Accounting and regulatory update for public and private companies

Our first quarter update provides a summary of newly released accounting guidance, as well as financial reporting and regulatory activities that may impact both public and private companies.

Topics include:

• Accounting guidance
  • Accounting guidance issued in first quarter 2022
  • Accounting guidance effective first quarter 2022: Public companies
  • Accounting guidance effective for year ending Dec. 31, 2022: Private companies
• Regulatory update
  • Materiality assessment of errors
  • Compliance and disclosure interpretations updated for business combinations
  • SAB 121
  • Cybersecurity-related proposals
  • SEC proposes rules to enhance and standardize climate-related disclosures
  • SEC proposes rules to enhance disclosure and investor protection relating to special purpose acquisition companies, shell companies, and projections
  • SEC issues proposal to reduce risks in clearance and settlement of securities
  • Other SEC proposals
• Other developments
  • Accounting and reporting implications of the Russia/Ukraine war