Proposed regulations under the Corporate Transparency Act address protocols for access to beneficial owner information by authorized recipients.
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Accounting & reporting
Addressing ESG: Experts advise action but also patience
Regulation is an important step to establishing a baseline for ESG reporting, but it’s only a first step, according to panelists at the AICPA & CIMA Conference on Current SEC and PCAOB Developments.
Initial direct cost and deferred rent under FASB ASC 842
Topic 842 requires that initial direct costs be added to the right-of-use asset and included in its subsequent amortization.
FASB defers sunset date of reference rate reform guidance
FASB extended the period of time preparers can use the reference rate reform relief guidance by two years, to 2024.
FASB releases GAAP Taxonomy reports
FASB has released its annual GAAP Taxonomy, which includes the 2023 GAAP Financial Reporting Taxonomy and the 2023 SEC Reporting Taxonomy.
FASB set to draft cryptoasset disclosure standard
The board made several tentative decisions related to the project, which will affect public and private entities, including investment companies and not-for-profits.
SEC adopts insider trading rule, proposes 4 rules to protect stock traders
While the adopted rule adds more checks and balances related to insider trading, the proposed rules aim to remedy SEC Chair Gary Gensler’s concerns that capital markets “are not as fair and competitive as possible for individual investors.”
FASB issues updated insurance standard
The amended standard provides transition guidance for improving the accounting for long-term duration contracts.
Highlights: AICPA & CIMA Conference on Current SEC and PCAOB Developments
Regulators encourage accounting professionals to continue to tell their clients’ story while providing updates on the standards they’re required to uphold in the process.
FASB proposes update to leases guidance
FASB is seeking comments on a proposed Accounting Standards Update intended to improve accounting guidance on related-party arrangements between entities under common control.
SEC publishes 5-year strategic plan
Plan calls for a focus on protecting the public against fraud, implementing robust regulations, and supporting a skilled and diverse workforce.
FASB seeks input on proposed new chapter of its Conceptual Framework
FASB is seeking comments on a proposed new chapter of its Conceptual Framework related to recognition and derecognition criteria and guidance for items’ addition to and removal from financial statements.
New year, new challenges: Preparing for sustainability disclosures
Those on the front line of the sustainability reporting landscape share what’s to come in 2023 and what accounting professionals need to know to prepare.
FAF publishes new strategic plan
The Financial Accounting Foundation released its new strategic plan, which outlines the strategic goals that the organization will address over the next several years.
FASAB seeks comments on annual report, 3-year plan
The Federal Accounting Standards Advisory Board (FASAB) is seeking comments on its Annual Report for Fiscal Year 2022 and Three-Year Plan.
GASB proposes new implementation guidance
GASB issues proposed implementation guidance in the form of questions and answers intended to clarify, explain, or elaborate on certain pronouncements.
FASB seeks comment on proposed improvements to GAAP taxonomy
FASB is seeking comments on the Proposed Improvements for the 2023 GAAP Financial Reporting Taxonomy Reference Project.
CEOs cite consequences of not meeting expectations related to ESG
Global business leaders say the impact of ESG goes beyond simply satisfying investors and accounting standards.
IRS news, Roth conversion considerations, stopping elder financial abuse
Hear about one Inflation Reduction Act concern posed by a leading taxpayer advocate and catch up on recent JofA news and feature articles.
FASB seeks input on proposed changes to accounting for joint ventures
The proposed Accounting Standards Update intends to provide investors and other allocators of capital (collectively, investors) with more decision-useful information in a joint venture’s separate financial statements and reduce diversity in practice in this area of financial reporting.
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