Q2 2023 In Review
The second quarter of 2023 was a slower one for standard setters. We’ll look at the standards that were issued and proposed from April through June of 2023 at the FASB, GASB and AICPA.
IFRS Sustainability Disclosures (IFRS S1)
The International Sustainability Standards Board (ISSB) has issued the first of their new sustainability disclosure standards. The goal is to provide a single, global baseline of sustainability disclosures to enhance the providing of disclosures. This blog reviews S1, General Requirements for Disclosure of Sustainability-related Financial Information, which were issued this past Monday.
Ethics Proposal: Public Interest Entities
The AICPA’s Professional Ethics Executive Committee (PEEC) has proposed a new definition of publicly traded company and has revised the definition of public interest entity as part of their IESBA convergence. The definition explains when AICPA independence standards would apply and when related ethics standards like PCAOB and NAIC standards would apply. Comments are due September 15.
GASB Approves New SBITA Q&A
GASB has approved the issuance of a new Implementation Guide to be issued soon. This blog will review a key question related to SBITAs that is addressed in the IG as well as the impact of the new Q&A on automatically renewing SBITAs.
Spring Council 2023 Update
This week’s GLS Genuine Learning Blog gives an overview of the happenings at the Spring 2023 AICPA Council Meeting with a look at the agenda and key topics covered during Hill visits. We’ll review the key focus areas of the 2 day meeting.
2023 Compliance Supplement
On Friday May 19, the Office of Management & Budget issued the 2023 Compliance Supplement. This blog will review the largest changes of the various parts of the Supplement. The new Supplement is effective starting with our June 30, 2023 year ends.
AICPA Issues Pipeline Plan
The AICPA issued the 4th version of their plans to improve the pipeline of accounting professionals. The AICPA provides some examples of what is causing the issues and what major programs that are introducing to address the barriers to entry.
FASB ED: Profits Interests
The FASB has issued a proposal to provide guidance for companies (both public and private) to reduce diversity in practice around accounting for profits interests. The proposal includes a new fact pattern as an example to assist preparers in determining the appropriate ASC Topic to apply to these types of arrangements. Comments are due July 10, 2023.
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