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.
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ASU 2020-06 reduces the number of accounting models for
convertible instruments and allows more contracts to qualify
for equity classification.
KPMG reports on the FASB’s July 29, 2020 meeting at which the Board decided to (1) propose targeted amendments to ASC 842 and (2) add narrow-scope projects to its technical agenda.
KPMG reports that the FASB tentatively decided to defer the effective date for long-duration insurance contracts and align both the adoption and early adoption transition dates.
The amendments are intended to assist registrants in making more meaningful determinations of whether an acquired or disposed business is significant and to improve information that investors receive about acquisitions and dispositions of businesses.
The SEC has amended the accelerated filer and large accelerated filer definitions to exclude ‘smaller reporting company’ issuers with less than $100 million in annual revenue.
Previous Defining Issues articles
FASB votes to affirm and expand its proposal to defer the effective dates of the leases and revenue standards for certain entities as a result of COVID-19.
SEC adopts rule amendments to streamline disclosure and encourage issuers to conduct registered debt offerings.
FASB provides optional guidance for a limited time to ease the potential accounting burden associated with transitioning away from reference rates such as LIBOR that are expected to be discontinued.
KPMG reports on new guidance that simplifies income tax accounting; changes the accounting for certain transactions.
KPMG reports on ASUs 2019-09 and 2019-10, which defer the effective dates for several major accounting standards.
KPMG reports on ASU 2019-08 on accounting for share-based consideration payable to a customer.
Consensus on accounting for equity method investments, discussion on licensing contract modifications
KPMG reports that the FASB tentatively decided to defer the effective dates for several major accounting standards.
Federal banking agencies have proposed a policy statement on CECL, explaining what they would be looking for.
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.
The SEC’s amendments refocus the analysis on debtor-creditor relationships that pose a threat to auditor independence
KPMG reports on the SEC’s proposal that would exempt more companies from internal control audits
ASU 2019-06 changes the accounting for goodwill and certain intangible assets for not-for-profit entities.
KPMG reports on the SEC’s amendments to improve financial information for business acquisitions and dispositions.
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.
The FASB has proposed targeted transition relief related to the fair value option.
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.
KPMG reports on the proposed ASU that seeks to simplify and improve the effectiveness income tax disclosures.
ASU 2019-03 expands the US GAAP definition of collections
ASU 2019-01 makes targeted changes to lessor accounting and clarifies interim transition disclosure requirements.
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