During the first quarter of 2022:
The Financial Accounting Standards Board (FASB) issued two new standards, one addressing the portfolio layer method of hedge accounting and one addressing credit losses guidance on troubled debt restructurings and vintage disclosures.
The Securities and Exchange Commission issued statements on materiality and financial statement errors, regulating lawyers, the FASB agenda consultation, the Public Company Accounting Oversight Board, cybersecurity, dynamic regulations, and climate change pledges; issued a reminder of broker-dealer risk; proposed whistleblower rules and climate-related and cybersecurity disclosures and amendments to beneficial ownership reporting, among other proposals; and reopened the comment periods for the securities loan reporting and pay versus performance proposals.
In addition to these highlights from the quarter, this report covers updates from the American Institute of Certified Public Accountants and the Chartered Institute of Management Accountants as well as the Governmental Accounting Standards Board.
