Q1 2022 accounting and financial reporting developments

Sydney Garmong, Alissa Doherty, Tony Boras

During the first quarter of 2022:

The Financial Accounting Standards Board (FASB) issued two new standards, one addressing the portfolio layer method of hedge accounting and one addressing credit losses guidance on troubled debt restructurings and vintage disclosures.

The Securities and Exchange Commission issued statements on materiality and financial statement errors, regulating lawyers, the FASB agenda consultation, the Public Company Accounting Oversight Board, cybersecurity, dynamic regulations, and climate change pledges; issued a reminder of broker-dealer risk; proposed climate-related and cybersecurity disclosures, amendments to beneficial ownership reporting and whistleblower rules, and other proposals; and reopened the comment periods for the securities loan reporting and pay versus performance proposals.

In addition to these highlights from the quarter, this report covers updates from the American Institute of Certified Public Accountants and the Chartered Institute of Management Accountants as well as the Governmental Accounting Standards Board.

First quarter accounting and financial reporting developments
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Sydney Garmong
Sydney Garmong
Partner, National Office
Alissa Doherty
Senior Manager, Firm Quality
Tony Boras
Tony Boras
Partner, National Office