Share with your friends

Auditing & Accounting Update

Auditing & Accounting Update

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.


Related content

FASB's proposal to clarify how not-for-profits and others account for grants and similar transactions

Defining Issues 17-16 reports on the proposed ASU would address practice issues by helping entities evaluate whether they should account for a grant or similar contract as a contribution or an exchange transaction.

Go to Defining Issues 17-16 (PDF) > 

Discussions with the SEC staff on adopting ASC 606 and ASC 340-40

Defining Issues 17-17 reports that a registrant may, in some cases, continue to apply historical accounting policies to pre-production costs and related customer reimbursements on adoption of the new revenue standard.

Go to Defining Issues 17-17 (PDF) > 

FASB's redeliberations on targeted improvements for long-duration insurance contracts

Defining Issues 17-18 reports that the Board made decisions on the reserving model for nonparticipating traditional and limited-payment insurance contracts.

Go to Defining Issues 17-18 (PDF) > 

ASU 2017-12: amendments to ASC 815

Defining Issues 17-19 reports on amendments that aim to reduce the cost and complexity of applying hedge accounting, and expand the types of relationships that qualify for hedge accounting.

Go to Defining Issues 17-19 (PDF) > 

FASB's latest proposed technical corrections

Defining Issues 17-20 reports on the FASB’s proposal to make targeted clarifications to recognition and measurement guidance for financial assets and liabilities.

Go to Defining Issues 17-20 (PDF) > 

SEC staff's observations on adoption of the new revenue, leases and credit impairment standards

Defining Issues 17-21 reports that companies and their stakeholders should consider these observations and thoughtfully evaluate their current and planned implementation efforts for these major standards.

Go to Defining Issues 17-21 (PDF) > 

Interpretive guidance issued by the SEC to help registrants prepare their 2018 required pay ratio disclosures

Defining Issues 17-22 reports that the guidance addresses certain interpretive matters, including estimation methodologies, as well as guidance and examples of statistical sampling methodologies and other reasonable methods to calculate the pay ratio disclosure.

Go to Defining Issues 17-22 (PDF) > 

SEC's regulatory relief to companies affected by recent hurricanes

Defining Issues 17-23 reports that the order extends filing deadlines for companies affected by the loss of property and power, and suspension of transportation and mail delivery services.

Go to Defining Issues 17-23 (PDF) > 

FASB's continued redeliberations on targeted improvements for long-duration insurance contracts

Defining Issues 17-24 reports on the FASB's decisions on the reserving model for participating insurance contracts, deferred acquisition costs (DAC) and market risk benefits.

Go to Defining Issues 17-24 (PDF) > 

EITF's tentative conclusion on customer accounting for cloud computing arrangements

Defining Issues 17-25 reports that the EITF reached a tentative conclusion that customers should account for cloud computing arrangements and software licensing arrangements consistently, and directed the FASB staff to perform additional research on the application of the tentative conclusion.

Go to Defining Issues 17-25 (PDF) > 

SEC's proposal to modernize and simplify disclosure requirements to reduce the burden on companies, including small companies conducting IPOs

Defining Issues 17-26 reports on the key changes proposed by the SEC would impact MD&A, the description of property, exhibits and confidential information, incorporation by reference, and the manner of delivery and tagging of coverage page data.

Go to Defining Issues 17-26 (PDF) > 

For more information, please contact:
Michael Maekawa | +1 213-955-8331 |

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

Connect with us


Want to do business with KPMG?


loading image Request for proposal