Accounting and regulatory update for public and private companies

Our second 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 second quarter 2022
  • New lease accounting standard effective for 2022
  • FASB drops project on subsequent accounting for goodwill
• Regulatory update
  • Sample letter to companies regarding disclosures pertaining to Russia’s invasion of Ukraine and related supply chain issues
  • SEC proposals
    • Enhance and standardize climate-related disclosures
    • Enhance disclosures by certain investment advisers and investment companies about environmental, social, and governance (ESG) investment practices
    • Rule changes to prevent misleading or deceptive fund names
  • Digital assets and crypto investments
• Other developments
  • Accounting and reporting implications of the Russia/Ukraine war