In our Q1 2026 Quarterly Financial Reporting Update, we summarize notable developments from standard-setting bodies and regulators to help financial reporting professionals stay informed about changes that may impact accounting and disclosure practices.
What’s Inside the Q1 2026 Update
FASB Activity
The first quarter of 2026 saw no new Accounting Standards Updates (ASUs) or exposure drafts issued by FASB. Instead, the board focused on technical agenda matters, agenda prioritization, and early-stage deliberations on several targeted projects informed by stakeholder feedback.
The quarter also included the initiation of a search for a new FASB chair, providing important context as the board continues to evaluate longer-term standard-setting priorities, particularly in light of the current chair’s term ending in July 2027.
New Developments & Issues on the Horizon
The update highlights projects expected to be issued during the second quarter of 2026, including:
- Environmental credit programs
- Paid‑in‑kind dividends on equity‑classified preferred stock
In addition, the quarter included other agenda additions and targeted developments on projects where the board is seeking to reduce complexity, clarify existing guidance, or address diversity in practice. Together, these activities reflect the board’s continued focus on advancing targeted improvements rather than issuing broad new standards.
Other Key Developments
Additional insights include:
- Financial reporting considerations related to recent tariff developments
- Organisation for Economic Co-operation and Development (OECD) Pillar Two guidance and related Accounting Standards Codification (ASC) 740 implications
- Important reminders on forthcoming disclosure and systems‑impacting standards
Selected SEC Activity
This quarter included multiple SEC and Division of Corporation Finance updates, including:
- Revisions and additions to Corporation Finance Interpretations (formerly C&DIs)
- Statements on reforming Regulation S‑K
- Guidance related to tokenized securities and crypto assets
- Updates to the SEC Enforcement Manual and PCAOB leadership appointments
AICPA Activity
The American Institute of CPAs (AICPA) issued additional criteria addressing controls supporting token operations, supplementing earlier guidance on stablecoin presentation and disclosure. Together, these frameworks support more consistent reporting and evaluation of stablecoin-related activities.
How Forvis Mazars Can Help
Staying current with evolving accounting and regulatory developments is critical to accurate financial reporting and compliance. Early planning and implementation can help organizations prepare for what’s next and reduce implementation risk.
Related Resources
Register for our Quarterly Perspectives webinar series for a high‑level discussion of key accounting and regulatory developments from the quarter.