In this section, we provide brief updates on regulatory developments in auditing and accounting that may impact Japanese companies in the United States. Further discussion of the issues can be found in KPMG's Department of Professional Practice's Defining Issues.
KPMG reports on Accounting Standards Update (ASU) 2017-05, which clarifies the guidance in ASC 610-20 on accounting for the derecognition of nonfinancial assets. The ASU also defines in-substance nonfinancial assets and includes guidance on partial sales of nonfinancial assets.
Go to Defining Issues 17-6 (PDF) >
KPMG reports on the FASB's proposed Accounting Standards Update (ASU), which would align the accounting for employee and nonemployee share-based payments.
Go to Defining Issues 17-7 (PDF) >
KPMG reports on FASB ASU 2017-07, which amends ASC 715. The FASB ASU requires a company to present service cost separately from the other components of net benefit cost.
Go to Defining Issues 17-8 (PDF) >
KPMG reports on the EITF's final consensus that the customer in a service concession arrangement is always the grantor. This consensus will reduce diversity in practice in identifying the customer in these arrangements.
Go to Defining Issues 17-9 (PDF) >
KPMG reports on the US GAAP income tax accounting implications of the UK’s notice that it will leave the EU. Companies should provide clear and transparent disclosures about the withdrawal process and its potential effects.
Go to Defining Issues 17-10 (PDF) >
KPMG reports on ASU 2017-08, which shortens the premium amortization period for purchased non-contingently callable debt securities.
Go to Defining Issues 17-11 (PDF) >
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