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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FASB discussed technical inquiries arising from the COVID-19 outbreak and decided to defer the effective dates of the leases and revenue standards for certain companies.
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.
Previous Defining Issues articles
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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