Q4 2021 Quarterly Outlook

KPMG reports on major accounting and financial reporting developments that could affect companies in the current period or near term. This quarter’s publication features highlights from the 2021 AICPA & CIMA Conference on Current SEC and PCAOB Developments, the latest on ESG,  2021 year-end financial reporting reminders, FASB developments and other SEC headlines.

Applicability

• All companies

Key impacts

For Q4 2021: 

• ESG was among the hottest financial reporting topics of 2021, and an overarching theme from the 2021 AICPA & CIMA conference. 
• The SEC took additional steps under the Holding Foreign Companies Accountable Act and addressed the importance of high quality financial reporting to investors and auditor independence on the financial reporting ecosystem.
• The FASB issued four new standards, including one that requires disclosure about government assistance and two others that address practical expedients for private entities.  
  
• The FASB also decided not to further defer the effective date of the leases standard for private entities. Those entities must adopt the standard in 2022.
  

Report contents

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