During the fourth quarter of the 2023 calendar year, the Financial Accounting Standards Board (FASB) issued four accounting standards updates on the following topics:
- Income tax disclosures
- Crypto assets
- Reportable segment disclosures
- Disclosure improvements in response to the Securities and Exchange Commission (SEC) Disclosure Update and Simplification Initiative
It also issued one proposal on induced conversions of convertible debt instruments.
The 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
- Remarked on corporate governance, statement of cash flows, enforcement, U.S. Department of the Treasury market regulations, and compliance
- Presented testimony on the SEC’s role before the House Committee on Financial Services
- Published details of 2024 examination priorities
- Issued an order to postpone the effective date of the issuer share repurchase rule
- Issued new compliance and disclosure interpretations on cybersecurity disclosure rules
- Adopted final rules on clearing Treasury securities, clearing agency governance, security-based swap execution facilities, regulations under the Privacy Act, investment fund names, short position and activity reporting, and securities loan reporting
- Amended beneficial ownership reporting
- Proposed rules on volume-based exchange transaction pricing for national market system stocks and registration for index-linked annuities
- Updated the regulatory agenda
This report also covers updates from the PCAOB, the Center for Audit Quality, and the Governmental Accounting Standards Board.
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