Q2 2022 accounting and financial reporting developments

Sydney Garmong, Alissa Doherty, Tony Boras

The Financial Accounting Standards Board issued:

  • One new standard on the fair value measurement of equity securities subject to contractual sale restrictions
  • A new proposal on the deferral of reference rate reform and amendments to the definition of the Secured Overnight Financing Rate swap rate

The Securities and Exchange Commission (SEC):

  • Issued a statement on importance of independence
  • Remarked on market structure, enforcement landscape, swaps, its climate-related disclosures proposal, its special purpose acquisition companies proposal, financial markets and, cybersecurity
  • Proposed environmental, social, and governance disclosures for certain investment advisers and investment companies and changes to the Names Rule for funds
  • Extended the comment period for climate-related disclosures
  • Reopened comment periods for recovery of erroneously awarded compensation, for private fund advisers, and for Regulation ATS proposals
  • Issued guidance on crypto assets and geopolitical risk considerations
  • Announced its 2022 examination priorities

In addition to these highlights from the quarter, this report covers updates from:

  • The American Institute of Certified Public Accountants
  • The Chartered Institute of Management Accountants
  • The Governmental Accounting Standards Board
Second 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