Third Quarter — 2024
Welcome to Quarterly Accounting Roundup: Third Quarter — 2024.
Key accounting, financial reporting, and regulatory developments in the third quarter of
2024 include:
- The FASB’s issuance of (1) a proposed Accounting Standards Update (ASU) on refining the scope of its guidance on derivatives and (2) the final chapter (on measurement) of its conceptual framework project.
- Statements by (1) SEC Chief Accountant Paul Munter on (a) the FASB’s conceptual framework and (b) crypto asset safeguarding obligations under SAB 121 and (2) SEC Division of Corporation Finance Director Erik Gerding on (a) the Commission’s disclosure review program and (b) the private discussion of a material cybersecurity incident “beyond what was included in the Item 1.05 Form 8-K disclosing the incident.”
- The SEC’s release of Compliance and Disclosure Interpretations (C&DIs) related to the disclosure of cybersecurity incidents involving ransomware attacks.
- The IASB’s issuance of:
- Amendments to several IFRS® Accounting Standards as part of its annual improvements process.
- Exposure drafts (EDs) on (1) illustrative examples related to “the effects of climate-related and other uncertainties in [an entity’s] financial statements,” (2) the disclosure requirements related to subsidiaries without public accountability, and (3) translation of financial information into hyperinflationary currencies.