The comment letters also show the topics that the SEC is currently most concerned about, and the trends can be very informative. The graph below shows the comment letter topics related to Accounting Standards Codification (ASC) 606 through December 2019. It is incorporated into the SEC’s routine consultations, disclosure reviews, and enforcement investigations and we continue to see SEC comment letters … This knowledge helps financial statement preparers make better judgments in the future. This publication contains extracts of frequently issued SEC staff comments, analysis of those extracts, and links to resources that are relevant to SEC filers. Thomas Sites, KPMG LLP. * ... 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. Individuals who register for any 2 KPMG Executive Education in-person seminars can save! Standard settings update-Leasing standard-ASU 2018- 02: Reclassification of Certain Tax Effects from Accumulated SEC comments on accounting for income taxes SEC comments on accounting for income taxes Ryan shares his observations with respect to the overall trends in SEC comment letters in 2020, including: 13:16 - MD&A 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. ... SEC and PCAOB on i ncome taxes -2017 AICPA National Conference on Current SEC and PCAOB developments-SEC comment letter trends 3. The following selection of SEC comment letters specific to income taxes are provided to illustrate areas So, during the media conference call this morning, I asked Peikin how the $50 million fine was decided upon by the SEC and whether there was any consideration given to fining the firm more. KPMG should be paying the SEC a much larger fine in addition to all the other crap the SEC is forcing the firm to do. 10:27 - Overall trends. 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. These changes impact many SEC filings, including Forms 10-K, 10-Q, 20-F, and 40-F and many registration statements. The SEC has amended Regulation S-K to modernize, simplify, and enhance Management’s Discussion and Analysis (MD&A), streamline supplementary financial information, and eliminate the requirement to provide certain selected financial data. Issues & Trends: 2017 AICPA ... KPMG expects the SEC to focus on tax reform recognition and disclosures during the coming year. Internal controls over financial reporting (ICFR) continues to be a focus area for the Securities and Exchange Commission (SEC). 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 … This 60-minute live IFRS webcast 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.
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