Message from John Epperson, Managing Principal, Financial Services
Dear FIEB readers,
We are now more than halfway through calendar year 2022, but the interesting thing about financial reporting, governance, and risk management topics is that they are perpetual – we will never reach a halfway point. Our objective is to continually keep you informed of activities from standard-setters, regulators, and other stakeholders so that you can keep your eyes on those areas most important to you and your stakeholders.
This month, we have a semiannual risk perspective from the Office of the Comptroller of the Currency, a new current expected credit loss tool from the Federal Reserve, multiple items from the Consumer Financial Protection Bureau, and finalized climate principles from the Basel Committee. The Financial Accounting Standards Board issued guidance on certain equity securities, released its final report on its recent agenda consultation, and discussed tax credit investments. The Securities and Exchange Commission remains active, confirming two new commissioners, taking action on several rulemaking activities, and providing messages on new investment products. The Public Company Accounting Oversight Board issued a preview of its 2022 inspections and adopted amendments related to the lead auditor’s use of other auditors. Finally, the American Institute of Certified Public Accountants and the Chartered Institute of Management Accountants updated their digital asset practice aid for Staff Accounting Bulletin 121, and the Center for Audit Quality published the first in a new survey series.
Enjoy this month and embrace its challenges. We will bring you a new update next month.