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The US Week in Review highlights this week’s developments and emerging issues in the financial reporting world and gives you direct access to relevant technical accounting guidance and thought leadership produced by EY.
What’s new from EY
Technical Line, Accounting and financial reporting implications of H.R. 1, also known as the ‘One Big Beautiful Bill Act’
SEC in Focus – July 2025 summarizes SEC developments in the previous quarter
Regulatory matters
Securities and Exchange Commission (SEC)
George Botic is named Acting PCAOB Chair; SEC seeks candidates for all PCAOB Board positions
The SEC named PCAOB board member George R. Botic as Acting PCAOB Chair, following the resignation of Erica Y. Williams. SEC Chairman Paul S. Atkins said he is soliciting candidates on behalf of the Commission to fill all five board positions, including the Chair.
Standard Setter updates
Financial Accounting Standards Board (FASB)
FASB directs staff to draft a final ASU on Codification improvements at its 23 July meeting
American Institute of CPAs (AICPA)
ASB proposes guidance on the auditor’s responsibilities relating to fraud; comments are due by 3 October
Center for Audit Quality (CAQ)
CAQ publishes highly inflationary economies document noting Burundi, Myanmar and South Sudan now have three-year cumulative inflation rates over 100%
The Center for Audit Quality (CAQ) SEC Regulations Committee and its International Practices Task Force (IPTF) discussed recent inflation data for certain countries at its May 2025 meeting and subsequently issued a discussion document in July describing that Burundi, Myanmar and South Sudan now have a three-year cumulative inflation rate exceeding 100%.
ASC 830, Foreign Currency Matters, requires a foreign entity in a highly inflationary economy to remeasure its financial statements using its parent’s reporting currency, as of the beginning of the reporting period, including interim reporting periods, following the period in which the economy becomes highly inflationary. An economy is considered highly inflationary when it has a cumulative inflation rate of approximately 100% or more over a three-year period.
Given global inflation trends, entities with foreign operations should continue monitoring inflation in countries in which they operate that have high levels of inflation.
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