Message from John Epperson, Managing Principal, Financial Services
Dear FIEB readers,
Many of our readers are well into year-end financial reporting season, which means 2022 is quickly moving stage left while all eyes focus on interest rates and the next move of the Board of Governors of the Federal Reserve.
As we consider what 2023 holds, the federal financial institution regulators issued a crypto asset policy statement, provided details of upcoming climate scenario pilot exercises, and revised fair lending guidance, among other activities. The Financial Accounting Standards Board finalized decisions on an upcoming crypto asset accounting proposal. The Securities and Exchange Commission (SEC) updated its financial reporting manual; published new interpretations on pay-versus-performance disclosures, erroneously awarded compensation, and glossy annual reports; proposed securitization conflict of interest rules; and held a forum on small-business capital matters. The SEC chief accountant released a statement on accounting standard-setting, and we also note recent commissioner remarks on environmental, social, and governance investing and crypto assets. Finally, the Center for Audit Quality published an alert to assist stakeholders’ understanding of the SEC’s recent non-GAAP interpretive updates.
We look forward to keeping you informed throughout 2023.