Day 3 Recap and Takeaways from the AICPA & CIMA Conference
Riveron experts recap the AICPA & CIMA Conference on Current SEC and PCAOB Developments, December 11, Washington DC.
Gathering the latest insights relevant to the accounting profession, Riveron Accounting Advisory Managing Directors Drew Niehaus, Patrick Garrett, Lara Long, Joe Haehner, and Sarah Kieffer attended day three of the AICPA & CIMA Conference on Current SEC and PCAOB Developments.
The experts gleaned key takeaways on topics explored by presenters, including panelists specializing in legal matters, capital markets, ESG, technology, and more. The conference sessions examined evolving technologies, PCAOB standards, Pillar II tax implications, sustainability, and a variety of other topics. Here’s what CFOs and accounting professionals should know:
Highlights from Day 3 of the conference
Artificial Intelligence and Evolving Technologies
AI is emerging as a transformative tool, especially in finance and accounting. Use cases range from drafting reports and analyzing big data sets to predicting market trends and simplifying coding. Success is going to require good governance, secure data practices, continuous staff training, and maintaining human oversight. Over time, mundane tasks will shrink, strategic thinking will expand, and the use of AI and automation could help the accounting profession become more appealing to a new wave of tech-savvy talent.
Securities Law Update – The Legal Perspective
Notably, multiple discussions touched on legal perspectives at this year’s conference, which underscores how important it is for accounting professionals to build strong relationships with their legal teams, especially when navigating any matters involving regulations.
With an approaching leadership transition, the SEC may emphasize capital formation and tailored rules. While new rulemaking could pause, staff reviews and existing disclosure obligations continue. Market participants should not ease up on robust controls and transparent disclosures, including climate-related matters under existing guidance. Companies must stay proactive—ensuring strong reporting practices and remaining prepared for any regulatory shifts that emerge.
PCAOB Standards: Considerations for Issuers
Newly issued PCAOB standards and guidance cover changes to multi-location audits, electronic evidence testing, confirmations, QC systems, and metrics. In light of these recently introduced considerations, issuers should work with auditors to understand any new questions they should expect and consider if any controls need attention.
First-year Pillar II Implementation: Navigating Tax, Accounting, and Control Challenges
The global minimum tax regime (Pillar II) may not require deferred taxes, but it brings detailed jurisdiction-by-jurisdiction calculations and ongoing compliance complexity. It is beneficial for accounting teams and other cross-functional professionals to track evolving legislation, refine data accuracy, and ensure cohesive teamwork across tax, finance, and IT. Companies should also be aware that safe harbors won’t last forever. Engaging with auditors early and establishing strong controls now can lay the groundwork for smoother compliance and disclosure, regardless of how the Pillar II rules evolve.
Current State of Sustainability Reporting
New ESG rules (the EU’s CSRD, along with California GHG laws) require disclosures, often requiring assurance. Materiality assessments, double materiality, and upgraded data controls are essential. The SEC’s climate rule is stalled, but existing mandates still necessitate disclosing material climate risks. To prepare, companies should consider establishing and documenting sustainability reporting controls to ensure investor-grade reporting, focus on data quality, and stand up a cross-functional ESG committee.
Capital Market Trends
In the conference discussion, panelists signaled a lot of optimism regarding IPO and capital market activity in 2025 and 2026. The optimism was based on several factors, including the number of private company unicorns in the United States, the currently extended hold periods of private-equity-backed companies, and growing market momentum in the space. The current market was noted as “sober and clinical” due to the extensive diligence performed and the valuations of the current market IPOs.
Explore additional takeaways from Day 1 and Day 2 of the conference. Plus, register for Riveron’s upcoming webinar that offers Free CPE credit for live attendees.