Senior Director, Dept. of Professional Practice, KPMG US
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.
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.