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.
April 26, 2019
FASB provides guidance on recoveries and extension options under credit losses standard
KPMG reports on ASU 2019-04, which includes several amendments to the financial instruments standards. In particular, ASU 2019-04 changes how a company considers recoveries and extension options when estimating expected credit losses.
Defining Issues 19-9 (PDF) >
March 28, 2019
SEC amends Regulation S-K disclosures
The SEC’s amendments modernize and simplify certain disclosure requirements to reduce the costs and burdens on public companies, investment advisers and investment companies. The amendments impact MD&A, the description of property, treatment of confidential information in exhibits, and the manner of delivery and tagging of cover page data.
Defining Issues 19-8 (PDF) >
March 26, 2019
FASB re-proposes changes to income tax disclosures
KPMG reports on the proposed ASU to improve income tax disclosures, which is part of the FASB's disclosure framework project. The FASB first proposed changes in July 2016, but revised several proposed disclosures based on constituent feedback.
Defining Issues 19-7 (PDF) >
March 5, 2019
FASB issues ASU changing lessor accounting
KPMG reports on ASU 2019-01, which makes targeted changes to lessor accounting and clarifies interim transition disclosure requirements.
Defining Issues 19-5 (PDF) >
February 22, 2019
SEC proposes to expand its test-the-waters accommodation to all companies
KPMG reports on the SEC's proposal to permit issuers to communicate with potential investors before an offering. The proposal represents further expansion of the SEC's modernization reform.
Defining Issues 19-4 (PDF) >
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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.