Quarterly accounting roundup: Q update on important developments The Dbriefs Financial Reporting series

Quarterly accounting roundup: The Dbriefs Financial Reporting series Bob Uhl, Partner, Deloitte & Touche LLP Chris Chiriatti, Managing Director, Deloitte & Touche LLP Kaycee Dolan, Manager, Deloitte & Touche LLP Sean May, Partner, Deloitte & Touche LLP December 12, 2017

Items to note Keep in mind: This webcast does not provide official Deloitte & Touche LLP interpretive accounting guidance. Check with a qualified advisor before taking any action. Learning Objective: To enhance participants understanding of important accounting issues and developments pertaining to recent actions of standard setters, regulators, and others. Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 3

Polling question #1 Are you a financial statement preparer, user, auditor, or other interested party? Preparer User Auditor Other Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 4

Highlights of the 2017 AICPA Conference Key themes New GAAP standards: Implementation of revenue, leases, and credit losses standards; related ICFR considerations Auditor s reporting model: Introduction of critical audit matters. Changes to the audit report will be phased in over the next few years Tax reform: Potential accounting impacts and related challenges SEC Chairman Jay Clayton discussed how efficient capital formation in the U.S. public markets gives the average retail investor colloquially referred to as Mr. and Mrs. 401(k) a cost-effective opportunity to invest in the growth of America Mr. and Mrs. 401(k) are protected by a disclosure regime that is the foundation of our capital markets, and the audited financial statements are the bedrock of that regime Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 6

Highlights of the 2017 AICPA Conference New GAAP standards Keep going/get going ICFR Transition disclosures (SAB 74) New disclosure requirements Reasonable judgment Audit committees Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 7

Highlights of the 2017 AICPA Conference New GAAP - Leases Begin your implementation efforts now Careful planning, management, and oversight are required Identify a complete population of contracts that may be, or contain, a lease Research and analyze accounting questions that arise FASB Board recent tentative decisions Comparative periods during transition Allocation of consideration to components in the contract Recent OCA consultations Did not object to either including or excluding executory costs within remaining minimum rental payments for purposes of establishing the lease liability in transition Did not object to the use of a discount rate (for measurement of the lease liability during transition) based on either the original lease term or the remaining lease term, as long as that approach is applied consistently Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 8

Highlights of the 2017 AICPA Conference New GAAP - Credit Losses Implementation TRG has addressed and is expected to continue to address implementation issues SEC staff reminded all participants that CECL extends beyond the banking and insurance industries Collateral-dependent Financial Assets Application of the general expected credit losses model rather than the collateral-dependent practical expedient, under CECL PCI vs. PCD models Companies should not analogize to the PCI model when there is other on-point accounting guidance The PCD model should not be applied to an entity s purchase of loans immediately after origination Companies should not apply the PCD model to loans it originates to retailers that are collateralized by consumer installment loans because the loans are originated and not purchased Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 9

Highlights of the 2017 AICPA Conference Potential income tax reform SEC staff referred to potential accounting impacts and related challenges Staff will be mindful of potential compressed timeframe and is open for business to talk through potential issues with registrants While assessing potential impacts, may be useful to categorize potential issues as one of following Operational Legislative Accounting related Registrants should carefully consider potential effects of tax reform while preparing MD&A disclosures Although neither the SEC staff nor the FASB staff has indicated a current plan to issue supplemental guidance or targeted relief, our view is that such an action is at least possible but will depend on how difficult the operational challenges are in a compressed time frame and how much uncertainty there is about how to interpret provisions of the final bill or how to apply ASC 740 to those provisions Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 10

Polling question #2 Which of the following proposals in tax reform will be most difficult to implement in accounting for income taxes if enacted prior to year-end? Lower tax rate on business income Moving to a territorial tax system and other international changes Elimination of certain deductions Other Don t know Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 11

Highlights of the 2017 AICPA Conference Internal control over financial reporting (ICFR) The OCA staff emphasized the importance of the following: Considering Principle 9 of the COSO Framework as part of maintaining effective ICFR, particularly in a period of change Identifying relevant risks of material misstatement and designing appropriately responsive controls in connection with the adoption of new accounting standards Factors to consider in evaluating the design effectiveness of an internal control: The control objective Precision of the control Process for investigation Completeness and accuracy of information used in the operation of the control Participants are reminded to be proactive with discussing the various aspects of ICFR to ensure preparers and auditors are aligned regarding risk assessment and the identification of relevant controls. This is especially important for adoption of the new GAAP standards Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 12

Highlights of the 2017 AICPA Conference Auditor independence In a joint statement and during a discussion on current projects, members of the OCA staff reiterated that the impartiality and objectivity of auditors is at the core of investor confidence Discussion focused on the following best practices for complying with independence requirements: Auditors working collectively with management to understand their responsibilities related to compliance with SEC and PCAOB independence rules Being proactive in educating and implementing policies and monitoring mechanisms Provided a reminder of the Division of Investment Management extension of the temporary relief from the loan-provision rule Auditors and management were reminded to be mindful of the four principles described in the preliminary note to Regulation S-X, Rule 2-01, when new accounting standardsare being adopted Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 13

Highlights of the 2017 AICPA Conference Audit committees SEC Chairman Jay Clayton and SEC Chief Accountant Wesley Bricker participated in a panel discussion in which they provided perspective on areas of focus for audit committees and how to strengthen their effectiveness: Areas of focus: Implementation of new accounting standards, including setting the tone at the top Identifying critical audit matters (CAMs) to comply with PCAOB AS 3101, Auditor s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion Tax reform Cybersecurity Issues Considerations to strengthen audit committee effectiveness: Training and awareness Composition of the audit committee Reaching a consensus on the important issues with auditors and management Interim Assistant Deputy Chief Accountant Jenifer Minke-Girard noted that IOSCO has an active project to issue a report on best practices among audit committees Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 14

Highlights of the 2017 AICPA Conference Auditor s reporting model Changes to the auditor s report New requirement to include critical audit matters (CAMs) Definition of a CAM CAMs are matters arising from the audit of the financial statements that were communicated or required to be communicated to the audit committee, are related to accounts or disclosures that are material to the financial statements, and involve especially challenging, subjective, or complex auditor judgment Other changes to the auditor s report Effective dates Standardized ordering and inclusion of section headers, with the opinion section appearing first Enhanced descriptions of the auditor s role and responsibilities, including a statement regarding independence requirements Disclosure of auditor tenure the year in which the auditor began serving consecutively as the company s auditor New auditor's report format, tenure, and other information Audits for fiscal years ending on or after December 15, 2017 Communication of CAMs for audits of large accelerated filers Audits for fiscal years ending on or after June 30, 2019 Communication of CAMs for audits of all other companies Audits for fiscal years ending on or after December 15, 2020 Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 15

Highlights of the 2017 AICPA Conference Capital formation a high priority Nonpublic Review of Draft Registration Statements Ability to omit certain annual and interim financial statements that will be stale at time of first public filing Interpretive Guidance on CEO Pay Ratio Disclosures Staff guidance Revised set of Compliance and Disclosure Interpretations Corp Fin is open for business Contact information in the FRM Rule 3-13 waivers Disclosure Effectiveness Initiative Proposed rule to modernize and simplify Regulation S-K Expect future rule proposals on other ongoing Regulation S-X and Regulation S-K projects Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 16

Highlights of the 2017 AICPA Conference Non-GAAP measures and KPIs Non-GAAP Measures Key Performance Indicators (KPIs) Comments received on non-gaap measures have dropped to pre-2016 levels The SEC staff will often closely review KPIs, especially in IPOs The SEC staff will continue to closely monitor their use and issue comments Measures should not be labeled using titles which are confusingly similar to those used for GAAP measures KPIs should: - Be clearly defined - Have clear purpose and use disclosures - Tie back to the registrant s strategy Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 17

Highlights of the 2017 AICPA Conference PCAOB standard-setting activity Accounting Estimates Specialists Other Auditors Proposal issued in June 2017 for public comment Developed in tandem with the specialists proposal Retains the three existing approaches to auditing accounting estimates Addresses the use of pricing services in auditing fair value measurements Proposal issued in June 2017 for public comment Separates the requirements for using the work of a company s specialists and using the work of the auditor s specialists Proposal issued in April 2016 with a supplement request for comment issued in September 2017 Develops a new standard for when the lead auditor divides responsibility with another firm Evaluating comments received Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 18

Highlights of the 2017 AICPA Conference PCAOB inspections 2017 Areas With Significant Findings Assessing and responding to risks of material misstatement Internal control over financial reporting Accounting estimates, including fair value measurements 2018 Areas of Focus Audit firms system of quality control New accounting standards New auditing requirements Data analytics and technology Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 19

Highlights of the 2017 AICPA Conference Blockchain (distributed ledger) technology and digital currencies Blockchain/Distributed Ledger Technology Stakeholders were encouraged to devote time to understanding blockchain/ distributed ledger technology because this technology could have a significant impact on financial reporting and auditing in the future PCAOB Task Force on Data and Technology will focus on changes in technology and consider the need for developing new auditing standards related to technological advances and potential related audit risks Digital Currencies The SEC cautioned companies to consider whether virtual offerings of tokens represent securities subject to U.S. securities regulations Current accounting literature does not directly address accounting for digital currencies FASB staff is performing research and at a future agenda prioritization meeting will ask the Board to consider a project IASB is monitoring developments related to digital currencies (the issue is not currently on the IASB s standard-setting agenda) Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 20

Highlights of the 2017 AICPA Conference Cybersecurity Consideration of cybersecurity and its financial reporting impact SEC comments Area of focus by Chair Clayton Disclosure Guidance Topic 2: Cybersecurity still relevant but SEC is considering a refresh in light of recent significant cyber breaches AICPA s Cybersecurity Risk Management Reporting Framework Description criteria for use by management in explaining its cybersecurity risk management program Control criteria to evaluate and report on the effectiveness of an entity s controls Auditors and cybersecurity Cybersecurity reporting framework addresses operations, reporting (both internal and external), and compliance objectives Broader focus than that of auditors in context of audit of external financial reporting, ICFR, or both If there is a cybersecurity breach of an operational system, still need to consider its root cause and whether potential exists for a similar deficiency related to the financial reporting information systems Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 21

Polling question #3 What is your level of knowledge about Distributed ledger technology (blockchain)? We are experts and looking for ways to utilize the technology We have detailed understanding and are currently monitoring developments We have a basic level understanding of the technology We do not understand what it is or how it could be used Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 22

Anticipated transition method Percentage of SEC registrants that disclosed their transition method in their most recent SEC filings: 23% 12% Full Retrospective Modified Retrospective Undecided/Other 65% Note: Based on public filings made by nearly 1,000 SEC registrants as of September 30, 2017, of which 19 have early adopted. Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 24

Anticipated transition method By industry Of those SEC registrants that stated their anticipated transition method (i.e., excluding undecided or undisclosed registrants), the following summarizes the anticipated transition method by industry sector: Automotive Chemical & Specialty Materials Consumer Products Financial Services Health Care Providers & Plans Industrial Products & Services Life Sciences Media & Entertainment Oil & Gas Power & Utilities Real Estate Retail and Distribution Technology Telecom Travel and Hospitality 0 10 20 30 40 50 60 70 80 90 100 Full Retrospective Modified Retrospective Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 25

Highlights of the 2017 AICPA Conference Revenue recognition Identifying Performance Obligations Judgment required when determining if promises are separately identifiable. Focus on whether promises significantly affect each other. Principal v. Agent Challenging to apply guidance, especially when transactions occur in the blink of an eye. Just because significant judgment is required does not permit optionality. Implementation resources are still available! Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup:

New revenue guidance Accounting hot topics Gross vs. net revenue presentation Accounting for licenses of intellectual property Separation and allocation of license and other elements (e.g., post-contract support ( PCS ), implementation services, updates to IP, etc.) Applying the sales- or usage-based royalty exception Over time vs. point in time revenue recognition for contract manufacturers No alternative use and enforceable right to payment criteria Identifying and accounting for contract modifications Capitalization and amortization of commissions Identifying incremental costs Determining appropriate amortization period Cancellation provisions and the effect on contract term Operationalizing the portfolio approach Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 27

SEC comment letter themes For companies that have not early adopted, the SEC has requested enhanced SAB 74 disclosures, including: Additional qualitative disclosures, including description of the effects of the accounting policies expected to be applied Status of process to implement the new standard and significant implementation matters yet to be addressed Quantitative disclosures of the potential impact on the financial statements, if available For early adopters, the SEC has commented on the following: Transparent disclosure of accounting policies Process for estimating and constraining variable consideration Methods for measuring progress for performance obligations satisfied over time Judgments used to capitalize and amortize commissions (e.g., appropriate amortization period) Disclosures (e.g., method to measure progress, disaggregation of revenue) Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 28

Other activities FASB Board Meeting on November 29 th to discuss implementation activities: FASB Staff discussed activities conducted by AICPA, SEC, PCAOB and other interested parties FASB Staff summarized other implementation activities and provided the Board a summary of technical inquiry volume Most inquiries based on specific facts and circumstances. Board Member observed that the nature of the recent inquiries suggest the framework and principles are understood and preparers are now working through specific fact patterns. Observed that the new standard does not suggest there is a presumption for certain outcomes for certain industries. Used franchisors as an example Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 29

Polling question #4 Is your organization or client ready to adopt the new revenue standard? Yes, we are ready to go No, resource constraints have delayed the process No, still resolving open questions No, a combination of issues are delaying implementation Don t know/not applicable Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 30

Leasing update FASB Board meeting November 29, 2017 At its November 29 th Board meeting, the FASB tentatively concluded: Transition: To provide entities with an additional transition method with which to adopt ASC 842, which is intended to be similar to the modified retrospective approach for adopting ASC 606. Separating components: To provide lessors with a practical expedient, by class of underlying assets, to not separate nonlease components from the related lease components. Rather, the combined components would be accounted for as a single lease component. This practical expedient can only be used if (1) the timing and pattern of revenue recognition for the component(s) are the same, and (2) the combined lease component is classified as an operating lease. The FASB decided not to amend ASC 842 for the following: Short-term leases Leases with 100% variable payments Foreign currency Definition of incremental borrowing rate Certain private company disclosures Land leases Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 32

Highlights of the 2017 AICPA Conference FASB accounting standard setting Implementation resources FASB s Implementation Web Portal Public board meetings, webcasts, and conferences Technical inquiry process Transition resource groups (for certain standards) FASB Chairman Russell Golden and FASB Technical Director Susan Cosper discussed agenda priorities In 2018, the FASB expects to complete the projects related to the disclosure framework, as well as, insurance accounting, which is targeted to improve the accounting for long-duration contracts Three new projects added to the technical agenda: Distinguishing liabilities and equity Disaggregation of performance reporting Segment aggregation criteria and disclosures Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 34

Consolidation Reorganization Project Proposed ASU Issued September 20, 2017 The proposed ASU would reorganize the consolidation guidance in ASC 810 by creating a new Codification topic 812. It would create separate subsections for the guidance on: Scope (ASC 812-10) The variable interest entity model (ASC 812-20) The voting interest entity model (ASC 812-30) Guidance on the consolidation of entities controlled by contract would be moved to the not-for-profit section at ASC 958-812. Certain terminology has been updated: Clarifications made to the term expected Language revised to remove negatives and double-negatives The FASB does not expect there to be changes to an entity s previous consolidation outcomes or conclusions as a result of the proposed amendments. Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 35

FASB project agenda Expected final standards Q4 2017 Codification Improvements Elimination of U.S. Steamship Entities (Topic 995) Q1 2018 Lease Easements Practical Expedient for Transition to Topic 842 Simplifying the Balance Sheet Classification of Debt Expected exposure drafts Q4 2017 Nothing additional expected Q1 2018 Leases Targeted Amendments to Topic 842 Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 36

ASUs effective January 1, 2018 Public business entity effective dates ASU ASU 2017-09, Compensation Stock Compensation (Topic 718): Scope of Modification Accounting ASU 2017-07, Compensation Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business ASU 2016-18, Restricted Cash a consensus of the FASB Emerging Issues Task Force ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments a consensus of the FASB Emerging Issues Task Force Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 37

ASUs effective January 1, 2018 Public business entity effective dates ASU ASU 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities ASU 2016-04, Liabilities Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products a consensus of the FASB Emerging Issues Task Force ASU 2016-01, Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ASU 2014-09, Revenue From Contracts With Customers Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 38

ASUs effective January 1, 2018 Other than public business entity effective dates ASU ASU 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities ASU 2016-09, Compensation Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ASU 2016-06, Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments ASU 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 39

EITF update Accounting for cloud computing implementation activities Cloud computing implementation costs ASU 2015-05 - addresses cloud computing arrangements: If customer can take software - customer has an intangible asset (license for internal use software - see ASC 350-40 for implementation costs) If customer cannot take software customer is party to a service/hosting arrangement (GAAP is not clear about implementation costs) The lack of clarity led to the FASB adding to the EITF s agenda a narrow-scope project on the accounting for implementation costs in a hosting arrangement Some stakeholders believe that the distinction made in ASU 2015-05 is not substantive Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup:

EITF update Accounting for cloud computing implementation activities At the October meeting, the EITF tentatively decided to eliminate distinction in ASU 2015-05 A customer would: Identify a software element in its hosting arrangements Capitalize a software element along with applicable implementation costs (apply ASC 350-40) Recognize a liability for PV of any future payments related to the software element Staff will bring back follow-on issues (planned for January meeting) Contract term, discount rate, practical expedients May analogize to ASC 842- Leases Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup:

Polling question #5 Based on the FASB staff s research on a customer s accounting for cloud computing implementation costs, the Task Force tentatively agreed to treat hosting arrangements similar to internal-use software. Do you agree with the Task Force s tentative conclusion? Yes, there should be no distinction between software licenses and hosting arrangements as they are economically similar No, while implementation costs should be accounted for similar to software licenses within ASC 350-40, the customer should not recognize an asset and liability for the software element as this is a service No, the customer should not recognize an asset and liability for a service and the implementation costs that are separate from the service should follow other applicable Codification topics Don t know Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup:

Join us March 27 at 2 p.m. ET as our Financial Reporting series presents: Quarterly accounting roundup: Q1 2018 update on important developments Copyright 2017 Deloitte Development LLC. All rights reserved. 45

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Contact information Bob Uhl Partner Deloitte & Touche LLP ruhl@deloitte.com Connect with me on LinkedIn Chris Chiriatti Managing Director Deloitte & Touche LLP cchiriatti@deloitte.com Connect with me on LinkedIn Sean May Partner Deloitte & Touche LLP semay@deloitte.com Connect with me on LinkedIn Kaycee Dolan Manager Deloitte & Touche LLP kadolan@deloitte.com Connect with me on LinkedIn Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 47

Acronyms used in presentation ASC - Accounting Standards Codification ASU - Accounting Standards Update CECL Current Expected Credit Loss COSO Committee of Sponsoring Organizations of the Treadway EITF - Emerging Issues Task Force GAAP - Generally Accepted Accounting Principles IASB International Accounting Standards Board IOSCO International Organization of Securities Commissions IPO Initial Public Offering OCA Office of the Chief Accountant PCAOB - Public Company Accounting Oversight Board PCD Purchased Credit-Deteriorated PCI Purchased Credit-Impaired SAB - Staff Accounting Bulletin SEC - Securities and Exchange Commission TRG - Transition Resource Group Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 48

Resources Heads Up The AICPA Conference Heads Up The New Revenue Standard, Are We There Yet? Heads Up The New Revenue Standard - Are You Still Assessing the Impact? Heads Up FASB Tentatively Decides to Relieve Entities From Implementing Certain Aspects of the New Leasing Standard Roadmap Publications EITF Snapshot - October 2017 Heads Up FASB Proposes to Reorganize its Consolidation Guidance Heads Up FASB Proposes Amendments to New Leasing Standard Heads Up FASB Proposes Changes to Simplify the Balance Sheet Classification of Debt Copyright 2017 Deloitte Development LLC. All rights reserved. Quarterly accounting roundup: 49

This presentation contains general information only and Deloitte is not, by means of this presentation, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This presentation is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this presentation. Copyright 2017 Deloitte Development LLC. All rights reserved. 50

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