Message from John Epperson, Managing Principal, Financial Services
Dear FIEB readers,
Welcome to 2023. As we settle into a new year, we bring you a recap of the 2022 American Institute of Certified Public Accountants and Chartered Institute of Management Accountants conference on Securities and Exchange Commission (SEC) and Public Company Accounting Oversight Board (PCAOB) developments, which should get your financial reporting season off to a great start. This month, we provide information about financial institution regulators, which released new crypto asset guidance, issued a final rule on the London Interbank Offered Rate (LIBOR), and proposed a new beneficial ownership rule. The Federal Reserve chair also made some pointed remarks on climate. The SEC appointed its chief accountant, and its fall 2022 regulatory flexibility agenda was posted, which includes an update to its forecasted timing on its climate-related disclosure rule, among others. We also provide more details on the SEC’s updated non-GAAP interpretations and note SEC Chair Gary Gensler’s recent remarks on LIBOR. Finally, the PCAOB proposed a new audit confirmation standard.
We wish you well in your year-end financial reporting and look forward to a year of keeping you informed.