Defining Issues team
News for financial reporting professionals, KPMG (US)
Insight
Defining Issues is KPMG's ongoing article series providing insights, updates and resources on topics of importance to accounting and financial reporting professionals. See our latest...
Effective dates for long-duration insurance, derivatives, CECL and leaes may be delayed
KPMG reports that the FASB tentatively decided to defer the effective dates for several major accounting standards.
PCAOB issues new guidance for auditors and audit committees
KPMG reports that the PCAOB issued new guidance for communications with audit committees. The guidance applies when an auditor has identified a violation of the independence rules.
SEC amends the Loan Provision of its auditor independence rules
The SEC’s amendments refocus the analysis on debtor-creditor relationships that pose a threat to auditor independence
EITF reaches consensus-for-exposure on accounting for certain equity method investments
EITF discusses revenue contract liabilities in bus coms, equity method investments, licensing contract modifications
SEC proposes to redefine filer definitions
KPMG reports on the SEC’s proposal that would exempt more companies from internal control audits
FASB extends private company alternatives to not-for-profits
ASU 2019-06 changes the accounting for goodwill and certain intangible assets for not-for-profit entities.
SEC proposes changes to disclosures about acquired and disposed businesses
KPMG reports on the SEC’s amendments to improve financial information for business acquisitions and dispositions.
Fanie Mae, Freddie Mac Single Security Initiative
KPMG’s Defining Issues discusses a Fannie Mae and Freddie Mac initiative resulting in a single mortgage-backed security, known as the uniform mortgage-backed security or UMBS. Investors will be allowed to exchange certain existing securities for newly issued securities.
FASB provides guidance on recoveries and extension options under credit losses standard
The FASB has proposed targeted transition relief related to the fair value option.
SEC amends Regulation S-K disclosures
The SEC’s amendments to modernize and simplify certain disclosure requirements to reduce the costs and burdens on public companies, investment advisers and investment companies.
FASB re-proposes changes to income tax disclosures
KPMG reports on the proposed ASU that seeks to simplify and improve the effectiveness income tax disclosures.
FASB updates the definition of collections
ASU 2019-03 expands the US GAAP definition of collections
FASB issues ASU changing lessor accounting
ASU 2019-01 makes targeted changes to lessor accounting and clarifies interim transition disclosure requirements.
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