US Week in Review: Week ending 02 November 2023
The US Week in Review highlights this week’s developments and emerging issues in the financial reporting world and gives you direct access to relevant technical accounting guidance and thought leadership produced by EY.
What’s new from EY
Comment letter on the FASB’s proposed guidance on disaggregation of income statement expenses
In our comment letter, we generally support the Board’s efforts to address investor requests for more detailed information about certain expenses. However, we have identified certain areas of the proposal that could be further clarified to improve its operability. We also encourage the Board to continue providing both investors and preparers with opportunities, in addition to the public roundtable on 13 December 2023, to transparently discuss any significant expected implementation challenges.
Standard Setter updates
Financial Accounting Standards Board (FASB)
1 November 2023 FASB meeting
The Board discussed its project on Scope application of profits interest awards: compensation – stock compensation (Topic 718) and directed the staff to draft an Accounting Standards Update. It also added a project to its technical agenda on Accounting for government grants received by business entities. For details, see the FASB’s Tentative Board Decisions.
Upcoming meetings
8 November 2023 FASB meeting
The Board will discuss whether to add a project to its technical agenda on Statement of cash flows. It will also discuss its project on Conceptual framework: measurement.
10 November 2023 FASB roundtable on its post-implementation review of the revenue standard
The FASB will host a public roundtable on its post-implementation review of ASC 606, Revenue from Contracts with Customers, on 10 November 2023.
For more information, see the FASB’s calendar.
Public Company Accounting Oversight Board (PCAOB)
PCAOB updates its standard-setting, research and rulemaking agendas
The PCAOB announced it added a project on inventory to its standard-setting agenda and a project on communication of critical audit matters to its research agenda. The Board also updated the timelines for its existing projects, indicating it doesn’t expect to adopt any final rules before 2024.
Upcoming webcasts
A closer look at California’s climate-related disclosure laws
9 November 2023, 1 p.m. Eastern time
How boards can support a more agile response to crises
14 November 2023, 3 p.m. Eastern time
What to consider for year-end SEC reporting 2023
30 November 2023, 1 p.m. Eastern time
What you need to know for Q4 2023 financial reporting
14 December 2023, 1 p.m. Eastern time
