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Bridging the GAAP: April 2026

Centri’s Bridging the GAAP newsletter highlights this month’s news, developments and emerging issues in the accounting and financial reporting world. 

Standard Setter Updates

Financial Accounting Standards Board (FASB)

FASB Chair Adds Research Project

On April 6, Rich Jones, chair of the FASB, added a new research agenda project to monitor current trends and emerging issues and solicit stakeholder feedback to evaluate the continuing relevance of FASB standards and identify potential improvements. As part of the research project, the FASB staff will analyze current trends related to data infrastructure investments and non-traditional lending, including what is commonly referred to as private credit. The staff will present the Board with this information so the Board can determine whether to add items to the FASB technical agenda based on stakeholder feedback and the Board’s agenda criteria.

More information about the project is available at the FASB’s website.

April 15, 2026 Meeting

The Board began deliberations on the Accounting for Transfers of Crypto Assets project and made the following decisions:

1. The Board decided to expand the scope of Subtopic 350-60, Intangibles—Goodwill and Other—Crypto Assets, by revising paragraph 350-60-15-1(b) to address crypto assets that provide the holder with a right to receive another crypto asset that would be within the scope of Subtopic 350-60.
2. The Board decided to clarify the existing disclosure guidance in Subtopic 350-60 by providing an example of a tabular disclosure illustrating that wrapped tokens, if significant, would be disclosed separately from other significant crypto asset holdings.

The Board also began deliberations on the Cash Equivalents—Disclosure Enhancement and Classification of Certain Digital Assets project. The Board decided to provide illustrative examples in ASC Topic 230, Statement of Cash Flows, to clarify whether certain digital assets may meet the definition of cash equivalents. The Board decided to include the following concepts in the illustrative examples:

1. Interpretive explanations that link to the current cash equivalents definition;
2. The amount and composition of reserve assets;
3. The nature of qualifying on-demand, contractual cash redemption rights directly with the issuer.

For more information, see the FASB’s Tentative Board Decisions.

Public Company Accounting Oversight Board (PCAOB)

The PCAOB announced it is seeking input from stakeholders, including investors, audit committee members, preparers, auditors and academics, to help inform the development of its 2026-2030 strategic plan and guide its focus areas for future standard-setting initiatives. The PCAOB’s strategic plan will articulate the organization’s goals and objectives in support of its statutory mission to protect investors and further the public interest in the preparation of informative, accurate, and independent audit reports. In addition to serving as a five-year roadmap for the organization, the PCAOB’s strategic plan will be used to develop the PCAOB’s budget each year.

This is a new step in the PCAOB’s strategic planning process to enhance transparency and encourage early stakeholder engagement. The PCAOB believes this process represents the start of an important dialogue aimed at developing a new strategic plan and redirecting standard-setting priorities moving forward.

Comments are due by May 15, 2026.

International Sustainability Standards Board (ISSB)

On March 26, the ISSB proposed amendments to three Sustainability Accounting Standards Board (SASB) standards and corresponding amendments to the Industry-based Guidance on Implementing IFRS S2 Climate-related Disclosures. The proposed amendments to the Agricultural Products; Meat, Poultry & Dairy; and Electric Utilities & Power Generators standards add to the nine exposure drafts issued last year and complete the 12 priority sectors identified by the SASB for comprehensive review. Consistent with last year’s consultation, the amendments are intended to align the language and concepts in the SASB standards with ISSB standards; improve international applicability and decision-usefulness; and support interoperability with other standards.

Comments are due by July 24.

SEC Regulatory Updates

SEC Releases Enforcement Results

On April 7, the SEC announced its enforcement results for the fiscal year ended September 30, 2025. The 456 enforcement actions in fiscal year 2025 resulted in $17.9 billion in monetary relief. The announcement emphasized a shift in enforcement philosophy under the current Commission, with a focus on cases involving fraud, market manipulation, and abuses of trust, and an increased emphasis on holding individual wrongdoers accountable.

SEC Appoints David Woodcock as Director of the Division of Enforcement

On April 8, the SEC announced that David Woodcock has been appointed Director of the Division of Enforcement, effective May 4, 2026. Mr. Woodcock is currently a partner in the Dallas and Washington, D.C. offices of Gibson, Dunn & Crutcher LLP, where he serves as chair of the firm’s Securities Enforcement Practice Group. Sam Waldon will continue to serve as Acting Director of the Enforcement Division until May 4.

Mr. Woodcock is a widely recognized securities and governance attorney who returns to the Commission after serving as Director of the Fort Worth Regional Office from 2011 to 2015. During his prior SEC tenure, Mr. Woodcock led Enforcement and Examinations Division lawyers, accountants, and examiners, oversaw investigations in nearly every major area of the SEC’s enforcement program, served as a member of the Enforcement Advisory Committee, and created and served as Chair of the SEC’s cross-office and cross-division Financial Reporting and Audit Task Force, which was designed to enhance the SEC’s detection and prosecution of violations involving accounting and false financial statements.

SEC Proposes Amendments to Exchange Act Rule 15c2-11 

The SEC proposed amendments to Exchange Act Rule 15c2-11 which sets out certain information gathering and review requirements for broker-dealers that publish quotations for, or maintain a continuous quoted market in, securities in the over-the-counter (OTC) market.  The proposed amendments would Rule 15c2-11 only applies to equity securities and not fixed income securities.

Comments are due by May 18.

Rikki Williams

Senior Director | CPA

Rikki is a Senior Director at Centri Business Consulting. He has more than 18 years of public and private accounting experience. View Rikki Williams's Full Bio