The SEC voted to adopt new rules that require registrants to disclose material cybersecurity incidents in Form 8-K and make annual disclosures regarding policies and procedures to identify and manage cybersecurity risk, the board's oversight of risks from cybersecurity threats, and management's role in assessing and managing material risks from cybersecurity threats.

Joint ventures, as defined in U.S. GAAP and formed after January 1, 2025, will need to apply a new basis of accounting thanks to FASB’s Accounting Standards Update (ASU) 2023-05, Business Combinations — Joint Venture Formations (Subtopic 805-60). Under the new basis of accounting, a joint venture will recognize and initially measure its assets and liabilities at the joint venture’s fair value upon formation.

SEC Chief Accountant, Paul Munter, has published a statement on August 25, 2023, confirming that the risk assessment process is critical to the decisions regarding financial reporting and the effectiveness of internal control over financial reporting (ICFR). He also states that the SEC’s Office of the Chief Accountant (OCA) is “troubled by instances in which management and auditors appear too narrowly focused on information and risks that directly impact financial reporting, while disregarding broader, entity-level issues that may also impact financial reporting and internal controls.” The statement also discusses auditors’ responsibilities as gatekeepers to hold management accountable in the public interest.

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