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October 2022

Financial Reporting Dossier

By Vinayak Pai V, Chartered Accountant
Reading Time 23 mins
A. KEY RECENT UPDATES

1. PCAOB COMPLETES 20 YEARS

On 30th July, 2022, the Public Company Accounting Oversight Board (PCAOB) completed 20 years of existence. The Sarbanes-Oxley Act (SOX) of 2002 established the PCAOB, a non-profit corporation, to oversee the audits of US public companies, protect investors, and further the public interest in the preparation of informative, accurate, and independent audit reports. The PCAOB also oversees the audits of brokers and dealers, including compliance reports filed under federal securities laws. Since its creation, the PCAOB has:

•    Registered over 3,800 audit firms,

•    Completed more than 4,300 firm inspections in 55 countries – reviewing more than 15,000 audits of public companies and over 1,000 broker-dealer engagements,

•    Issued more than 330 settled orders, and

•    Sanctioned more than 230 firms and 270 individuals.

2. FASB – PROPOSED IMPROVEMENTS TO ACCOUNTING FOR INVESTMENTS IN TAX CREDIT STRUCTURES

On 22nd August, 2022, the Financial Accounting Standards Board (FASB) issued an Exposure Draft (ED) of Accounting Standards Update, Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. The ED proposes amendments to US GAAP To
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