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PCAOB Issues Interim Report on Critical Audit Matters

December 7, 2022 The PCAOB recently released an interim report evaluating the effect of a 2017 standard requiring the identification and reporting of critical audit matters (CAMs) in audit reports.

FASB Seeks Input on Proposed Update to Leases Guidance

November 30, 2022 The Financial Accounting Standards Board recently issued a proposed Accounting Standards Update intended to improve accounting guidance for arrangements between entities under common control.

FASB Seeks Input on Proposed New Chapter of Its Conceptual Framework

November 22, 2022 The Financial Accounting Standards Board recently issued a proposed new chapter of its Conceptual Framework related to the recognition and derecognition of an item in financial statements.

PCAOB Proposes New Quality Control Standard

November 18, 2022 The Public Company Accounting Oversight Board recently issued for public comment a proposed new standard for quality control systems.

Private Company Practical Expedient for Valuing Share-based Awards

November 15, 2022 Over a decade ago, the FASB established the Private Company Council to address accounting concerns associated with private companies. The PCC works with the FASB in determining whether accounting alternatives or practical expedients for private companies are needed in the U.S. GAAP. The FASB has issued several Accounting Standards Updates as a result of its joint effort with the PCC.

Accounting Implications From the Inflation Reduction Act of 2022

November 15, 2022 The Inflation Reduction Act1 of 2022 (the Act) was signed into law on Aug. 16, 2022. The Act has implications from an accounting and financial reporting perspective that certain entities should consider. In this article, we provide an overview of some possible accounting impacts for corporate entities across three areas.

GASB Seeks Feedback on Proposed Implementation Guidance

November 15, 2022 The Governmental Accounting Standards Board recently issued proposed implementation guidance in the form of questions and answers intended to clarify, explain or elaborate on certain GASB pronouncements.

FASB Takes Step Toward Fair Value Accounting of Cryptoassets

October 19, 2022 As part of its ongoing work on the disclosure of cryptoassets, FASB has tentatively decided to use fair value to measure certain cryptoassets in financial reporting.

SEC Adopts Recordkeeping Rule Amendments

October 12, 2022 The Securities and Exchange Commission recently adopted amendments to the electronic recordkeeping, prompt production of records and third-party recordkeeping service requirements applicable to broker-dealers, security-based swap dealers, and major security-based swap participants.

FASB Seeks Input on Segment Reporting Proposal

October 6, 2022 The Financial Accounting Standards Board recently issued a proposed Accounting Standards Update intended to improve the disclosures about a public entity’s reportable segments and address requests from investors and other allocators of capital for additional, more detailed information about a reportable segment’s expenses.