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Highlights from the 20th Annual Baruch College Financial Reporting Conference

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By: CPAJ Staff

 

The 20th Annual Financial Reporting Conference was hosted virtually by Baruch College on May 4 and 5, 2022. The longstanding conference brought together—via videoconference—representatives from leading regulators, standards setters, preparers, auditors, and users. Although the new business environment brought about by the COVID-19 pandemic was foremost in everyone’s mind, the hot topics of discussion were trends in accounting and financial reporting that have been gathering steam for years, if not decades.

 

Separate panels were devoted to the discussion of cutting-edge topics and the impact they are likely to have on standards setting, financial reporting, and enforcement—today and into the future. One session covered digital assets, such as Bitcoin, and the unique challenges they present under existing accounting and auditing guidance. Another session covered sustainability reporting and environmental, social, and governance (ESG) issues, once niche topics that have become relevant to increasing numbers of investors and stakeholders, as well as regulators. These issues also permeated the presentations given by top representatives from the SEC, PCAOB, and FASB.

 

As always, the speakers devoted much time to explaining how they have approached the implementation of newly effective standards and the resources that are available to professionals in need of greater guidance. Representatives from regulators repeatedly stressed the importance they place on feedback from preparers and users; they encouraged attendees to provide their input on the current proposals, most notably those in the ESG space. There was also discussion throughout the conference about what to expect from the ambitious agendas under consideration at the PCAOB and SEC. Also mentioned was the recent turnover among their leading personnel, especially at the PCAOB, led by newly installed Chair Erica Williams, who served as the conference’s keynote speaker.

Company The CPA Journal
Category FREE CONTENT;ARTICLE / WHITEPAPER
Intended Audience CPA - small firm
CPA - medium firm
CPA - large firm
Published Date 07/18/2022

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The CPA Journal
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The CPA Journal is known as the “Voice of the Profession,” and is The New York State Society of CPA’s monthly flagship publication and top member resource. An award-winning magazine and finalist for excellence in journalism (2018, 2017 FOLIO magazine awards), The Journal has over 95% nationally focused content written by thought leaders in the accounting and finance industry.

For more than 85 years, The CPA Journal has been earning its reputation as an objective, critical source of information on issues of interest to CPAs. The Journal provides analysis, perspective, and debate on the issues that affect the CPA profession. Major topics include accounting and auditing, taxation, personal financial planning, finance, technology, and professional ethics. The CPA Journal is issued monthly in print, and offers daily insight and analysis digitally here on cpajournal.com. Published by the New York State Society of CPAs, The Journal’s active editorial and review process ensures thorough technical quality and material relevant to CPAs in public practice, industry, government and education.