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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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Effective dates for long-duration insurance, derivatives, CECL and leases may be delayed

July 18, 2019

KPMG reports that the FASB tentatively decided to defer the effective dates for several major accounting standards.

Defining Issues 19-17 (PDF) 

PCAOB issues new guidance for auditors and audit committees

July 10, 2019

KPMG reports that the PCAOB issued new guidance for communications with audit committees. The guidance applies when an auditor has identified a violation of the independence rules.

Defining Issues 19-16 (PDF) 

SEC amends the Loan Provision of its auditor independence rules

July 2, 2019

The SEC amended its auditor independence rules with respect to loans and debtor-creditor relationships (the Loan Provision). The SEC’s amendments refocus the analysis on debtor-creditor relationships that pose a threat to auditor independence.

Defining Issues 19-15 (PDF) 

EITF reaches consensus-for-exposure on accounting for certain equity method investments

June 14, 2019

EITF discussed accounting for revenue contract liabilities in business combinations, certain equity method investments and licensing contract modifications. It reached a consensus-for-exposure on accounting for certain equity method investments.

Defining Issues 19-14 (PDF) 

SEC proposes to redefine 'accelerated filer' and 'large accelerated filer'

May 31, 2019

KPMG reports on an SEC proposal that would revise the accelerated and large accelerated filer definitions to exclude issuers that are both eligible to be a smaller reporting company (SRC) and have less than $100 million in annual revenues. The amendments would exempt more companies from internal control audits.

Defining Issues 19-13 (PDF) 

FASB extends private company alternatives to not-for-profits

May 31, 2019

KPMG reports on the FASB's amendments to ASC 350, ASC 805 and ASC 958. NFPs are permitted to include certain intangible assets with goodwill, amortize goodwill over a period of up to 10 years and test goodwill for impairment at either the entity level or the reporting unit level when a triggering event occurs.

Defining Issues 19-12 (PDF) 

SEC proposes changes to disclosures about acquired and disposed businesses

May 29, 2019

KPMG reports on SEC proposed amendments intended to improve the information that investors receive about acquisitions and dispositions of businesses. The proposed rule would amend Rules 3-05, 3-14 and Articles 8 and 11 of Regulation S-X, and proposes a new Rule 6-11 for investment companies.

Defining Issues 19-11 (PDF) 

Fannie Mae, Freddie Mac single security initiative

May 13, 2019

KPMG's Defining Issues discusses a Fannie Mae and Freddie Mac initiative resulting in a single mortgage-backed security, known as the uniform mortgage-backed security or UMBS. Investors will be allowed to exchange certain existing Freddie Mac securities for newly issued securities.

Defining Issues 19-10 (PDF) 

For more information, please contact:

Michael Maekawa | +1 213-955-8331 | tmaekawa@kpmg.com

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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