Financial Reporting and Disclosure in 2017: Addressing Its Implications to the Year Ahead
In the past year, the Securities and Exchange Commission (SEC) has set out its intensified financial reporting and disclosure enforcement efforts due to the dramatic rise of violations. In the fiscal years 2015 and 2016 alone, the SEC already charged more than 245 individuals and brought over 200 financial reporting and disclosure actions.
Considering the ever-evolving securities landscape, financial reporting will likely trail behind the pace of change. Thus, it is important for companies to remain updated with the recent and relevant reporting trends and developments to ward off potential liabilities and pressing implications.
In this LIVE Webcast, a panel of distinguished professionals and thought leaders organized by The Knowledge Group will help the audience better understand the important aspects of this significant topic. They will provide an in-depth discussion of Financial Reporting and Disclosure in 2017. Speakers will also offer best practices in ensuring compliance with securities laws.
Some of the major topics that will be covered in this course are:
- Financial Reporting and Disclosure: Then and Now
- Financial Reporting Standards
- Recent Reporting Trends and Developments
- Factors and Implications
- Key Considerations and Common Violations
- Financial Reporting and Disclosure Liabilities
- Best Practices
Marks Paneth LLP
Grant Thornton LLP
- Who sets the rules for financial accounting reporting (background)
- Definition of a public entity (New rule)
- Why do we have additional rules for public entities
- What are the main rules
- What the landscape is like at the SEC, and what the priorities are for the new commission (focus on capital formation) and expansion of non-public review for certain draft registration statements. Staff has also emphasized they are available for inquiries and the FRM was recently expanded to add a section for contacting CF-OCA.
- Disclosure initiative (including FASB efforts in accounting standards regarding materiality) – disclosure overload and boilerplate disclosures; compliance exercise rather than a communication vehicle. Balance 2 objectives.
- Brief summary of SEC review / comment letter process
- Comment letter trends and examples
- SEC staff observations of trends (what does the SEC look for in the disclosure)
- The hottest topic – Non-GAAP Disclosure
- Preparing the MD&A disclosures about the results of operations
- Critical accounting estimates
- Intangible assets disclosures
- Liquidity and capital resources
- Business combinations disclosure
- Litigation disclosure
- Risk Factors
- Accounting Policies as they relate to the New Revenue recognition rules, leas accounting and credit
- Requirements for revenue recognition and Leasing standard disclosures. Expectations for the SAB 74 disclosures in Q417. Includes income tax and EPS effects.
- We can also mention the SEC issuing SAB 116 to align with the revenue recognition standard
- Continued focus on ICFR, including changes due to adopting standards. Also, disclosure requirements for material weaknesses. Material weaknesses tend to increase cost of capital, which motivates companies and improves processes/controls.
- Example of recent enforcement cases that may deal with disclosure
- PCAOB Auditor’s Report standard – what that means to issuers from a disclosure standpoint
Who Should Attend:
- Corporate Compliance Attorneys
- Finance Lawyers
- Chief Financial Officers
- Financial Reporting Personnel
- Chief Compliance Officers
- Risk and Compliance Managers
Akram Soliman, CPA, CFE, is a Director in the Financial Advisory Services group at Marks Paneth LLP. He has more than 20 years of experience in public accounting and consulting related to the application of US Generally Accepted Accounting Principles (US GAAP), International Financial Reporting Standards (IFRS), US Securities and Exchange Commission rules and regulations and Public Company Accounting Oversight Board (PCAOB) standards.
Akram’s professional and managerial experience spans the finance, accounting and operations functions that extend to the real estate, hospitality, financial services, private equity, internet and high tech, retail, textile and pharmaceutical industries. He has extensive experience in audit process and financial reporting issues and accompanying disclosures, operations and process improvement, and regulatory compliance including preparing Sarbanes-Oxley control documentation and testing plans.
Akram Soliman, CPA, CFE, is a Director in the Financial Advisory Services group at Marks Paneth LLP. He has more …
Eric is a partner in Southern California with over 16 years of public accounting experience in addition to private industry experience. He served in Grant Thornton’s National Professional Standards Group for four years where Eric focused on SEC reporting matters, including initial and secondary equity offerings, debt offerings, business acquisitions and reorganizations, and helped clients navigate the SEC review and comment letter process. Eric serves multiple clients in Southern California ranging in size from smaller private equity owned companies to larger multi-national public companies with experience in hospitality, real estate, services, and consumer and industrial products industries. Eric’s client service has allowed him to work with many multi-state and international engagement teams around the world. Eric is an active member of the AICPA, California Society of CPAs, and National Association of Real Estate Investment Trusts.
Eric is a partner in Southern California with over 16 years of public accounting experience in addition to private industry …
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Method Of Presentation:
Basic knowledge in corporate financial reporting
NASBA Field of Study:
NY Category of CLE Credit:
Areas of Professional Practice
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About Marks Paneth LLP
Marks Paneth LLP is a premier accounting firm with origins dating back to 1907. With a team of nearly 700 professionals, the firm provides a full range of audit, accounting, tax and consulting services, with specialties in international tax, forensic accounting, litigation support, family office and financial advisory services.
Marks Paneth professionals deliver expert knowledge in a wide range of industries, including real estate, hospitality and restaurants; nonprofit, government and healthcare; manufacturing, wholesale and distribution; theater, media and entertainment; high-net-worth; and financial and professional services. The firm offers expanded resources through its subsidiary technology consulting firm, Tailored Technologies, LLC, and its membership in Morison KSi Ltd., a global association of professional service firms serving clients’ cross-border accounting, tax and consulting needs.
Headquartered in New York City, with additional offices in New York State, New Jersey, Pennsylvania, Washington, DC and Florida, Marks Paneth is ranked by Accounting Today as the 30th largest accounting firm in the nation and among the top 10 in the Mid-Atlantic Region. For more information, visit www.markspaneth.com.
About Grant Thornton LLP
Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd, one of the world’s leading organizations of independent audit, tax and advisory firms. We help dynamic organizations grow by providing meaningful, actionable insights for privately owned, publicly listed and public sector clients. The professionals of Grant Thornton LLP serve clients across the United States. For our clients with operations overseas, we work in cooperation with other Grant Thornton International Ltd member firms. Whether your organization is staying in the United States or expanding internationally, Grant Thornton will help you get where you want to go. Our audit, tax and advisory professionals have the experience and knowledge to assist you in your business growth efforts. Our teams work across industry and service lines to deliver solid results.