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Current Developments: US - Q2 2018

Current Developments: US - Q2 2018

Accounting and financial reporting developments potentially affecting you in the current period or near term.

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Kristy Carscallen

Canadian Managing Partner, Audit

KPMG in Canada

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June 2018

Calendar year-end public companies have already cleared the hurdle of adopting the revenue recognition standard and the financial instruments recognition and measurement standard. However, the expanded revenue disclosures required throughout the year of adoption mean continued obstacles lie ahead. The US tax reform enacted in 2017 also continues to significantly affect companies' accounting for and reporting of income taxes and their related processes and controls.

With the effective date of the leases standard quickly approaching, the FASB is working to finalize technical corrections and amendments so companies can focus on implementing the final standards.

Meanwhile, the FASB's work on other standard-setting projects to simplify and clarify current accounting guidance continues.

Our publication summarizes these and other accounting and financial reporting developments potentially affecting you in the current period or near term.

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KPMG International Cooperative (“KPMG International”) is a Swiss entity.  Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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