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EY AccountingLink
US Week in Review
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Week ending 15 June 2023
The US Week in Review highlights this
week's developments and emerging issues in the financial reporting world. AccountingLink gives
you direct access to the technical accounting guidance and thought leadership produced by EY.
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The June 2023 edition of
Financial reporting briefs provides a snapshot of the major accounting and regulatory developments during the quarter. It includes a reference library that lists the EY publications issued during
the quarter, along with the links to them on our AccountingLink
website.
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Securities and Exchange Commission (SEC)
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SEC approves listing standards requiring registrants to adopt clawback policies by December
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The SEC approved listing standards proposed by the
New York Stock Exchange (NYSE) and
Nasdaq that require listed companies
to recover or “claw back” incentive-based compensation erroneously received by current and former executive officers in the event of a required accounting restatement. The standards will be effective on 2 October 2023, and registrants listed on those exchanges
will be required to adopt compliant clawback policies by 1 December 2023.
The NYSE and Nasdaq were required to establish these listing standards under the SEC’s clawback rules adopted in October 2022. For more information about the rules’ requirements, see our
To the Point,
SEC adopts rules to require ‘clawback’ policies and disclosures.
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Financial Accounting Standards Board (FASB)
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15 June 2023 EITF meeting
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The Emerging Issues Task Force (EITF) discussed Induced conversions of convertible debt instruments (Issue
23-A) at an educational meeting.
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22-23 June 2023 PCC meeting
Members of the Private Company Council (PCC) and the FASB will discuss the FASB’s projects on (1) Scope application of profits interests awards: Compensation–Stock Compensation (Topic 718), (2) Improvements to income tax disclosures, (3) Disclosure improvements
in response to the SEC’s release on disclosure update and simplification and (4) Accounting for and disclosure of software costs, as well as the FASB’s research projects on Accounting for government grants and Definition of a derivative. They will also discuss
stock compensation disclosures and implementation issues related to the leases and credit losses standards. In addition, they will provide an update on PCC town hall and liaison meetings and discuss other business.
For more information, see the FASB’s
calendar.
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Public Company Accounting Oversight Board (PCAOB)
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PCAOB staff report on audit risks related to crypto assets, including fraud
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The PCAOB issued a
staff report on observations related
to public company audits involving crypto assets primarily from 2021 and 2022 inspections.
The report says the inspections identified common audit deficiencies related to crypto assets in the auditor’s procedures for (1) fraud and significant unusual transactions, (2) ownership of crypto assets, (3) relevance and reliability of information used as
audit evidence, (4) revenue recognition in crypto asset transfer and (5) arrangements with mining pool operators.
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