Q2 2022 accounting and financial reporting developments

The Financial Accounting Standards Board issued:

• One new standard on the fair value measurement of equity securities subject to contractual sale restrictions
• A new proposal on the deferral of reference rate reform and amendments to the definition of the Secured Overnight Financing Rate swap rate

The Securities and Exchange Commission (SEC):

• Issued a statement on importance of independence
• Remarked on market structure, enforcement landscape, swaps, its climate-related disclosures proposal, its special purpose acquisition companies proposal, financial markets and, cybersecurity
• Proposed environmental, social, and governance disclosures for certain investment advisers and investment companies and changes to the Names Rule for funds
• Extended the comment period for climate-related disclosures
• Reopened comment periods for recovery of erroneously awarded compensation, for private fund advisers, and for Regulation ATS proposals
• Issued guidance on crypto assets and geopolitical risk considerations
• Announced its 2022 examination priorities

In addition to these highlights from the quarter, this report covers updates from:

• The American Institute of Certified Public Accountants
• The Chartered Institute of Management Accountants
• The Governmental Accounting Standards Board