First Quarter — 2023
Welcome to Quarterly Accounting Roundup: First Quarter — 2023. Recent accounting, auditing, and regulatory developments addressed in this issue include:
- The FASB’s release of (1) an Accounting Standards Update (ASU) that defers the sunset date of the guidance in ASC 8481 on reference rate reform and (2) a proposed ASU that would enhance the income tax disclosure requirements in ASC 740.
- The Financial Accounting Foundation’s (FAF’s) launch of free online access to the FASB Accounting Standards Codification® and Governmental Accounting Research System™.
- The AICPA’s release of guidance on group financial statements.
- The publication of a joint Center for Audit Quality (CAQ) and Deloitte report on audit committee practices.
- The PCAOB’s issuance of a proposed standard on audit confirmation.
- SEC Chief Accountant Paul Munter’s release of a statement on enhancing the FASB’s standard-setting process.
- The SEC’s reproposal of a rule on prohibiting conflicts of interest in certain securitizations as well as its issuance of two proposals related to cybersecurity risks for broker-dealers, investment advisers, and certain other market participants.
For titles of FASB Accounting Standards Codification (ASC) references, see Deloitte’s “Titles of Topics and Subtopics in the FASB Accounting Standards Codification.”