Issues & Trends | March 2022

Insight

Q1 2022 Quarterly Outlook

Our quarterly update on accounting and financial reporting developments, including SEC matters and FASB activity.

Angie Storm

Angie Storm

Deputy Chief Accountant, Dept. of Professional Practice, KPMG US

+1 212-909-5488

Robin Van Voorhies

Robin Van Voorhies

Senior Director, Dept. of Professional Practice, KPMG US

+1 617-988-5637

KPMG reports on major accounting and financial reporting developments that could affect companies in the current period or near term. This quarter we addresses accounting and financial reporting considerations for the Russia-Ukraine war, the latest on ESG, SEC and FASB developments, and accounting standards effective in 2022.

Applicability

  • All companies

Key impacts

For Q1 2022:

  • Companies impacted by the Russia-Ukraine war and related events must consider the potential implications on their business operations and financial reporting. 
  • ESG remains top of mind for regulators, standard setters and investors.
  • The SEC has issued an array of proposals focused on enhanced transparency for investors, including a series of changes to the rules that regulate the private fund industry.
  • The FASB has overhauled its research agenda to include rapidly advancing issues like accounting for digital assets (e.g. cryptocurrencies) and financial instruments with ESG-linked features.
  • Calendar year-end private entities were required to adopt the leases standard (ASC 842) on January 1, 2022.

Report contents

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

Related content

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