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Auditing & Accounting Update

Auditing & Accounting Update

In this section, we provide brief updates from the previous quarter 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.

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October 2018

Segment Reporting Handbook

KPMG's newest Handbook is a comprehensive guide to segment reporting – with detailed Q&As and examples that explain key concepts and the challenges faced by preparers and investors. This guidance also includes segment considerations for both domestic filers and foreign private issuers applying IFRS or other GAAP.

Go to the report (PDF) >

September 28, 2018

EITF reaches a consensus-for-exposure on contract liabilities in business combinations

Defining Issues 18-22 reports that EITF reached consensuses-for-exposure on contract liabilities in business combinations and development costs of episodic TV series.

Go to Defining Issue 18-22 (PDF) >

September 21, 2018

SEC provides regulatory relief for hurricane victims

Defining Issues 18-21 reports on the SEC's recent orders and interim final temporary rule that extend filing deadlines for companies affected by Hurricane Florence and Michael. The revised deadline is October 29, 2018 for any filing due on or after September 14, 2018.

Go to Defining Issue 18-21 (PDF) >

August 30, 2018

The FASB amends fair value disclosure requirements

Defining Issues 18-20 reports on the FASB's amended fair value disclosures in ASU 2018-13. These changes aim to improve the overall usefulness of disclosures to financial statement users and reduce unnecessary costs to companies when preparing the disclosures.

Go to Defining Issue 18-20 (PDF) >

August 30, 2018

FASB issues ASU on accounting for implementation costs of cloud computing arrangements

Defining Issues 18-19 reports on the FASB's new ASU on customers’ accounting for implementation costs in cloud computing arrangements (CCAs) based on a consensus of the FASB’s Emerging Issues Task Force (EITF). Under the new guidance, implementation costs incurred by customers in CCAs are deferred if they would be capitalized by customers in software licensing arrangements under the internal-use software guidance.

Defining Issue 18-19 (PDF) >

August 29, 2018

FASB amends defined benefit plan disclosures

Defining Issues 18-18 reports on ASU 2018-14 and examines amendments to disclosures for defined benefit pension and other postretirement benefit (OPEB) plans. The amendments aim to improve the overall usefulness of disclosures to financial statement users and reduce unnecessary costs to companies when preparing the disclosures.

Go to Defining Issue 18-18 (PDF) >

August 24, 2018

SEC simplifies and updates disclosure requirements

Defining Issues 18-17 reports that the SEC has adopted a rule to update and simplify certain disclosure requirements for the benefit of investors and issuers. The rule amends Regulations S-X, S-K, M-A, and AB as well as the Securities Act, the Exchange Act and the Investment Company Act.

Go to Defining Issue 18-17 (PDF) >

August 17, 2018

ASU 2018-12 changes how insurance entities recognize, measure, present and disclose long-duration contracts

Defining Issues 18-16 reports on ASU 2018-12, which changes how insurance entities recognize, measure, present and disclose long-duration contracts. Insurance entities should begin analyzing the implications of the standard throughout their organization.

Go to Defining Issue 18-16 (PDF) >

August 9, 2018

SEC proposes changes to disclosures in certain registered debt offerings

Defining Issues 18-15 reports that the SEC has proposed amendments to financial disclosures for guarantors and issuers of guaranteed securities and affiliates whose securities collateralize issuers’ securities.

Go to Defining Issue 18-15 (PDF) >

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.

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