We are still amazed at how quickly 2022 has just flown by! FASB has issued 3 exposure drafts this month including:
Proposed Statement of Financial Accounting Concepts No. 8—Conceptual Framework for Financial Reporting—Chapter 2: The Reporting Entity
Proposed ASU Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement: Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement
Proposed ASU 2022-ED100: Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.
We anxiously await the proposed ASU from FASB on related party leases and leasehold improvements. GASB created a Going Concern Uncertainties and Severe Financial Stress Disclosures Task Force. Both FASB and GASB have settled into their new headquarters. Chairs Joel Black and Richard Jones had the opportunity to present at the AICPA Council in Chicago about financial reporting. While the AICPA didn’t issue any final or proposed standards, they did meet over two days to discuss a wide variety of topics including group audits which will likely be the next SAS. We’ll continue to monitor as we close in on the end of the year!