Quarterly Outlook | June 2020

 

Insight

Q2 2020 Quarterly Outlook

KPMG’s quarterly update on accounting and financial reporting developments, including SEC matters and FASB activity.

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 accounting and financial reporting impacts of COVID-19 including related SEC and FASB developments.    

Applicability

  • All companies

Key impacts

For Q2 2020:

  • COVID-19 has had an unprecedented effect on US GAAP financial statements.
  • Congress passed the CARES Act, a response aid package aimed at providing financial relief for individuals and businesses most impacted by COVID-19. The CARES Act includes a number of provisions that may significantly affect companies’ financial reporting.
  • The SEC has provided accommodations and guidance to filers in light of the challenges they face and remains focused on the sufficiency of disclosures – particularly those related to current and forward-looking effects of COVID-19. 
  • The FASB has decided to defer, for one additional year, the effective dates of the leases (ASC 842) and revenue (ASC 606) standards for certain entities.

Report contents

  • Accounting and financial reporting impacts of COVID-19
  • Other current quarter developments
  • Recommended reading and CPE opportunities 

Subscribe to our newsletter

Receive timely updates on accounting and financial reporting topics from KPMG.

ARO

Visit KPMG's Accounting Research Online for financial reporting resources.