In October 2023, the FASB issued ASU 2023-06, incorporating SEC disclosure requirements into the Accounting Standards Codification to enhance clarity and comparability. Additionally, FASB representatives met with the ASBJ in Tokyo to collaborate on global accounting standards, discussing topics such as cryptocurrency accounting and income statement expense disaggregation. Furthermore, the AICPA expressed support for legislation introducing accounting into STEM education from kindergarten to 12th grade, aiming to foster interest in the field among students.

September 2023 brought significant developments in standard setting. The ASB proposed changes to align quality management standards with audit standards, seeking comments until December 1. PEEC approved revisions to the Code of Professional Conduct, ensuring alignment with international standards. GASB issued an exposure draft on capital asset disclosure and classification, open for comments until January 5, 2024. OMB released a preliminary draft of proposed changes to the Uniform Guidance, including an increase in the Single Audit threshold to $1 million. Lastly, the FASB voted to issue a standard on crypto assets, effective for fiscal years starting after December 15, 2024.

August 2023 witnessed significant developments in accounting standards. The FASB released ASU 2023-04, addressing specific SEC sections within ASC 405, Liabilities, in response to SEC Staff Accounting Bulletin 121. Additionally, the FASB issued ASU 2023-05, focusing on Business Combinations – Joint Venture Formations, to enhance financial reporting practices for joint ventures. The 2023 Investor Outreach Report highlighted FASB’s engagement efforts with investors, showcasing proactive interactions and the expansion of the FASB Investor Advisory Committee. Furthermore, the FAF announced appointments and reappointments to the Private Company Council, while the FASAB sought feedback on proposals to enhance note disclosures in financial statements, aiming to improve clarity and consistency.

July 2023 saw notable developments in organizational activities. GASB issued Implementation Guide No. 2023-01, providing clarity on various topics like Short-Term Leases. AICPA & CIMA leaders expressed support for global sustainability standards, emphasizing climate-related risks. FAF released its 2022 Annual Report, highlighting milestones and standards. FAF also called for nominations to join FASAC, the advisory body to FASB. Meanwhile, FASB discussed comment letters and redeliberated on the proposed ASU for Segment Reporting, signaling potential updates in the future.

In June 2023, standard setters were active with exposure drafts and approvals. FASB proposed an ASU to enhance accounting for purchased financial assets, addressing stakeholder feedback from ASU 2016-13 (CECL). AICPA’s PEEC released an exposure draft on defining public interest entities, aligning with IESBA. GASB approved a new Implementation Guide, covering topics like Short-Term Leases and Accounting Changes. Feedback deadlines for FASB and AICPA drafts are in August and September, respectively.