March 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.
For Q1 2018:
- A new tax law was enacted on December 22, 2017, requiring most companies to quickly respond and determine the potential effect of the reforms on their financial statements for the year ended December 31, 2017.
- Calendar year-end public companies were required to adopt the revenue recognition standard, the financial instruments standard about recognition and measurement and various other standards intended to clarify or simplify accounting guidance.
- The FASB finalized and proposed various amendments to the leases standard, including an optional transition relief.
- Current quarter financial reporting matters
- New standards and guidance
- Projects and agenda priorities
- Recommended reading and CPE opportunities