Q3 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 SEC rule on cybersecurity disclosure, the latest on ESG reporting, PCAOB developments of interest to audit committees and other recent SEC and FASB headlines.

Applicability

• All companies

Key impacts

For Q3 2023:

• Stakeholders are digesting transformative new SEC rules on cybersecurity, effective on September 5, 2023 (with compliance dates that follow).
• US-based companies are working to understand the impact of various new international standards on ESG.
• The FASB issued a proposal targeting public companies on disaggregation of income statement expenses in the notes to the financial statements.
•  The PCAOB issued a historical proposal that would heighten auditors’ responsibilities for, and communication about, noncompliance with laws and regulations.

Report contents

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