Quarterly outlook | September 2018

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 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 Q3 2018:

• The 2019 effective date of the leases standard for public companies is almost here. Companies are currently focused on understanding the implications of the accounting technical corrections and amendments that were recently issued by the FASB, but will soon need to focus on the broader aspects of adoption, including internal controls over financial reporting and disclosures
• At the same time, private companies are preparing to transition to the revenue standard
• Meanwhile, the FASB’s work on other standard-setting projects to simplify and clarify current accounting guidance continues

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