made after August 1, 2004, and reviewed by the Division of Corporation Finance and the Division of Investment Management (see Press Release 2005-72, May 9, 2005).For background information on what materials are released, timing, … Insight. This seminar addresses questions such as: will affect. KPMG IFRG Limited Comment letter on Request for Information: Second Comprehensive Review of the IFRS for SMEs Standard 22 October 2020 RD/288 2 Consistent with our views above on alignment, we generally support alignment with IFRS 9, IFRS 15 and IFRS 16. 2020 AICPA Conference on Current SEC & PCAOB Developments.