The quarter close - first quarter 2022

Send us a Text Message.The world continues to focus on the recent events in Ukraine and the devastating impact they have had on the people in that region; their safety and well being continues to be the primary concern of all of us. The combination of the Russian government’s invasion of Ukraine and the resultant sanctions–designed to inflict severe consequences on the Russian economy–has impacts not only to companies with operations in the region, but to all companies that participate in the global economy. Our In depth, Implications of the Russian government’s invasion of Ukraine, highlights several accounting and reporting matters that companies may need to consider this quarter.Global events have put even greater emphasis on transparency around cyber risk. Both Congress and the SEC took actions on this topic in March, with new legislation requiring reporting of cyber incidents by critical infrastructure owners and a proposed SEC rule that would expand cyber-related reporting and disclosure requirements for SEC registrants. The SEC also took a significant step on ESG reporting on March 21 by issuing its landmark proposal on climate disclosures. Meanwhile, outside of the US, new global ESG reporting standards and requirements continue to move forward at a rapid pace. In Ask the National Office, we explain why these international developments matter to US companies. The start of a new year also means adopting new accounting standards. Notably, revised guidance on liabilities and equity is now effective for many public companies. Changes are also on the horizon for the FASB’s technical agenda, as the FASB weighs feedback it received from its invitation to comment last year. 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 first quarter of 2022.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].