FRV Weekly – February 7, 2022

Our business combinations handbook now includes SPACs and acquired contract assets and contract liabilities (ASU 2021-08). For real estate lessors adopting ASC 842 in 2022, our industry-specific handbook can assist in your adoption efforts.

The SEC plans to strengthen the ‘cyber hygiene’ of SEC registrants (practices to maintain the security of devices, networks and data) and improve the timing and content of cyber incident notifications and disclosures to clients, investors and the SEC.

Sean McKee and Matt Giordano, KPMG leaders for public investment management, discuss the SEC’s areas of focus for asset management – fund disclosure, digital engagement practices, private funds, the Names Rule, money market and open-end funds.

We report on the outcomes of the National Association of Insurance Commissioners 2021 Fall meeting, including clarified guidance for life and health reinsurance disclosures that are effective for 2021 year-end reporting.

Peter Torrente, KPMG leader for banking and capital markets, discusses the key areas: embedding ESG into discussions, championing digital transformation while attracting and retaining top technology talent, and monitoring the increasingly complex IT landscape and managing cybersecurity risk.

https://advisory.kpmg.us/events/podcast-homepage/banking-industry-podcast-series/cryptocurrency-for-banks.html?utm_source=sfmc&utm_medium=email&utm_campaign=7014W000001G0Q1QAK&cid=7014W000001G0Q1QAK

We highlight six key issues for audit committees – including cybersecurity, ESG, monitoring other emerging risks, reinforcing the focus on ethics and compliance, and ensuring internal audit is focused on the critical risks.

Respondents to the FASB’s recent agenda consultation asked the FASB to modernize its software development cost accounting guidance to better conform with agile software development, and address the increasingly blurred lines between internal- and external-use software.

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.

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.