Third quarter accounting and financial reporting developments

Sydney Garmong, Alissa Doherty, Tony Boras

During the third quarter of the 2022 calendar year, the Financial Accounting Standards Board (FASB) issued three new proposals on the following topics:

  • Investments in tax credit structures using the proportional amortization method
  • Derecognition of long-duration contracts
  • Segment reporting

The Securities and Exchange Commission (SEC):

  • Announced that the comment period for 12 releases would be reopened for 14 days
  • Issued its draft strategic plan for comment
  • Remarked on crypto assets; environmental, social, and governance matters; high-quality financial reporting and current rulemaking proposals; climate-related financial risks proposals; and the 20th anniversary of the Sarbanes-Oxley Act
  • Issued statements on the importance of auditor independence and ethical responsibility, the Public Company Accounting Oversight Board’s (PCAOB) agreement with China, and risks of single-stock exchange-traded funds
  • Provided testimony before a House committee
  • Amended the rules to implement inflation adjustments under the Jumpstart Our Business Startups Act (JOBS Act) and the proxy voting advice rules
  • Adopted amendments to the whistleblower rules
  • Finalized the pay-versus-performance disclosure rules
  • Proposed changes to Treasury security clearing rules, private fund reporting, clearing agency governance, Financial Industry Regulatory Authority membership requirements, and the shareholder proposal rule

This report also covers updates from the PCAOB, the Center for Audit Quality, and the Governmental Accounting Standards Board.

Third 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