December 2019 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 2019 AICPA Conference on Current SEC and PCAOB Developments, FASB developments and agenda priorities, and financial reporting reminders for year-end 2019. 

Applicability

• All companies

Key impacts

For Q4 2019:

• Most private companies and certain other entities have been granted an extension on adopting several major accounting standards, including credit losses and leases.
• Most public companies are shifting their focus to the challenges associated with ‘Day 2’ lease accounting under ASC 842, and preparing to adopt the credit losses standard in 2020.
• Auditors’ reports for large accelerated filers will contain new information – ‘critical audit matters’ arising from the 2019 audit of a company’s financial statements.
• Regulators, standard-setters and others continue to focus on LIBOR reference rate reform. 

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