The 2018 AICPA Conference on Current SEC and PCAOB Developments was held on December 10, 11, and 12. The conference featured representatives from regulatory and standard-setting bodies, along with auditors, preparers, securities counsel, and industry experts. Presenters expressed views on a variety of accounting, auditing, and financial reporting topics.
Consistent with prior years, the theme of the conference focused on collaboration and transparency. All participants in the financial reporting supply chain need to work together to provide investors with transparent and decision-useful information. This is especially important in today’s dynamic financial reporting environment, with major new standards recently or soon to be adopted.
A common theme in this year’s conference was the shared responsibility among all parties in the financial reporting supply chain to promote transparency. In their keynote presentation, SEC Chairman Jay Clayton and SEC Chief Accountant Wes Bricker highlighted collaboration throughout the financial reporting process, beginning with initial drafting, through the audit (under the oversight of the audit committee), and culminating in financial statement release. At each stage, there is a need to make well-reasoned judgments, and to provide transparency to various constituents into what judgments were made. All parties should be aligned in their objective – to present investors with high-quality, decision-useful financial reporting that supports efficient capital markets.