Q2 2023 Quarterly Outlook

KPMG reports on major accounting and financial reporting developments that could affect companies in the current period or near term. This quarter we feature a new excise tax effective in 2023, the latest on ESG reporting, and other recent SEC and FASB headlines.

Applicability

• All companies

Key impacts

For Q2 2023:

• The new excise tax under the Inflation Reduction Act of 2022 (IRA) is effective in 2023 for calendar year-end public companies within the scope of the legislation.
• The FASB’s technical agenda is packed with broad-scoped projects – many of which will impact financial statement disclosure in some way (e.g. disaggregation of income statement expenses, income tax disclosure and segments).
• The SEC remains focused on enhanced transparency and released a final rule which will require issuers to provide additional disclosure about their share repurchases.
• Companies should continue to monitor for macroeconomic trends and events and consider their potential impacts on financial reporting and disclosure.

Report contents

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