Q4 2022 Quarterly Outlook

KPMG reports on major accounting and financial reporting developments that could affect companies in the current period or near term. This quarter we feature highlights from the 2022 AICPA & CIMA Conference on Current SEC and PCAOB Developments, potential impacts of economic uncertainty on accounting and financial reporting, the latest on ESG and crypto assets, 2022 year-end financial reporting reminders, and other recent SEC and FASB news.

Applicability

• All companies

Key impacts

For Q4 2022:

• The 2022 AICPA & CIMA Conference on Current SEC and PCAOB Developments featured key themes on economic uncertainty; disclosure transparency; a changing reporting landscape and emerging areas such as ESG, crypto assets and digitization.
• ­Companies are closely monitoring macroeconomic effects (like rising interest rates and inflation) for their potential impacts.
• On ESG, although a final climate rule in 2022 is no longer expected, trends in recent comment letters and enforcement actions indicate that the SEC is not waiting for final rules to act; it is using existing rules to hold issuers accountable for ESG-related disclosures.
• ­New FASB ASC 832 requires all companies to provide annual disclosures on government assistance for the first time in their 2022 financial statements.
• Companies are still digesting the new IRA and CHIPS tax legislation as implementation questions continue to arise.

Report contents

• Current quarter financial reporting matters
• New standards and guidance
• Projects and agenda priorities
• Recommended reading and CPE opportunities