Issues & Trends | June 2022

Insight

Q2 2022 Quarterly Outlook

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

Angie Storm

Angie Storm

Partner, 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 address the latest on ESG, other SEC headlines, recently issued ASUs and other FASB developments. 

Applicability

  • All companies

Key impacts

For Q2 2022:

  • With the comment period closed on the SEC's climate proposal, attention now turns to global consistency and the SEC's ESG proposals for investment management.
  • The SEC is tackling other aspects of its rulemaking agenda at a quick pace and addressing practice issues as they arise.
  • The SEC extended the comment period deadline on several recently proposed rules to provide stakeholders more time to provide thoughtful feedback.
  • The FASB is actively discussing its refreshed research agenda and has decided to add projects to its technical agenda on the accounting for (1) environmental credit programs and (2) certain digital assets.
  • The FASB issued two new simplification standards and a proposal that would extend the sunset date of its reference rate reform guidance to 2024.

Report contents

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

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