Fourth quarter 2023 accounting and financial reporting developments

Sydney Garmong, Alissa Doherty, Tony Boras

During the fourth quarter of the 2022 calendar year, the Financial Accounting Standards Board (FASB) issued three accounting standards updates on the following topics:

  • Disclosure of supplier finance program obligations
  • Transition for sold contracts
  • Deferral of the sunset date for reference rate reform

The Emerging Issues Task Force (EITF) reached consensus to expand the use of the proportional amortization method to more investments in income tax credit programs.

The FASB also issued three new proposals on the following topics:

  • Improvements to reportable segment disclosures
  • Recognition and initial measurement of joint venture formations
  • Common control arrangements in leases

The Securities and Exchange Commission (SEC):

  • Participated in the annual American Institute of CPAs and Chartered Institute of Management Accountants Conference on Current SEC and Public Company Accounting Oversight Board (PCAOB) Developments
  • Published its strategic plan
  • Remarked on environmental, social, and governance (ESG) disclosures; quality ESG and climate-related data; enforcement; competition; diversity, equity, and inclusion; auditor’s responsibility for fraud detection; and digital asset financial stability risks and regulation
  • Adopted new insider trading, proxy voting records, compensation recovery listing standards and disclosure, fund shareholder report and advertising, broker-dealer securities-based swaps, and pay-versus-performance disclosure rules
  • Issued a sample letter on crypto assets
  • Reopened several comment periods on proposals
  • Proposed a regulation from the Division of Trading and Markets, changes to open-end fund liquidity framework, and new oversight requirements for outsourced services by investment advisers

This report also covers updates from the PCAOB, the Center for Audit Quality, and the Governmental Accounting Standards Board.

Fourth 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