Quarterly Outlook   |   June 2018
 

June 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 tax reform; standard-setting and implementation updates on the revenue recognition, leases and financial instruments standards; SEC developments and other FASB priorities.  

Applicability

  • All companies

Relevant dates

  • Effective immediately

Key impacts

For Q2 2018:

  • Calendar year-end public companies have already adopted the revenue recognition standard and financial instruments recognition and measurement standards. However, the expanded revenue disclosures required throughout the year of adoption mean continued obstacles lie ahead
  • The 2017 enactment of US tax reform also continues to significantly affect companies’ accounting for and reporting of income taxes and their related processes and controls
  • With the effective date of the leases standard quickly approaching, the FASB is working to finalize technical corrections and amendments so companies can focus on gathering the information needed to implement the standard
  • Meanwhile, work on other standard-setting projects geared toward simplifying and clarifying current accounting guidance continues

Webcast/Podcast

Report contents

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

Related content

 

 

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