FRV Weekly – Jan. 24, 2022

Using a step-by-step approach to explain basic and diluted EPS calculations, this latest edition fully reflects ASU 2020-06 (debt, equity, EPS) and ASU 2021-04 (warrant modifications) in addition to including other new and updated guidance.

KPMG partner Matt Giordano and Igor Rozenblit, Founder of Iron Road Partners, discuss the SEC’s areas of focus for private funds – fees and expenses transparency, side letters, performance metrics, fiduciary duties and Form PF updates.

Firms should anticipate greater scrutiny of their Form CRS (i.e. client or customer relationship summary) disclosures – providing ‘balanced and objective descriptions’ of services, fees, conflicts of interest, disciplinary history and other information.

The Federal Reserve confirmed that climate scenario analysis – as a risk management tool to help financial institutions understand the risks in their business models – will be an important priority and key tool for the agency going forward.

The latest article in the KPMG Climate Change Resource Centre looks at how current requirements in IFRS® Standards facilitate disclosure of climate-related information in the financial statements, and highlights other matters to consider.

KPMG IMPACT Audit Leader Maura Hodge joins fellow KPMG IMPACT partner Liz Ming to discuss the journey to meaningful ESG reporting, developing a strategy, and the value your auditor brings to the process while maintaining independence.

Our comprehensive in-depth guides include discussion and analysis of significant issues for professionals in accounting and financial reporting. Download our latest editions, including our newly updated in-depth guide to credit impairment.

Only have a few minutes? Our podcasts provide quick opportunities to get up to speed on current topics. Download on Financial Reporting View or subscribe through Google Podcasts or iTunes. Check out this podcast: Government assistance.

Our focus remains on aligning advances in technology with our methodology to fast-track innovation for a high-quality audit that is also more efficient and insightful – all grounded in our Values: Integrity, Excellence, Courage, Together, For Better.