March 2020 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 the implications of COVID-19 on accounting and financial reporting, SEC headlines, financial reporting reminders for 2020 and FASB developments.

Applicability

  • All companies

Key impacts

  • The COVID-19 pandemic is causing major disruption to business operations and worldwide markets as the virus spreads. 
  • In response to the coronavirus, the SEC has made certain accommodations for registrants, which includes extending filing deadlines for companies operating or located in regions affected by the coronavirus.   
  • The SEC staff is monitoring the sufficiency of disclosures – including risk factor disclosures in MD&A, Form 10-K and 10-Q – not just for the coronavirus, but for other events such as Brexit and reference rate reform.  
  • Most public companies completed their Year 1 accounting under the new leases standard and also adopted the credit losses standard on January 1, 2020. 

Report contents

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

Related content

Quarterly Outlook webcast registration

Financial reporting impacts of coronavirus

COVID-19: Responding with resilience and readiness

KPMG’s resource page: SEC matters

KPMG’s resource page: Leases

KPMG’s resource page: Financial instruments

 

 

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