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As we head into the summer months, a return to “normal” may seem elusive for many companies given ongoing geopolitical and economic uncertainties. In a special edition of Ask the National Office, we ask PwC’s Deputy Chief Accountants for their thoughts on what should be top of mind when considering accounting and reporting in the current environment. Also, a must read when drafting your second quarter disclosures is the SEC’s new “Dear CFO” letter, which focuses on impacts of the Russian government’s invasion of Ukraine.
Looking forward, comments are in on the SEC’s high profile climate and cyber disclosure proposals and the staff will now turn to reviewing the feedback and drafting final rules. Meanwhile, the SEC isn’t slowing down on proposed rulemaking; this quarter saw new proposals on SPAC transactions and ESG-related disclosures for funds and investment advisors. Global regulators have also moved forward on their ESG reporting initiatives, issuing draft standards for comment.
On the standard-setting front, the FASB has added new crypto and ESG-related projects to their agenda–stay tuned as deliberations begin on these projects in the upcoming months. This quarter we also spotlight the FASB’s recent decision to refocus its project on income tax disclosures.
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 second quarter of 2022.
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