Issues & Trends | December 2023

Insight

Q4 2023 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 feature highlights from the 2023 AICPA & CIMA Conference on Current SEC and PCAOB Developments, an ESG reporting update, and other SEC and FASB headlines. 

Applicability

  • All companies

Key impacts

For Q4 2023:

  • The 2023 AICPA & CIMA Conference on Current SEC and PCAOB Developments covered a range of topics, collectively indicating that we are operating in times of significant change.
  • A final SEC climate rule is not expected until 2024. Nevertheless, there are plenty of questions US companies should be asking as the walls close in on ESG reporting, including whether they are subject to the new California climate disclosure laws. 
  • The FASB issued three new accounting standards (ASUs), all of which impact presentation and disclosure. Among them, a new segment reporting ASU for public entities is raising questions on whether additional measures of profit or loss may be non-GAAP measures to which SEC regulations apply.

Report contents

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

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