Third quarter 2023 accounting and financial reporting developments

During the third quarter of the 2023 calendar year, the Financial Accounting Standards Board:

• Issued three final standards: one on joint venture formations and two addressing amendments to SEC paragraphs
• Issued one new proposal on disaggregation of income statement expenses
• Issued a new chapter in the Conceptual Framework on recognition and derecognition

The Securities and Exchange Commission (SEC):

• Remarked on climate risk disclosures, discontinuance of the London Interbank Offered Rate, risk assessments by auditors and management, crypto asset services, artificial intelligence, cybersecurity, and shareholder matters
• Issued an order for a new national market data plan
• Presented testimony on the SEC’s 2024 budget request before a U.S. Senate subcommittee
• Held an Investor Advisory Committee meeting
• Issued sample letters on XBRL and China-specific disclosures
• Published a risk alert on investment adviser examinations
• Issued new compliance and disclosure interpretations
• Adopted final rules on cybersecurity incident, risk management, and governance disclosure; private fund advisers; and exchange exemptions
• Amended money market fund rules and the national market plan governing the consolidated audit trail
• Reopened the comment period on the custody rule proposal and proposed new rules for broker-dealer predictive analytics and conflicts of interest
• Amended internet-based investment adviser exemption
• Adopted amendments to the broker-dealer customer protection rule

This report also covers updates from the Public Company Accounting Oversight Board and the Governmental Accounting Standards Board.