HomeWebcastCodification & XBRL What’s Bugging You?
Codification & XBRL CLE

Codification & XBRL What’s Bugging You?

Live Webcast Date: Wednesday, February 09, 2011 from 3:00 pm to 5:00 pm (ET)
Legal (CLE)Recording
Recording for this event is not available.

Codification & XBRL

Join us for this Knowledge Group Codification & XBRL Webinar. Among other things, the Codification was designed to simplify financial reporting research and XBRL was designed to provide efficiencies and greater consistency with filings. However, as with any change, users must address transition issues as they acquaint themselves to the new approaches. This webcast aims to help people address these transition issues.

In the 1st hour we’ll address Codification: Transition, Recent Developments and Frequently Asked Questions. In the second hour, we’ll tackle XBRL Recent Trends and SEC Issues.

Other topics that will be covered:

  • Transitions
  • Recent developments
  • Technical corrections in 2011
  • Other critical issues
  • Up-to-the-minute regulatory updates

Enroll in this course today by clicking the register button below to understand the most important issues in XBRL and Codification. Discounts are available to those who will register in advance.

Agenda

PART 1: Codification- Transition, Recent Developments and Frequently Asked Questions
Thomas Hoey, CPA, President,
Thomas Hoey & Associates, LLC

Kristy L. Illuzzi,Senior Technical Manager, 
AICPA

  • Transition
    • Integration of New and Proposed Updates
    • Referencing FASB ASC in financial statements
  • Recent developments
    • XBRL Integration
    • FASB to take another look at FASB ASC and make additional technical corrections in 2011
  • Frequently Asked Questions
    • Interaction of FASB and SEC Content
    • Cross Reference Report and Amending Standards
    • Different ways to access FASB ASC and key differences between the free view and professional view

Keith Novak, Partner,
Clifton Gunderson LLP

  • Ease of Use
  • Integration of information that is at your fingertips

PART 2: XBRL section – The SEC’s XBRL Rule and Recent Trends
Matt DeWald, Senior Manager, Department of Professional Practice
KPMG LLP

  • Overview of the SEC rule governing XBRL
  • Description of what XBRL is
  • Recent updates on XBRL from the view points of standard setters
  • Common errors and observations in XBRL submissions

Who Should Attend

  • CFOs
  • CEOs
  • Lawyers
  • Accountants
  • Chief Accounting Officers
  • Financial Officers
  • M&A Lawyers

Codification & XBRL

PART 1: Codification- Transition, Recent Developments and Frequently Asked Questions
Thomas Hoey, CPA, President,
Thomas Hoey & Associates, LLC

Kristy L. Illuzzi,Senior Technical Manager, 
AICPA

  • Transition
    • Integration of New and Proposed Updates
    • Referencing FASB ASC in financial statements
  • Recent developments
    • XBRL Integration
    • FASB to take another look at FASB ASC and make additional technical corrections in 2011
  • Frequently Asked Questions
    • Interaction of FASB and SEC Content
    • Cross Reference Report and Amending Standards
    • Different ways to access FASB ASC and key differences between the free view and professional view

Keith Novak, Partner,
Clifton Gunderson LLP

  • Ease of Use
  • Integration of information that is at your fingertips

PART 2: XBRL section – The SEC’s XBRL Rule and Recent Trends
Matt DeWald, Senior Manager, Department of Professional Practice
KPMG LLP

  • Overview of the SEC rule governing XBRL
  • Description of what XBRL is
  • Recent updates on XBRL from the view points of standard setters
  • Common errors and observations in XBRL submissions

Codification & XBRL

Codification & XBRL

Thomas Hoey, CPAPresidentThomas Hoey & Associates, LLC

Beginning in 2004, Thomas Hoey & Associates, LLC began directing the FASB Codification Project. The project involved two major components – creation of the codification content and development of the research system. In addition, Thomas Hoey & Associates, LLC directed a FASB XBRL project that involved linking between the US Financial Reporting Taxonomy and the Codification. Mr. Hoey was a partner with Arthur Andersen LLP until mid-2002 and was responsible for directing the development Arthur Andersen’s global accounting research platform and its related external product, Accounting Research Manager. Prior to directing the development of Andersen’s research platform, Mr. Hoey addressed technical accounting matters as a member of the firm’s national office and was previously a member of the firm’s audit practice. In 2002, Mr. Hoey helped coordinate the sale of the Accounting Research Manager business and technology to CCH and joined CCH as Managing Director of the Accounting Research Manager product line through early 2004.

Mr. Hoey attended Northern Illinois University and received an undergraduate degree in accounting and computer science and a graduate degree in computer science. Mr. Hoey is a CPA and a member of the AICPA.

Codification & XBRL

Kristy L. IlluzziSenior Technical ManagerAICPA

Kristy Illuzzi moved to North Carolina and joined the AICPA in Durham in May 2007 as a Technical Manager in the Accounting and Audit Publications team. Kristy is responsible for writing, maintaining and updating Audit and Accounting Guides, Audit Risk Alerts, Checklists and Illustrative Financial Statements, and Financial Reporting Alerts. These publications are utilized by practitioners in public practice, industry, and academia. Kristy is also a project leader on the XBRL and FASB Codification projects, and has worked on several publications and training materials focused on these topics. Prior to joining the AICPA, Kristy was an independent contractor working with several companies in NYC, including Lighthouse International, Interbrand, C2 Creative, and Wolf Olins. At Lighthouse International, a nonprofit organization, Kristy developed a detailed policies and procedures manual for the organization that focused on tightening internal controls. She also prepared the organizations CFR schedules for both 2005 and 2006, and worked with the clinical staff on enhancing reporting procedures. At her for-profit advertising clients, Kristy performed Sarbanes-Oxley compliance work, developed standard operating procedures, developed standard project budgeting and financial benchmarking tools, and performed revenue recognition compliance testing. Kristy was an Experienced Manager for Grant Thornton, LLP in the Non-Profit Practice. During Kristy’s tenure with Grant Thornton, she worked in the New York City office, serving a variety of non-profit clients, including SDTC, The Brooklyn Botanical Gardens, the Make-A-Wish Foundation, the Ronald S. Lauder Foundation, United Cerebral Palsy of Suffolk, the National Episcopal Church, and Bide-A-Wee. Kristy started her career with Arthur Andersen in 1997, where she worked on audits of a variety of Fortune 500 clients, including the Omnicom Group, Inc. She was also actively involved in recruiting and training efforts for the firm, and was asked to speak in front of the entire metro NY office staff about some of her client experiences. Kristy received her Bachelors Degree in Accounting from SUNY- University at Albany in May 1998. She holds CPA licenses in North Carolina and New York, and is a member of the AICPA and the North Carolina Association of Certified Public Accountants.

Codification & XBRL

Keith Novak.PartnerClifton Gunderson LLP

Keith has been working in the private sector for over 29 years and nearly 25 of those years have been dedicated to serving state and local governments. His clients range from small municipalities to large state entities throughout the Mid-Atlantic region. As a GASB specialist, Keith has made several presentations to the Maryland Association of Community College Business Officers Association, Association of School Business Officers, and the Maryland Association of Certified Public Accountants (MACPA), among others.

In 2010 Keith was presented with the Association of Government Accountants’ Private Sector Financial Excellence Award for exemplifying and promoting excellence in state or local government financial management, outstanding leadership, high ethical standards and innovative management techniques.

Keith received a bachelor’s degree in accounting from the University of Maryland and is an active member of the American Institute of Certified Public Accountants (AICPA), MACPA, Maryland Government Finance Officers Association (GFOA) and the GFOA of the United States and Canada. He also serves on the AICPA’s Single Audit Sampling Task Force and is an instructor for the Intermediate Government Accounting course for Maryland G

Codification & XBRL

Matt DeWaldSenior Manager, Department of Professional PracticeKPMG LLP

Matthew is a senior manager who joined KPMG’s Stamford, CT office in 1998, where he worked in the audit practice before moving to the Charlotte, NC office in 2003. Since 2008, Matthew has been based in KPMG’s Department of Professional Practice in New York City.

Professional and Industry Experience

With more than 12 years of audit experience with technology, telecommunications, and retail companies, Matthew’s in-depth experience includes leading and coordinating audits for publicly traded, international companies with US GAAP accounting issues. He has served as the lead senior manager with responsibility for planning, budgeting, supervision, execution, and delivery of integrated audits, including interim review procedures.

During his tenure in the Department of Professional Practice, Matthew provides technical accounting and auditing consultation to engagement teams, interfaces with standard setters, and presents at various training programs. He also assists in publishing thought leadership materials, covering a variety of topics such as professional judgment, accounting for income taxes, accounting for subsequent events, and XBRL.

In 2010, Matthew completed a term as a Practice Fellow at the Financial Accounting Standards Board, where he served as a project lead on updating the US GAAP XBRL taxonomy.

Codification & XBRL

Joseph LuczkaSenior Manager, Department of Professional PracticeKPMG LLP

Joe Luczka is a Senior Manager in KPMG’s National Office and is involved in developing and delivering XBRL-related activities at KPMG. He currently leads teams of professionals advising clients on their implementation of XBRL and the testing of XBRL instance documents. Joe also works with clients to improve their financial reporting processes and to create a sustainable approach to compliance with the SEC’s XBRL mandate. He has worked with a wide variety of companies, helping them understand and prepare for the requirements of the SEC’s XBRL ruling, including evaluating options such as the use of third-party service providers, selection of software and training.

In addition to XBRL, Joe focuses on the application of technology to business processes and the evaluation and testing of processes in connection with Sarbanes-Oxley.

Joe is a Certified Public Accountant in New York and Connecticut and has spent 19 years providing audit and advisory services to clients ranging from small startups to large multi-national public companies. He is currently based in New York and can be reached at jluczka@kpmg.com or (212) 909-5819.


Click Here to Read Additional Material

Codification & XBRL

Course Level:
   Intermediate

Advance Preparation:
   Print and review course materials

Method Of Presentation:
   On-demand Webcast

Prerequisite:
   NONE

Course Code:
   104050

Total Credits:
    2.0 CLE

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About the Knowledge Group

The Knowledge Group

The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.

About the Knowledge Group

The Knowledge Group

The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.

KPMG LLP, the audit, tax and advisory firm (www.us.kpmg.com), is the U.S. member firm of KPMG International Cooperative (“KPMG International.”) KPMG International’s member firms have 140,000 professionals, including more than 7,900 partners, in 146 countries.

Website: https://www.kpmg.com/global/en/pages/default.aspx

Beginning in 2004, Thomas Hoey & Associates, LLC began directing the FASB Codification Project. The project involved two major components – creation of the codification content and development of the research system. In addition, Thomas Hoey & Associates, LLC directed a FASB XBRL project that involved linking between the US Financial Reporting Taxonomy and the Codification. Mr. Hoey was a partner with Arthur Andersen LLP until mid-2002 and was responsible for directing the development Arthur Andersen’s global accounting research platform and its related external product, Accounting Research Manager. Prior to directing the development of Andersen’s research platform, Mr. Hoey addressed technical accounting matters as a member of the firm’s national office and was previously a member of the firm’s audit practice. In 2002, Mr. Hoey helped coordinate the sale of the Accounting Research Manager business and technology to CCH and joined CCH as Managing Director of the Accounting Research Manager product line through early 2004.

Mr. Hoey attended Northern Illinois University and received an undergraduate degree in accounting and computer science and a graduate degree in computer science. Mr. Hoey is a CPA and a member of the AICPA.

Kristy Illuzzi moved to North Carolina and joined the AICPA in Durham in May 2007 as a Technical Manager in the Accounting and Audit Publications team. Kristy is responsible for writing, maintaining and updating Audit and Accounting Guides, Audit Risk Alerts, Checklists and Illustrative Financial Statements, and Financial Reporting Alerts. These publications are utilized by practitioners in public practice, industry, and academia. Kristy is also a project leader on the XBRL and FASB Codification projects, and has worked on several publications and training materials focused on these topics. Prior to joining the AICPA, Kristy was an independent contractor working with several companies in NYC, including Lighthouse International, Interbrand, C2 Creative, and Wolf Olins. At Lighthouse International, a nonprofit organization, Kristy developed a detailed policies and procedures manual for the organization that focused on tightening internal controls. She also prepared the organizations CFR schedules for both 2005 and 2006, and worked with the clinical staff on enhancing reporting procedures. At her for-profit advertising clients, Kristy performed Sarbanes-Oxley compliance work, developed standard operating procedures, developed standard project budgeting and financial benchmarking tools, and performed revenue recognition compliance testing. Kristy was an Experienced Manager for Grant Thornton, LLP in the Non-Profit Practice. During Kristy’s tenure with Grant Thornton, she worked in the New York City office, serving a variety of non-profit clients, including SDTC, The Brooklyn Botanical Gardens, the Make-A-Wish Foundation, the Ronald S. Lauder Foundation, United Cerebral Palsy of Suffolk, the National Episcopal Church, and Bide-A-Wee. Kristy started her career with Arthur Andersen in 1997, where she worked on audits of a variety of Fortune 500 clients, including the Omnicom Group, Inc. She was also actively involved in recruiting and training efforts for the firm, and was asked to speak in front of the entire metro NY office staff about some of her client experiences. Kristy received her Bachelors Degree in Accounting from SUNY- University at Albany in May 1998. She holds CPA licenses in North Carolina and New York, and is a member of the AICPA and the North Carolina Association of Certified Public Accountants.

Keith has been working in the private sector for over 29 years and nearly 25 of those years have been dedicated to serving state and local governments. His clients range from small municipalities to large state entities throughout the Mid-Atlantic region. As a GASB specialist, Keith has made several presentations to the Maryland Association of Community College Business Officers Association, Association of School Business Officers, and the Maryland Association of Certified Public Accountants (MACPA), among others.

In 2010 Keith was presented with the Association of Government Accountants’ Private Sector Financial Excellence Award for exemplifying and promoting excellence in state or local government financial management, outstanding leadership, high ethical standards and innovative management techniques.

Keith received a bachelor’s degree in accounting from the University of Maryland and is an active member of the American Institute of Certified Public Accountants (AICPA), MACPA, Maryland Government Finance Officers Association (GFOA) and the GFOA of the United States and Canada. He also serves on the AICPA’s Single Audit Sampling Task Force and is an instructor for the Intermediate Government Accounting course for Maryland G

Matthew is a senior manager who joined KPMG’s Stamford, CT office in 1998, where he worked in the audit practice before moving to the Charlotte, NC office in 2003. Since 2008, Matthew has been based in KPMG’s Department of Professional Practice in New York City.

Professional and Industry Experience

With more than 12 years of audit experience with technology, telecommunications, and retail companies, Matthew’s in-depth experience includes leading and coordinating audits for publicly traded, international companies with US GAAP accounting issues. He has served as the lead senior manager with responsibility for planning, budgeting, supervision, execution, and delivery of integrated audits, including interim review procedures.

During his tenure in the Department of Professional Practice, Matthew provides technical accounting and auditing consultation to engagement teams, interfaces with standard setters, and presents at various training programs. He also assists in publishing thought leadership materials, covering a variety of topics such as professional judgment, accounting for income taxes, accounting for subsequent events, and XBRL.

In 2010, Matthew completed a term as a Practice Fellow at the Financial Accounting Standards Board, where he served as a project lead on updating the US GAAP XBRL taxonomy.

Joe Luczka is a Senior Manager in KPMG’s National Office and is involved in developing and delivering XBRL-related activities at KPMG. He currently leads teams of professionals advising clients on their implementation of XBRL and the testing of XBRL instance documents. Joe also works with clients to improve their financial reporting processes and to create a sustainable approach to compliance with the SEC’s XBRL mandate. He has worked with a wide variety of companies, helping them understand and prepare for the requirements of the SEC’s XBRL ruling, including evaluating options such as the use of third-party service providers, selection of software and training.

In addition to XBRL, Joe focuses on the application of technology to business processes and the evaluation and testing of processes in connection with Sarbanes-Oxley.

Joe is a Certified Public Accountant in New York and Connecticut and has spent 19 years providing audit and advisory services to clients ranging from small startups to large multi-national public companies. He is currently based in New York and can be reached at jluczka@kpmg.com or (212) 909-5819.

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