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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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January 31, 2019

Year-end Brexit disclosure considerations

KPMG reports on disclosure considerations of Brexit. The UK is scheduled to leave the EU on March 29, 2019. The level of uncertainty associated with Brexit is significant, and its impacts may be felt far beyond the UK and the EU.

Defining Issues 19-3 (PDF) >

January 18, 2019

SEC Rule 3-13 waiver requests during the government shutdown

KPMG reports that the SEC's Division of Corporation Finance issued a Q&A on emergency Rule 3-13 waiver requests. This publication offers insights into seeking emergency relief during the US federal government shutdown.

Defining Issues 19-2 (PDF) >

January 18, 2019

EITF reaches final consensus for produced and licensed episodic television content

KPMG reports that the EITF reached a consensus to align the accounting and disclosure guidance for episodic television series with the guidance for films.

Defining Issues 19-1 (PDF) >

December 21, 2018

The SEC solicits input about quarterly reporting requirements to improve efficiency

KPMG reports on the SEC's request for comment on the nature and timing of disclosures required in Form 10-Q. The SEC also seeks input on promoting efficiency and flexibility to the existing periodic reporting system, and the effect that current requirements have on corporate decision making.

Defining Issues 18-31 (PDF) >

December 19, 2018

FASB proposes more changes to lessor accounting

KPMG reports on the FASB’s lessor accounting proposals and the SEC staff’s guidance on updating the foreign exchange rate used to remeasure an ROU asset.

Defining Issues 18-30 (PDF) >

December 17, 2018

SEC provides clarification for EGCs adopting new accounting standards

KPMG reports on SEC staff remarks about adoption dates of new accounting standards for emerging growth companies and new registrants. These remarks cover reporting expectations when an EGC electing private company adoption dates loses its status.

Defining Issues 18-29 (PDF) >

December 5, 2018

UK court ruling could affect pension obligation of companies that sponsor UK pension plans

KPMG reports on a recent UK High Court ruling that may increase pension obligations of companies that sponsor UK pension plans. The judgment aims to equalize pension benefits for men and women paid by UK defined benefit pension plans subject to the UK’s guaranteed minimum pension.

Defining Issues 18-28 (PDF) >

November 6, 2018

FASB finalizes targeted improvements for collaborative arrangements

KPMG reports on targeted improvements that clarify when transactions between collaborative participants are in the scope of ASC 606. The new ASU also provides some guidance on presentation of transactions not in the scope of ASC 606.

Defining Issues 18-27 (PDF) >

November 6, 2018

SEC updates property disclosure requirements for mining companies

KPMG reports on the implications of the SEC's new property disclosure rules for mining companies. The new requirements will align mining property disclosures consistently with current global industry practice and guidelines.

Defining Issues 18-26 (PDF) >

November 2, 2018

SEC releases investigative report on cybersecurity frauds

KPMG reports on the SEC investigative report detailing cyber-related threats of spoofed or manipulated electronic communications. Companies should evaluate whether their internal control structure provides reasonable assurance against cybersecurity threats and vulnerabilities.

Defining Issues 18-25 (PDF) >

November 2, 2018

FASB expands the private company VIE exemption and changes fee guidance for decision makers

KPMG reports on ASU 2018-17. The ASU provides a new private company variable interest entity exemption and changes how decision makers apply the variable interest criteria.

Defining Issues 18-24 (PDF) >

November 1, 2018

FASB approves changes to lessor accounting for sales and similar taxes and certain lessor costs

KPMG reports on decisions made by the FASB at its October 2018 meeting. The FASB approved amendments to create a lessor practical expedient for sales and other similar taxes, and to simplify lessor accounting for lessor costs paid by the lessee

Defining Issues 18-23 (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.

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