KPMG reports on major accounting and financial reporting developments that could affect companies in the current period and near term. This quarter’s publication addresses SEC developments, leases implementation, recent amendments to the financial instruments standards and other FASB activity.
For Q2 2019:
- Although calendar year-end public companies cleared the first hurdle of adopting the leases standard (ASC 842), work remains. Companies still are asking questions about applying the standard and are required to provide all of the disclosures that apply for annual periods each quarter during the year of adoption.
- The FASB amended its financial instruments standards on credit losses, hedge accounting and recognition and measurement. Certain amendments to credit losses are likely to have a significant effect on implementation.
- The SEC staff issued a new rule and a proposal in conjunction with its simplification and disclosure initiative.
- The new requirements to identify critical audit matters (CAMs) in the auditor’s report became effective for audits of large accelerated filers.
- Current quarter financial reporting matters
- New standards and guidance
- Projects and agenda priorities
- Recommended reading and CPE opportunities