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Reference library
In-depth analysis, examples and insights to give you an advantage in understanding the requirements and implications of financial reporting issues.
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FRV Weekly - Oct 15, 2018
October 15, 2018
This week’s issue invites you to attend our webcast on Valuation hot topics for 1.5 CPE credits.
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FRV Weekly - Oct 8, 2018
October 08, 2018
This week’s issue includes the 2018 AICPA National Conference on Banks & Savings Institutions.
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2018 AICPA National Conference on Banks
October 02, 2018
Highlights from the SEC, FASB, banking regulators and others on current topics for banks.
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FRV Weekly - Oct 1, 2018
October 01, 2018
This week’s issue includes KPMG’s latest handbooks on hedge accounting and statement of cash flows.
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EITF consensuses-for-exposure on contract liabilities
September 28, 2018
EITF proposes to align the recognition of revenue contract liabilities in a business combination with ASC 606.
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EITF consensus-for-exposure on TV series development costs
September 28, 2018
EITF proposes updates to accounting for development costs of episodic TV series.
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Handbook: Statement of cash flows
September 28, 2018
KPMG’s comprehensive guide to cash flow statement presentation, including trending classification issues and related disclosures.
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Handbook: Hedging
September 27, 2018
KPMG’s comprehensive guide to ASC 815 hedge accounting post ASU 2017-02– with Q&As and examples to explain key concepts.
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FRV Weekly – September 24, 2018
September 24, 2018
This week’s issue includes the SEC’s regulatory relief for Hurricane Florence victims, with extended filing deadlines.
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SEC provides regulatory relief for hurricane victims
September 21, 2018
SEC deadlines extended to October 29, 2018 for companies and individuals impacted by Hurricane Florence.
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Clarifying the new interim disclosure requirement
September 21, 2018
The SEC’s Disclosure Update and Simplification rule requires changes in stockholders’ equity in interim financial statements.
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ASC 842 for equipment lessees
September 20, 2018
An executive summary that highlights key points for equipment lessees applying the new leases standard
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September 2018 quarterly outlook
September 14, 2018
KPMG’s quarterly update on recent accounting and financial reporting developments, including SEC activity and major FASB standards.
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Insurance statutory reporting – September 2018
September 12, 2018
This follows the discussions and new guidance adopted by the NAIC on conference calls and at its 2018 Summer Meeting.
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When do 2018 financial statements go stale for 2019 offerings?
September 05, 2018
Planning an offering in 2019? Here’s when 2018 annual and interim financial statements will go stale.
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Insurance: NAIC 2018 Summer Meeting
August 31, 2018
The NAIC discussed recent accounting change and regulatory developments impacting insurance companies.
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FASB issues ASU on accounting for implementation costs of cloud computing arrangements
August 30, 2018
KPMG reports on the FASB’s new ASU on customers’ accounting for implementation costs in cloud computing arrangements (CCAs) based on a consensus of the FASB’s Emerging Issues Task Force (EITF)
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IFRS perspectives – August 2018
August 30, 2018
KPMG’s August 2018 IFRS Perspectives newsletter. An update on IFRS Issues in the United States.
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Changes to fair value disclosures
August 30, 2018
The FASB has amended the fair value disclosure requirements as part of its broader disclosure framework project.
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Changes to defined benefit plan disclosures
August 29, 2018
The FASB has amended pension and OPEB disclosures as part of its broader disclosure framework project.
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FASB adds to concepts statement with guidance on materiality and disclosures
August 28, 2018
KPMG reports on the release of the disclosure framework chapter of Concepts Statement No. 8, and amendments to the qualitative characteristics chapter.
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SEC adopts rule to update and simplify disclosures
August 24, 2018
The SEC has adopted a final rule that will amend disclosure requirements that were redundant, overlapping or superseded.
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Financial instruments: Credit losses
August 23, 2018
The proposed amendments address the effective date for nonpublic business entities and whether operating lease receivables are in scope.
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Changes to long duration insurance accounting
August 16, 2018
ASU 2018-12 changes how insurance entities recognize, measure, present and disclose long-duration contracts.
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FASB issues proposed ASU on narrow-scope improvements for lessors
August 15, 2018
KPMG reports on the FASB’s proposed ASU on narrow-scope improvements for lessors
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SEC updates smaller reporting company definition
August 15, 2018
KPMG reports on the latest clarifications for qualifying as a ‘smaller reporting company
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FASB proposes changes to the definition of collections
August 10, 2018
KPMG reports on the FASB’s proposed ASU that would modify the definition of collections.
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SEC proposes changes to disclosures in certain registered debt offerings
August 09, 2018
KPMG reports on the SEC’s proposed amendments to disclosures for Rules 3-10 and 3-16 of Reg S-X related to guaranteed securities.
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FASB ASU makes targeted improvements to ASC 842
July 31, 2018
The amendments create an additional transition method, and a lessor practical expedient to combine lease and non-lease components.
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Insurance: NAIC 2018 summer meeting
July 24, 2018
KPMG reports on actions taken on conference calls and at the Summer 2018 meeting of the National Association of Insurance Commissioners.
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FASB ASU makes technical corrections to ASC 842
July 19, 2018
The FASB’s final ASU making technical corrections to the new leases standard has been issued.
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Supreme Court overturns ‘physical presence’ standard
July 12, 2018
The Court’s decision makes it clear that businesses can no longer rely on lack of physical presence to avoid collecting and remitting sales and use taxes.
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Argentina: Highly inflationary considerations
July 05, 2018
KPMG reports on Argentina’s classification as having a highly inflationary economy and explains what actions companies need to take.
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Blockchain, cryptocurrency challenge accounting models
June 27, 2018
Blockchain technologies such as cryptocurrency and their potential effects on accounting, internal controls, and business processes.
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Insurance statutory reporting – May 2018
June 27, 2018
Following the NAIC Spring meeting, KPMG’s latest summary of new and revised statutory accounting standards for 2017 and 2018 financial reporting by insurance companies.
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EITF consensuses-for-exposure on contract liabilities
June 27, 2018
SEC staff makes observations about expectations of progress on accounting for tax reform and new accounting standards.
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FASB clarifies how not-for-profits and others account for grants and similar transactions
June 25, 2018
KPMG reports on the FASB’s ASU that clarifies how not-for-profits and others account for grants and similar transactions
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Lease process and controls: Lessees
June 22, 2018
KPMG’s interactive publication to help understand and assess internal control over financial reporting for leases under ASC 842.
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FASB simplifies the accounting for share-based payments to nonemployees
June 22, 2018
KPMG reports on ASU 2018-07, which more closely aligns the accounting for employee and nonemployee share-based payments
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Abandonment and subleasing under ASC 842
June 19, 2018
KPMG provides guidance on lessees’ accounting for the abandonment or sublease of an underlying asset, or portion thereof.
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June 2018 quarterly outlook
June 14, 2018
KPMG’s quarterly update on recent accounting and financial reporting developments, including tax reform, SEC activity and major FASB standards.
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FASB Transition Resource Group discusses potential changes to the credit losses standard
June 12, 2018
KPMG reports on the FASB TRG’s discussion on estimating credit losses, including accrued interest and the timing of recognition and recoveries.
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EITF reaches a final consensus on implementation costs for cloud computing
June 08, 2018
The EITF decided that implementation costs incurred by customers in CCAs should be deferred if they would be capitalized by the customer in a software licensing arrangement under the internal-use software guidance
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FASB sets effective date for accounting for long-duration insurance contracts
June 08, 2018
FASB decides on the effective date and revisions to the discount rate used at transition when applying the modified retrospective transition method.
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EITF consensus-for-exposure on assumed liabilities
June 08, 2018
EITF proposes to align the recognition of revenue performance obligations in a business combination with the ASC 606 definition.
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IFRS perspectives – May 2018
May 31, 2018
KPMG’s update on IFRS issues in the US, including tax reform impacts on M&A, IFRS 15 implementation, the equity method, and new standards and amendments.
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SEC proposes amendments to auditor independence rules
May 18, 2018
KPMG reports on the SEC’s proposal to amend auditor independence rules related to certain loans or debtor-creditor relationships.
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FASB’s ASU eliminates Circular 202 guidance
May 08, 2018
The FASB has eliminated the reference to superseded regulatory guidance for depository and lending institutions.
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Targeted improvements for collaborative arrangements
April 26, 2018
KPMG reports on the FASB’s proposed clarification on the interaction between collaborative arrangements and the new revenue standard.
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Insurance: NAIC 2018 spring meeting
April 20, 2018
The NAIC discussed recent accounting change and regulatory developments impacting insurance companies.
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Control changes with ASC 606 implementation
April 01, 2018
ASC 606 early adopters identify changes to financial reporting controls. KPMG highlights what those changes are.
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Accounting for foreign currency
March 28, 2018
KPMG explains the accounting for foreign currency matters, providing examples and analysis.
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FASB approves targeted improvements to leases standard
March 28, 2018
The amendments create an additional transition method, and a lessor practical expedient for separating lease and non-lease components.
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SEC comments on ASC 606 early adopters
March 27, 2018
SEC comment letters on ASC 606 provide insight into key focus areas. KPMG discusses the themes.
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Early thinking in adopting ASC 606
March 22, 2018
KPMG reports that most companies are using the modified retrospective method to adopt the new revenue standard, SEC filings show.
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March 2018 Quarterly Outlook
March 12, 2018
KPMG reports on major accounting and financial reporting developments that could affect companies in the current period and near term.
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Revenue for power and utilities companies
March 07, 2018
With the new revenue standard now in effect, KPMG offers insights on the most significant industry issues.
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Hedging – Targeted improvements
March 07, 2018
KPMG’s in-depth guidance on the new hedge accounting standard, with Q&As to explain key concepts and highlighting changes from legacy US GAAP.
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FASB approves new leases standard transition relief
March 06, 2018
KPMG reports that the FASB affirmed its proposed transition option for the new leases standard eliminating the comparative period reporting requirement.
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FASB issues proposed ASU on accounting for cloud computing implementation costs
March 01, 2018
KPMG reports on the FASB’s proposed ASU on customers’ accounting for cloud computing implementation costs.
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EITF discussion: Development costs episodic TV series
March 01, 2018
EITF expressed a preference to align cost capitalization for episodic content and films and requests further input.
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IFRS Perspectives – February 2018
February 28, 2018
KPMG provides an update on IFRS issues in the US, with a focus on the US tax reform.
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SEC issues guidance on cybersecurity disclosures
February 26, 2018
KPMG reports on the SEC’s updated guidance on cybersecurity disclosures.
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Non-GAAP financial measures
February 21, 2018
Latest edition: KPMG provides in-depth guidance on the SEC rules on NGFMs, with examples and illustrative SEC comments.
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Up-C structure
February 19, 2018
KPMG explains that private business owners are using Up-C structures to unlock value beyond a traditional IPO.
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Reverse Morris Trust
February 15, 2018
KPMG demystifies a tax efficient structure for business divestitures.
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Q&A: Tax reform in the US (IFRS)
February 12, 2018
Latest edition: KPMG considers the IFRS accounting for tax reform in the US, including a comparison to US GAAP.
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NAIC adopts INT 18-01
February 08, 2018
KPMG reports on the NAIC’s adoption of INT 18-01 dealing with updated estimates under US tax reform.
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Revenue for the asset management industry
January 24, 2018
With the new revenue standard now in effect, KPMG offers insights on the most significant industry issues.
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Final ASU on land easements issued
January 24, 2018
KPMG reports on the amendments, which clarify that land easements are in the scope of the new leases standard (ASC 842) and introduce transition relief.
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FASB finalizes new lease standard technical corrections
January 23, 2018
KPMG reports on the FASB’s approval of its previously proposed technical corrections to the new leases standard.
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Insurance statutory reporting – January 2018
January 19, 2018
Following the NAIC Fall meeting, KPMG’s latest summary of new and revised statutory accounting standards for 2017 and 2018 financial reporting by insurance companies.
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The new definition of a business
January 18, 2018
KPMG’s perspective on the new framework for classifying transactions as acquisitions of assets or business combinations.
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Proposed ASU on lease components and transition relief
January 05, 2018
The proposed amendments would provide lessors an option not to separate lease and non-lease components under certain circumstances and offer transition relief for companies that choose the proposed alternative transition method.
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