December 2018 Quarterly Outlook

KPMG reports on major accounting and financial reporting developments that could affect companies in the current period and near term. This quarter’s publication features highlights from the 2018 AICPA Conference on Current PCAOB and SEC Developments; leases standard-setting updates and implementation challenges; observations related to adopting the revenue standard; and other financial reporting reminders for year-end 2018.

Applicability

• All companies

Relevant dates

• Effective immediately

Key impacts

For Q4 2018:

• The January 1, 2019 effective date of the leases standard for many companies is only weeks away. Companies must prioritize their implementation efforts to reach accounting conclusions and implement effective internal controls before the adoption date
• Companies must be mindful of other standards effective in 2019, including a new hedging standard and others aimed to simplify or clarify accounting guidance 
• Lessons learned by public companies that were required to adopt the revenue standard in 2018 and other companies who chose to early adopt should be considered by companies when preparing their 2018 financial statements and by private companies who must adopt the standard in 2019
• A new rule that eliminated or reduced certain disclosure requirements of various SEC rules and regulations became effective in November

Report contents

• Current quarter financial reporting matters
• New standards and guidance
• Projects and agenda priorities
• Recommended reading and CPE opportunities

Related content

• KPMG’s resource page: Revenue
• KPMG’s resource page: Leases
• KPMG’s resource page: Financial instruments
• KPMG’s resource page: SEC matters