During the fourth quarter of the 2024 calendar year, the Financial Accounting Standards Board (FASB) issued two Accounting Standards Updates on the following topics:
- Induced conversions of convertible debt instruments
- Disaggregation of income statement expenses
The FASB issued seven new proposals addressing:
- Accounting for environmental credit programs
- Measurement of credit losses for accounts receivable and contract assets for certain entities
- Clarifying the effective date of the disaggregation of income statement expenses standard
- Accounting for government grants by business entities
- Interim reporting improvements
- Determining the accounting acquirer in the acquisition of a variable interest entity
- Accounting for internal-use software improvements
The FASB also issued two invitations to comment – one on financial key performance indicators and one on accounting for intangibles.
The Securities and Exchange Commission (SEC):
- Announced changes in leadership
- Remarked on Fixed Income Clearing Corporation registered fund margin framework, the regulatory environment, and private equity
- Adopted final amendments and rules related to covered clearing agencies, EDGAR account access and management, and minimum pricing increments
- Published small-business policy recommendations
- Updated the regulatory agenda
- Released an overview of enforcement results
This report also covers updates from the annual American Institute of CPAs and Chartered Institute of Management Accountants Conference on Current SEC and Public Company Accounting Oversight Board (PCAOB) Developments, the PCAOB, the Center for Audit Quality, and the Governmental Accounting Standards Board.