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.
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Accounting & reporting
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.
FASAB issues updates to technical releases
Implementation guidance for leases is among the topics included in the Federal Accounting Standards Advisory Board’s updated technical releases.
SEC adopts ‘pay versus performance’ disclosure rules
Amendments will require public companies to disclose details about the relationship between executive compensation and financial performance.
SEC releases draft of 5-year strategic plan
The SEC aims to update its disclosure framework and upgrade its protection measures and its workforce in order to uphold its oversight of capital markets.
FASB issues proposal to improve accounting for investments in tax credit structures
The FASB issued a proposed Accounting Standards Update intended to improve the accounting and disclosures for investments in tax credit structures.
IAASB issues new FAQs for reporting going concern matters
The IAASB has issued a nonauthoritative publication to address some of the common questions related to reporting going concern matters in the auditor’s report.
AICPA & CIMA comment on ISSB drafts of sustainability disclosures
A comment letter applauds efforts to develop global standards for disclosing sustainability information and provide suggestions related to the two exposure drafts.
FASB proposes changes to transition requirements in insurance guidance
FASB issued a proposed Accounting Standards Update (ASU) that would amend transition guidance in an update from 2018 for long-term insurance contracts that have been derecognized because of a sale or disposal of individual or a group of contracts or legal entities before the effective date.
Tackling the IT challenges of dealing with cryptoassets
Digital assets, from bitcoin to tokens, are a new asset class that challenges technology used for enterprise resource planning and financial reporting. Here’s what you should consider if you decide to take on these challenges.
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