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In the third quarter of 2022, President Biden signed the Inflation Reduction Act into law, billed as the largest climate legislation in US history. In addition to extending and creating numerous tax credits and incentives, the legislation enacts a new corporate alternative minimum tax and an excise tax on stock buybacks. We take a closer look at the provisions with potential financial reporting implications. Additionally, you’ll want to make note of the SEC’s recently finalized rules on executive compensation disclosures that may impact your next proxy.
Many companies are thinking about goodwill impairment testing, either in connection with their annual test or triggered by current economic conditions. In Ask the National Office, we provide timely reminders on impairment testing, including how rising costs and interest rates could have an impact.
On the regulatory front, we provide updates on ESG reporting proposals and highlight steps you should take now to prepare for climate reporting. In standard-setting updates, we summarize the FASB’s activities this quarter, including the latest on the segment reporting project.
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 2022.

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