Third quarter 2023 accounting and financial reporting developments

Sydney Garmong, Alissa Doherty, Tony Boras

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.

Third quarter 2023 accounting and financial reporting developments
Download now
Get quarterly accounting updates
Stay up to date on all the latest accounting standards from the foremost regulatory bodies.

Contact us

Get in touch with our specialists for clarity on new accounting standards, financial reporting developments, and how to move forward.
Sydney Garmong
Sydney Garmong
Partner, National Office
Alissa Doherty
Senior Manager, Firm Quality
Tony Boras
Tony Boras
Partner, National Office