PwC provides a summary of the latest accounting, financial reporting, and regulatory updates to support your quarterly reporting.

Summer may be known for its “lazy days,” but this year, there was a flurry of activity from regulators and standard setters during the third quarter. At press time, the SEC has not yet voted on a final climate rule; however, in July, the SEC issued final requirements for disclosures about cybersecurity. In Ask the National Office, we highlight key aspects of the new rule and what companies should be thinking about now.

On the ESG front, it was a historic quarter for sustainability reporting as final standards were adopted in Europe and the new international sustainability standard setter issued its first two disclosure standards. Here in the US, California is poised to pass its own emissions and climate-risk disclosure laws, potentially impacting over 10,000 US public and private companies. We provide the resources you need to determine how these developments could impact your company.

The FASB was also active this quarter, releasing a final standard on joint ventures and two proposals on the disaggregation of income statement expenses and accounting for purchased financial assets. The FASB also finalized decisions on three major projects – segment reporting, income tax disclosures, and crypto assets – with a goal of issuing final standards by the end of the year.

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 third quarter of 2023.