Q4 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 highlights from the 2020 AICPA Conference on Current SEC and PCAOB Developments, SEC headlines, 2020 year-end financial reporting reminders and FASB developments.

Applicability

• All companies

Key impacts

For Q4 2020:

• Companies must consider the impacts of COVID-19 as they prepare their 2020 financial statements and disclosures.
• The SEC has adopted numerous amendments, generally aimed at simplifying disclosure requirements, eliminating complexities and facilitating capital formation.
• The FASB has issued various proposals and standards, including a proposal that would make targeted changes to the leases standard.