Last week's annual AICPA National Conference on Current SEC and PCAOB Developments focused on restoring public trust and investor confidence in the U.S. capital markets. Presenters called for all members of the financial reporting supply chain, including boards, management and auditors, to play a role in these efforts. Other themes of the AICPA Conference included the need for improved, comprehensive, and sustainable high-quality global accounting standards and the importance of enhanced disclosures that communicate a company's results, business, and risks to investors.
The SEC discussed the status of its IFRS work plan, which is consistent with the Commission's progress report issued in October of this year. Presenters called on preparers to revisit disclosures in several key areas such as loss contingencies, risks related to foreign operations, and liquidity. The use of non-GAAP information in certain circumstances was also discussed. Several technical topics were highlighted, such as consolidation of variable interest entities and considerations to be made when disposing of a business.