Second quarter 2023 accounting and financial reporting developments

During the second quarter of the 2023 calendar year, the Financial Accounting Standards Board (FASB):

• Issued two new proposals: one on scope application for profit interest awards and one on purchased financial assets
• Issued a final statement of financial accounting concept on the conceptual framework for the reporting entity

The Securities and Exchange Commission (SEC):

• Remarked on environmental, social, and governance issues; financial stability risks; and nontransparent exchange-traded funds
• Held meeting of the Small Business Capital Formation Advisory Committee
• Hosted Small Business Forum
• Presented testimony before the U.S. House committee
• Issued guidance on insider trading rules
• Issued final rules on removal of credit rating references from Regulation M and fraud prevention for security-based swaps
• Adopted amendments on issuer share repurchase disclosures and private fund reporting requirements
• Extended period for action on clawback listing standards
• Proposed improvements for covered clearing agencies risk management
• Reopened the comment period for beneficial ownership reporting and definitions for exchange and alternative trading systems
• Released its spring 2023 regulatory agenda
• Announced its 2023 risk-based examination priorities
• Named a new deputy director for legal and regulatory policy

This report also covers updates from the Public Company Accounting Oversight Board, the Center for Audit Quality, and the Governmental Accounting Standards Board.