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Quarterly Accounting Roundup: Year in Review — 2021

Published on: 15 Dec 2021

Key accounting and financial reporting topics addressed in this issue include the following:

  • Challenges associated with inflation, supply chain disruptions, and labor shortages.
  • The SEC’s release of various statements, including those on (1) special-purpose acquisition company transactions; (2) environmental, social, and governance matters; and (3) the transition away from LIBOR as a reference rate.
  • FASB standard-setting developments in 2021. Most recently, the Board has released:
    • Accounting Standards Updates (ASUs) on (1) disclosures about government assistance, (2) the discount rate for lessees that are not public business entities, (3) recognizing and measuring contract assets and contract liabilities from contracts with customers acquired in a business combination, and (4) the nonpublic-entity practical expedient related to measuring equity-classified share-based payment awards.
    • Proposed ASUs on (1) troubled debt restructurings and vintage disclosures and (2) the effectiveness of interim disclosures in the notes to financial statements.
  • The International Accounting Standards Board’s (IASB’s®) (1) amendments to its guidance on (a) disclosure of accounting policies and (b) deferred taxes related to assets and liabilities arising from a single transaction and (2) proposals that would enhance the disclosure requirements for supplier arrangements and amend its guidance on classification of long-term debt with covenants.
  • The IFRS Foundation’s creation of a new International Sustainability Standards Board.

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