Quarterly Accounting Roundup: Year in Review — 2022

Published on: 20 Dec 2022

Key accounting and financial reporting developments discussed in this issue include the following:

  • Challenges in the current macroeconomic and geopolitical environment, including internal matters, such as employee retention, employee working arrangements, and cost management, and external concerns such as inflation, rising interest rates, stagflation, and geopolitical tensions (e.g., the ongoing Russia-Ukraine war).
  • The FASB’s standard-setting activities during 2022 included the issuance of final ASUs that:
    • Amend the requirements related to troubled debt restructurings and vintage disclosures.
    • Clarify the fair value hedge accounting guidance in ASC 815.
    • Require enhanced disclosures about supplier finance programs.
    • Clarify the guidance in ASC 820 on fair value measurement of equity securities subject to sale restrictions.
  • The SEC’s release of several important final rules, including those on (1) “clawback” policies related to executive officers’ compensation and (2) pay versus performance. The Commission also released a new Staff Accounting Bulletin on accounting for obligations to safeguard crypto assets as well as sample letters for issuers on disclosures about (1) crypto assets and (2) the Russia-Ukraine War.


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