This paper provides an overview of proposed and final standards issued by FASB from January to March 31, 2023, along with recent updates on outstanding exposure drafts and ongoing projects. First-quarter activity included two fast-tracked exposure drafts on cryptocurrency and income tax disclosures in response to an SEC request to have more timely standard setting on emerging issues. FASB issued a final accounting standards update (ASU) providing optional relief to companies struggling with common control issues. A second ASU expands proportionate amortization to more tax credit structures.
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