First Quarter — 2022
Welcome to Quarterly Accounting Roundup: First Quarter — 2022. Front and center in the recent headlines has been the ongoing Russian invasion of Ukraine, which began on February 24, 2022. In addition to the human toll and impact of the war on entities that have operations in Russia, Ukraine, or neighboring countries (e.g., Belarus) or that conduct business with counterparties in those countries, the war is increasingly affecting global financial markets and exacerbating continuing economic challenges, including issues such as rising inflation and supply-chain disruption.
Other recent accounting, financial reporting, regulatory, and auditing developments have included:
- The FASB’s issuance of a proposed Accounting Standards Update that would enhance the disclosure requirements related to supplier finance programs.
- The SEC’s release of a number of proposed rules, including those on cybersecurity and enhancing protections for private investor funds.
- Recent SEC statements on the FASB’s agenda consultation and the evaluation of the materiality of errors.
- The CAQ’s highlights of the June 2021 CAQ SEC Regulations Committee joint meeting with the SEC staff.
- The PCAOB’s creation of two new advisory groups — the Investor Advisory Group and the Standards and Emerging Issues Advisory Group.