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The 2021 AICPA & CIMA Conference on Current SEC and PCAOB Developments included panels and speeches from a variety of market participants, many that addressed recent and expected change on many fronts of the financial reporting landscape. Heather Horn was joined by Angela Fergason and Kyle Moffatt, National Office partners, to discuss key takeaways from this year’s conference.

Topics :

• 1:21 - Background on the conference and themes. Angela discusses the background on the conference and provides an overview of  this year’s themes.
• 4:10 - What accounting topics were addressed? Angela, Kyle, and Heather talk through some of the accounting topics discussed at the conference with a highlight on SPACs, digital assets, revenue recognition, tax reform, and recently issued SAB 120 on “spring loaded” stock based compensation awards.
• 15:30 - What is the SEC focusing on? Kyle provides the latest update on the anticipated climate disclosure proposal and walks listeners through some of the SEC staff’s top areas of comment in financial statement reviews. These include materiality, non-GAAP, and segments, among others.
• 27:54 - What’s on the FASB’s agenda? Angela discusses constituent feedback on the FASB’s future agenda and highlights a few FASB project updates.
• 36:18 - What themes emerged in the SEC enforcement session? Kyle gives an update on key messages coming from the SEC's Division of Enforcement. Heather tries to stump Angela and Kyle with some niche accounting questions.

Want to learn more?

• Listen to our What’s trending in SEC comments podcast series here.
• Listen to our SPAC series here: Facts on SPACs: New trends in 2021
• Read our in the loop: Don’t wait until the SEC staff asks you about climate change

Angela Fergason is a partner in PwC's National Office specializing in the accounting for revenue and employee compensation arrangements. She also consults on a range of financial reporting issues impacting technology companies. Angela is a frequent speaker on accounting and financial reporting topics and is a contributor to many PwC National Office publications, including our accounting guides on revenue and stock-based compensation.

Kyle Moffatt is a partner in PwC's National Office where he consults with engagement teams and audit clients on SEC reporting matters. He joined PwC in April 2020 after spending almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. 

Transcripts available upon request f