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.
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Accounting & reporting
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.
SEC adopts two rules, proposes a third
Adopted rules aim to ensure that company executives return erroneously awarded compensation and that mutual fund investors receive transparent information. A proposed rule adds to investment advisers’ responsibility to their clients.
IRS annual inflation adjustments, negotiating a job offer, and a quiz
This quick-hitting episode covers recent news of interest, including IRS and Social Security Administration annual announcements, why the AICPA is requesting guidance from the IRS and Treasury, and advice for negotiating after you’ve received a job offer.
FASB moves toward a standard for fair value accounting of cryptoassets
A tentative board decision sets the stage for a new standard allowing the reporting of some cryptoassets at fair market value.
FASB seeks input on proposed new chapter of conceptual framework
FASB issued a proposed new chapter of its Conceptual Framework that describes a reporting entity. The proposed chapter would become Chapter 2 of FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting.
SEC modernizes recordkeeping rules
Amendments adopted Wednesday provide broker-dealers more flexibility when it comes to how they store electronic records.
SEC reopens public comment periods due to technological error
Anyone who commented on the SEC’s last 12 rulemaking releases is encouraged to make sure their comments were received.
FASB proposes improvements to segment reporting
FASB issued a proposed Accounting Standards Update that would 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.
FASB updates reporting standard for supplier finance programs
The Accounting Standards Update (ASU) enhances transparency required from buyer companies. Most of the ASU is effective for fiscal years beginning after Dec. 15, 2022.
FASAB seeks comments on proposal related to reimbursable work agreements
The FASAB released an exposure draft technical bulletin, Intragovernmental Leasehold Reimbursable Work Agreements, which is intended to further explain and address accounting issues not directly covered under Statement of Federal Financial Accounting Standards 54, Leases, and other relevant statements.
AICPA seeks feedback on accounting and valuation guide
The AICPA’s Financial Reporting Executive Committee issued a working draft of the AICPA Accounting and Valuation Guide, Business Combinations, which would provide guidance and illustrations regarding the accounting and valuation considerations for business combination transactions.
SEC proposes new regulations for US Treasury market clearinghouses
SEC Chair Gary Gensler says that proposed changes to the Exchange Act Rule of 1975 would “reduce risk across a vital part of our capital markets.”
SEC chair seeks increased regulation of cryptoassets
SEC Chair Gary Gensler calls for cryptoasset entities to register under current securities laws and suggests that more legislation to support regulation could be on the way.
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