Q2 2022 Technical Accounting Update

This update provides an overview of the most significant pronouncements, standards and advisories that have resulted from actions of regulatory bodies. We focus on the most significant issues that impacted the economy, accounting and auditing profession in Q2 of 2022 as well as trending areas important to the accounting profession.

These updates are provided by Illumeo as a benefit to professionals to help understand some of the most prevalent issues that may need to be focused on in the coming months.

2022 continues to be a challenging year from both a business and economic outlook:

• Inflation continues to rise
• Political unrest continues its instability
• National border issues threaten health and safety of U.S. citizens
• Food prices and supply chain issues still exist
• Supreme Court rulings are testing voters