During the third quarter of 2021, the Financial Accounting Standards Board issued two new standards addressing accounting for certain leases with variable lease payments and amendments to Securities and Exchange Commission (SEC) paragraphs. It also issued one proposal related to fair value measurements of certain equity securities.
Also during the quarter, the SEC addressed environmental, social, and governance (ESG) disclosures, sustainability, and roles of the corporate directors; digital engagement practices, crypto assets, and cybersecurity; and more. The Public Company Accounting Oversight Board issued its annual broker-dealer inspection report.
In addition to these highlights from the quarter, this article covers updates from the American Institute of Certified Public Accountants, the Center for Audit Quality, the Governmental Accounting Standards Board, and more.