PwC provides a summary of the latest accounting, financial reporting, and regulatory updates to support your quarterly reporting.
As we wrap up the first quarter of 2023, recent market events are a reminder that macroeconomic conditions continue to impact many companies. To help identify how different macroeconomic trends could impact your accounting and reporting, we've created an interactive tool, Accounting in uncertain economic times. Use it to better understand potential challenges and locate additional resources.
First quarter reporting typically means adopting new accounting standards, and this year is no exception. We summarize newly effective guidance for public companies, featuring new disclosures required beginning this quarter for supplier finance programs. With businesses continuing to navigate a challenging economic environment, many are making adjustments to their organizational structures or business strategies. In Ask the National Office, we offer timely reminders about when these changes could require reassessing a company's reportable segments and the resulting accounting and reporting implications.
In regulatory developments, anticipation is growing for the SEC's next steps on climate disclosures. Meanwhile, there have been significant developments related to the other of the "big three" sustainability reporting frameworks. We summarize what you need to know.
The FASB made progress this quarter on multiple standard-setting projects, issuing a proposal that would require significant new income tax disclosures and wrapping up its discussions on a new accounting model for crypto assets. We also get you up to speed on the latest tentative decisions related to the FASB's project on income statement expense disaggregation.
In this edition of The quarter close, we highlight these and other relevant accounting and reporting topics you should consider as you close out the first quarter of 2023.
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